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UOB (Thai) offers low interest rate loans and six-month repayment holiday to help small businesses affected by COVID-19 pandemic

United Overseas Bank (Thai) (UOB (Thai)) today announced it will be offering low interest rate loans to help ease the short-term liquidity pressures of its small- and medium-sized enterprise (SME) customers as a result of the COVID-19 pandemic. The programme, which is aligned to the Bank of Thailand’s measures[1] to assist SMEs affected by the pandemic, is available until 22 October 2020.

UOB (Thai)’s SME customers will be able to access loans with an interest rate of two per cent for two years. The Bank is also offering an interest waiver for the first six months to help tide SMEs over as they manage the immediate economic and business impact of the pandemic. To be eligible, SMEs must have current credit lines of less than 500 million baht and a good credit record as at 31 December 2019. The approved loans will not exceed the limit of 20 per cent of their outstanding debt balance as at 31 December 2019.

For SME customers with credit lines of less than 100 million baht, the Bank has automatically waived their principal and interest repayments for six months.

Ms Sayumrat Maranate, Country Head of Business Banking, UOB (Thai), said, “SMEs are the driving force of the country’s economy and we are committed to processing these loan applications as quickly as possible to help them overcome their day-to-day cash flow challenges and manage the business impact of the pandemic. We have received more than 1,000 applications from our SME customers for the soft loans, with a total loan value of more than two billion baht.”

For more information, please call UOB Call Centre at 02 285 1555 or UOB Biz Call Centre at 02 343 3555, email BusinessBanking.ServiceCentre@uob.co.th or visit UOB (Thai)'s COVID Relief Assistance webpage.

[1] The Bank of Thailand (BOT) has launched a 500 billion baht soft loan scheme as part of its relief measures to support SMEs affected by COVID-19.  Commercial banks will be able to tap the BOT’s two-year loan scheme and in turn, extend loans at a two per cent interest rate to SMEs with a maximum credit line of 500 million baht.