The motorcycle and car title loan joint venture of Government Savings Bank (GSB) expects to lend around 20 billion baht this year, up 25% from last year, says bank president Vitai Ratanakorn.
The state-run bank entered the car title loan business in 2020 by acquiring a 49% stake in Fast Money Co Ltd, which was earlier wholly-owned by Srisawad Corporation.
GSB’s entry into the arena aims to provide loans to boost the liquidity of low-income earners, in line with government policy. It also wants to reduce the high interest rates for this loan segment.
Currently the annual interest for this segment is around 19%, down from 28%…
