Government Savings Bank (GSB) supports the government in helping Thai people cope with the energy crisis by offering loans for solar panel installation with interest rates starting at 3.5% per year. Mr. Songpol Cheewapanyaroj, Director of GSB, revealed that following the Cabinet’s approval, GSB launched a low-interest loan program, Soft Loan GSB Revitalizing Thai Businesses, to enhance liquidity for citizens and entrepreneurs, and to support SME business expansion with a total fund of 100 billion baht. Part of this fund is allocated for loans supporting citizens’ energy sustainability adaptation amid global volatility, including loans for solar panel installation and electric vehicle purchases. The total allocated amount for these two loan types is 5 billion baht. The Soft Loan GSB Revitalizing Thai Businesses program for energy sustainability adaptation for citizens has a fund of 5 billion baht and includes: 1. Loans for installing solar power systems to promote investment in alternative energy and reduce long-term energy expenses. Citizens can apply directly to GSB for unsecured loans (Clean Loan) up to 500,000 baht per person with a 20% down payment, and an initial interest rate of 3.50% per year for the first two years, or secured loans up to 1 million baht per person.
The secured loan options require a down payment of either 10% or 20%, with starting interest rates for the first five years at 3.25% per year (for 20% down payment) and 3.50% per year (for 10% down payment). These loans cover expenses for solar power system installation and related costs, with a maximum repayment period of 7 years. Borrowers can also claim tax deductions according to government measures. Interested individuals can apply at any GSB branch starting now until 31 March 2027 GMT+7 or until the allocated funds are fully utilized.
2. Loans for purchasing electric vehicles (EVs) support adaptation in transportation, commuting, and energy-efficient business operations by reducing transport-related costs. GSB offers low-interest loans for citizens through other financial service providers, including non-bank institutions and financial institutions involved in motor vehicle financing that participate in the Soft Loan GSB Revitalizing Thai Businesses program.
For first-time purchases of new electric vehicles (new license plates) such as BEV, PHEV, HEV, and FCEV cars, the borrower interest rate will not exceed 5% per year. For electric motorcycles, the interest rate will not exceed 10% per year. Other conditions are determined by the financial institutions and non-bank financial service providers in accordance with their respective policies. Interested applicants may contact these providers to apply at their convenience starting now.