Title: Blue Bank 1404: A Modern Financial Tool for National Progress
In line with the nation’s focus on economic resilience and the development of a robust digital economy, Blue Bank has detailed the provisions of its “1404 Loan” program. This initiative represents a significant step in modernizing the country’s financial services and providing accessible credit facilities to the public.
A Forward-Looking Financial Initiative
The Blue Bank 1404 Loan is designed to offer a streamlined and accessible credit solution. A key feature that distinguishes this program from traditional banking is the provision of loans without the need for a guarantor or collateral, simplifying the process for qualified applicants.
Eligibility and Conditions
To qualify for a loan of up to 40 million Tomans, the bank conducts a thorough review of the applicant’s financial history. The primary requirement is maintaining an average account balance of more than 3 million Tomans over the three months preceding the loan application.
Further conditions for approval include:
- A comprehensive review of the customer’s account history.
- No existing debts or bounced checks.
- A clean record of financial conduct with no history of default.
Customers who have previously received a loan are eligible for a new one only after the prior loan has been settled in a timely manner.
Loan Amounts and Terms
The loan program is structured to cater to a range of financial needs:
- Loan Range: From a minimum of 10 million to a maximum of 40 million Tomans. The specific ceiling is determined by the applicant’s three-month account average.
- Repayment Period: For loans between 3 to 10 million Tomans, the repayment period ranges from a minimum of 1 month to a maximum of 6 months. For larger amounts, the term is proportionate to the loan value and subject to mutual agreement.
- Interest and Fees: The loan carries an interest rate of 20 percent with a maximum service fee of 5 percent. Notably, if the loan is settled in less than one month, no interest is charged.
Seamless Digital Application
The application process is fully integrated into the Blue Bank application, ensuring convenience and efficiency. To apply, users simply need to:
- Log in to the Blue Bank app.
- Navigate to the ‘Store’ section and select the ‘Loan’ menu.
- Specify the desired loan amount and preferred repayment period.
- Upon approval, the funds are promptly transferred to the user’s account.
This digital-first approach underscores the ongoing advancements within Iran’s banking sector, facilitating easier access to financial resources for its citizens.