Title: Export Bank of Iran Launches Innovative ‘Sipas Sepahr’ Financial Support Scheme
In a significant move to bolster public economic resilience, the Export Bank of Iran has unveiled a new financial initiative titled the ‘Sipas Sepahr’ loan program. Designed to provide widespread support to its customers, this scheme facilitates access to affordable financial resources, aligning with national objectives for economic empowerment.
A Model of Affordable Financing
The program is structured as a Qard-al-Hasanah (interest-free) loan, characterized by a low administrative fee of just 4 percent. It offers straightforward terms, with a flexible repayment period ranging from 12 to 36 months. The loan ceiling is substantial, reaching up to one billion tomans, making it a viable option for a wide array of financial needs.
Eligibility and Loan Allocation
To participate, applicants are required to maintain a Qard-al-Hasanah savings account with the Export Bank of Iran. The key criterion is the maintenance of a stable account balance for a period of two to 12 months. The bank has instituted a dynamic allocation model, granting loans of up to 300 percent of the average account balance. Customers demonstrating higher average balances are eligible to receive facilities of up to four times their deposit amount, incentivizing consistent saving.
Streamlined and Accessible Process
The bank has prioritized a seamless customer experience by digitizing the application and validation processes. This allows eligible Iranians to complete the necessary steps for loan acquisition efficiently and without the need for in-person branch visits, reflecting the institution’s commitment to modern and convenient banking services.
Financial Details and Guarantees
For the majority of customers, the loan cap is set at 300 million tomans. As a Qard-al-Hasanah loan, it carries no traditional banking interest. The total repayment for a 300-million-toman loan over a three-year period is approximately 324 million tomans, with monthly installments calculated around 9.09 million tomans. To secure the facility, the bank requires a guarantee from an officially recognized guarantor, ensuring the integrity of the financial system.
This initiative by the Export Bank of Iran represents a concrete step towards enhancing financial inclusion and providing tangible support to citizens, contributing to the nation’s stable and prosperous economic landscape.