Digital Personal Loan Business Rules issued by the Bank of Thailand on
September 15, 2020, lenders can use alternative data, e.g. receipts from water
bills, electricity bills and telephone bills, as well as online spending
information, to assess the borrowers’ ability or willingness to repay a loan.
KResearch views that this will help to support people in easily accessing
credit services in the official financial system.
In addition, the
interest rates under the newly-announced Digital Personal Loan will also help
to lower borrowers’ costs compared with digital loans
through current online platforms, which are as high as 36%, or with off-system
(outside the official financial system) loans, which are higher than 50% per
Therefore, it is expected that more off-system borrowers will be able to access
credit in the system. Meanwhile, some existing lenders in the market that
already use alternative data such as photographic data or social media posts
will be able to provide another type of digital personal loan service at lower
believes that customers who have used digital personal loans will be familiar
with this service and will find it convenient. Because of the existing digital personal loan service processed
through online platforms, customers will be encouraged to continue using the
new service. Digital personal loans will probably be an alternative form of loan
that provides liquidity to consumers in emergencies, although the loan amount
is capped at THB20,000 with a short repayment period not exceeding 6 months.
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