New Financial Support Initiative Launched for Retirees and Household Providers
In a significant move to bolster social welfare, Refah Bank, in collaboration with the Future Builder Pension Fund, has unveiled a new loan scheme designed to provide immediate financial relief to retirees and household providers. The initiative underscores a commitment to strengthening the social safety net and enhancing the purchasing power of citizens.
A Simplified Financial Solution
The scheme offers accessible loans ranging from 10 to 300 million Tomans, characterized by a streamlined and user-friendly process. A key feature is the elimination of traditional banking hurdles, as the loan requires no guarantor, security deposit, or promissory notes. This approach is designed to directly address living expenses by enabling recipients to purchase essential goods and services from a network of partner stores affiliated with Refah Bank.
Key Features of the Welfare Card Loan
- Loan Amount: From 10 to 300 million Tomans, determined by the applicant’s pension salary, repayment capacity, and existing loan history.
- Repayment: The standard repayment period is set at 12 months, with installments deducted directly from the borrower’s pension. Reports indicate the potential for future expansion to an 84-month repayment plan with a 6-month grace period.
- Usage: The loan is exclusively for purchases at designated partner stores; cash withdrawal is not permitted.
- Card Validity: The issued welfare card has a one-month validity period and will be deactivated if not used.
A Step-by-Step Application Guide
Prospective applicants can access the loan through a clear, multi-step procedure:
- Register the request via the Future Builder Pension Fund’s online portal.
- Receive an official referral document from the Fund.
- Visit a local Refah Bank branch to receive the welfare card.
- Activate and use the credit line at authorized stores.
Strategic Objectives and Broader Impact
This initiative is strategically designed to alleviate economic pressures on key segments of society. By facilitating the purchase of essential items such as food and medicine without complex banking procedures, the program aims to directly improve the quality of life for retirees and families. The development of such targeted financial products highlights ongoing efforts to ensure economic stability and social welfare for all citizens.
For further details, individuals are encouraged to contact the Refah Bank Customer Communication Center at 021-8525 or visit their local bank branch.