To help ease the burden of repaying loans in Thailand, the Thai
government issued an emergency decree (link in Thai)
(Decree) amending the Thai Civil and Commercial Code (CCC)
regarding interest rules for loans.
From April 11, 2021, interest rates for certain financial
agreements will change under Sections 7 and 224 of the CCC as
follows:
STATUTORY INTEREST RATE DECREASED
Under the amended CCC Section 7, the statutory interest rate
drops from 7.5% to 3% per annum. The Decree also sets out that the
Ministry of Finance should review this rate every three years and
adjust it according to current deposit and loan interest rates
offered by Thai commercial banks.
Please note that this only applies if an agreement does not
specify an interest rate in its clauses. If, however, there is a
specified interest rate, it cannot be more than 15%. So, even if a
signed agreement stipulates an interest rate over 15%, only 15%
interest can legally apply. Nevertheless,
