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Thailand: Easy Buy denies charges that it charges more interest than legal limit.
(From Thai Press Reports)
Section: Corporate News - Executives of the consumer finance company Easy Buy Plc on Friday denied charges that it had violated the law regulating interest rate limits on personal loans, the Bangkok Post reports.
The Bank of Thailand currently caps interest rates and charges on personal loans at a maximum of 28% per year.
A local lawyer recently filed a police complaint alleging that Easy Buy was violating the law by charging interest as much as 36%.
Peerapong Keeprasobsuk, an Easy Buy vice-president, said the customer in question had signed his loan contract before July when the central bank rule came into force.
"We have examined the case. The customer in question missed an instalment payment for one month and did not pay a double instalment later. This resulted in added interest being applied on his loan," he said.
The central bank regulation took effect immediately for new contracts signed after July. Lenders have until June 2006 to revise existing contracts to comply. Mr Peerapong said Easy Buy would be in full compliance with the rule before the ...
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