IBANK helps relieve credit card debts

BANGKOK, 14 December 2009 (NNT) – The Islamic Bank of Thailand (IBANK) expresses its readiness to lend to credit card debtors who have earlier registered with banks under the government’s informal debt refinancing scheme.

2,000 credit debtors have asked IBANK for loans to refinance their debts so far. IBANK can lend no more than 200,000 THB to each debtor.

IBANK offers interest rates of 8%-15% with 4,000 THB per month installments. Debtors have five to ten years to pay off their loans.

The bank reported that most of the credit card debtors are employees, civil servants and state enterprise employees with a monthly salary of 20,000-30,000 THB. The average loan needed is around 200,000-300,000 THB.