Title: Bank Mellat’s “Taban” Scheme: A New Pathway to Financial Inclusion in Iran
In a significant move to broaden financial access, Bank Mellat has launched the updated “Taban” credit scheme for 2024, offering substantial loans of up to 100 million Tomans without the traditional requirement for a guarantor. This initiative is positioned as a key financial program for the year, designed to simplify access to capital for a wide range of citizens.
A Simplified Mechanism for Broader Access
The core of the Taban scheme is its innovative structure that replaces the need for a human guarantor with a long-term, blocked deposit. Applicants are required to open a 36-month fixed deposit account, which then acts as the collateral for the loan. This mechanism effectively removes one of the most significant barriers to credit for many Iranians—the difficulty of finding an official guarantor.
The scheme is strategically designed to be inclusive, targeting retirees, both public and private sector employees, self-employed individuals, and general citizens. By focusing on the customer’s own savings as security, the program aims to democratize access to financial resources.
Key Financial Features
The financial terms of the scheme are clearly defined:
- Loan Amount: Up to 100 million Tomans, calculated as 85% of the value of the blocked deposit.
- Interest Rate: Set at 18%, in accordance with central bank directives, and fixed for the entire loan period.
- Repayment Period: A 36-month term with fixed monthly installments.
- Additional Benefit: Applicants also have the option to receive a supplementary credit card with a limit of up to 50 million Tomans.
This combination of a cash loan and credit facility provides a flexible financial package for personal and household needs.
Aligning with National Economic Objectives
The Taban scheme reflects a focused effort by Iran’s banking sector to streamline financial services and stimulate economic activity at the grassroots level. By simplifying bureaucratic procedures and eliminating cumbersome paperwork, the program facilitates a more efficient flow of capital to households and small businesses.
The anticipated widespread uptake of this scheme is expected to play a supportive role in enhancing the financial capabilities of Iranian families, contributing to broader economic stability and empowerment. The program underscores a commitment to creating practical financial solutions that align with the needs of the populace.