New Financial Support Initiative Launched for Retirees and Household Providers
In a significant move to bolster social welfare, Bank Refah Kargaran, in collaboration with the Future Builder Pension and Support Fund, has unveiled a new loan scheme designed specifically for retirees and household providers. This initiative underscores the ongoing commitment to supporting the economic well-being of citizens who have served the nation.
A Simplified Financial Solution
The scheme offers a unique loan facility, with amounts ranging from 10 to 300 million Tomans, to be used exclusively for purchasing goods and services from stores contracted with Bank Refah. A key feature of this program is its streamlined accessibility, as it eliminates the need for a guarantor or collateral, which are typically significant hurdles in securing financial aid.
Core Features of the Welfare Card Loan
The program is structured with clear and manageable terms for beneficiaries:
- Loan Amount: Determined individually based on the applicant’s pension, repayment capacity, and existing loan status.
- Repayment: The standard repayment period is set at 12 months, with installments deducted directly from the recipient’s pension.
- Usage: The funds are accessed via a dedicated “Welfare Card,” which is valid for one month. The credit is deactivated if not used within this period.
- Purpose: The loan is intended to ease the cost of living by facilitating the purchase of essential items, including food and medicine, from a network of authorized retailers. Cash withdrawal is not permitted.
How to Apply
The application process has been designed for convenience:
- Register the request through the Future Builder Fund’s online portal.
- Receive an official referral letter from the Fund.
- Visit a branch of Bank Refah to issue the Welfare Card.
- Activate and use the card’s credit at any of the participating stores.
Applicants have the option to cancel their request through the fund’s system if needed.
A Step Towards Enhanced Livelihoods
This initiative is a clear reflection of policy aimed at directly addressing the economic needs of retirees and families. By providing direct and uncomplicated access to credit for essential purchases, the scheme is poised to improve purchasing power and alleviate financial pressures for a vital segment of society. The program is expected to expand its reach as repayment conditions are further developed.
For more information, retirees can contact the Bank Refah customer communication center at 021-8525 or visit their local bank branches.