IBANK to Give Out 1,500m NGV Loans

Bangkok, 3 October 2009 (NNT) – The Islamic Bank is to give out 1,500 million baht loans to support minibus entrepreneurs for the new use of minibuses with NGV compatible engines. Ibank will also allocate more funds if positive feedback is received.

The bank has prepared 1,500 million baht for the minibus entrepreneurs in response to the government policy for the restructuring of the transportation service nationwide. This includes the idea of the use of alternative energy to reduce the country’s fuel import. Mr. Suthep Suebsantiwongse, Chairman of the sub-committee said yesterday.

According to the 2007 Government NGV Policy, the minibuses with NGV compatible engines have not been widely used due to the financial liquidity. The bank will follow the former policy by requiring a down payment of 20% of the bus’s purchase with 72 months moratorium. The profit margin of 5.5% will be gained each year.

The benefit of joining the project is cost reduction as the fuel price of a normal bus cost 3-4 baht per kilometer but by using a minibus with NGV compatible engines, it only cost 1 baht per kilometer. Entrepreneurs with desirable financial statement will be offered special conditions.