Summary of Loan Conditions for Solar Panel Installation and Low-Interest EV Purchase Loans up to 500,000 Baht

Loan conditions revealed For solar panel installation Maximum loan per person not exceeding 500,000 baht - Loans to buy new BEV, PHEV, HEV, FCEV vehicles Borrower interest rate not exceeding 5% per year, while For motorcycles Borrower interest rate not exceeding 10% per year

Government Savings Bank responds to the Cabinet resolution by launching a low-interest loan project "Soft Loan GSB: Revitalizing Thai Business" With 5 billion baht allocated for sustainable energy, supporting citizens to borrow up to 500,000 baht for solar panel installations without collateral, plus funds for loans to purchase all types of electric vehicles (EVs) at low interest rates starting from 5% per year, aiming to reduce expenses and support the shift to a low-carbon society.

Mr. Songpol Chewapanyarot, Director of Government Savings Bank, stated that following the Cabinet's approval for GSB to implement a low-interest loan project, Soft Loan GSB: Revitalizing Thai Business, to provide liquidity support to citizens and entrepreneurs and to promote SME business expansion with a total project fund of 100 billion baht, a portion is allocated to loans supporting citizens' adaptation towards sustainable energy amid global volatility, including: Loans for solar panel installation and Loans for purchasing all types of electric vehicles The total allocated funds for these two types of loans amount to 5 billion baht.

Soft Loan GSB low-interest loan project: Energy sustainability adaptation for citizens with 5 billion baht allocated. Consists of

1. Loans for solar panel installation

Loans for installing solar power generation systems supporting investment in alternative energy to reduce long-term energy costs, with citizens able to apply directly at GSB.

Without collateral

• Maximum loan amount not exceeding 500,000 baht
• 20% down payment

• Interest rate for the first 2 years at 3.50% per year

With collateral

• Maximum loan amount per person not exceeding 1 million baht
• Can apply with either 10% or 20% down payment
• Starting interest rate for the first 5 years is 3.25% per year (with 20% down payment) and 3.50% per year (with 10% down payment)

Covers expenses for solar power system installation and related costs, with a maximum repayment term of 7 years, and eligibility for tax deductions according to government measures. Interested applicants can apply at any GSB branch from now until 31 Mar 2027 GMT+7 or until funds are fully allocated.

2. Loans for purchasing electric vehicles (EVs)

Loans for EV purchases support adaptation in transportation, travel, and businesses using renewable energy to reduce expenses and operating costs. GSB provides low-interest loans to citizens who apply through non-bank financial service providers and financial institutions engaged in vehicle and motorcycle loans participating in the Soft Loan GSB project.

• For loans to purchase new electric cars such as BEV, PHEV, HEV, FCEV, interest rates will not exceed 5% per year.
• For electric motorcycles, interest rates will not exceed 10% per year.

Other conditions are determined by the financial institutions and non-bank financial service providers according to their individual policies.

Interested parties can contact and apply through their preferred service providers starting now.

Read more news " Government policy " here