Sina Bank Launches “Mahyar”: A Fast-Track Loan Initiative to Bolster Economic Participation
In a significant move to enhance financial accessibility and support economic activity, Sina Bank has unveiled its new “Mahyar” loan scheme. This initiative is designed to provide swift and substantial financial support to eligible citizens, aligning with broader national objectives of economic resilience and public welfare.
Streamlined Access to Capital
The “Mahyar” plan offers a streamlined pathway for customers to secure loans of up to 300 million Tomans. The primary goal is to simplify and accelerate access to liquidity, removing traditional bureaucratic hurdles. The application process is notably rapid and avoids complex banking procedures, making it an efficient solution for immediate financial needs.
Eligibility and Conditions
To qualify for the “Mahyar” loan, applicants must meet specific criteria designed to ensure responsible lending. Key requirements include holding an active short-term or Qard-al-Hasan current account with Sina Bank. Crucially, applicants must have a clean financial record, with no history of bounced checks or outstanding debts within the national banking system.
The scheme is specifically tailored for employees whose salaries and benefits are processed through centralized company or organizational accounts at Sina Bank. This allows for a seamless mechanism where a portion of their salary can be quickly advanced in the form of a loan.
Financial Structure and Repayment
The loan carries an interest rate of either 4% or 23%, determined by the applicant’s specific circumstances. For a maximum loan of 300 million Tomans at the 23% rate with a 36-month repayment period, the total interest accrued would be approximately 118 million Tomans.
Applicants are responsible for standard associated banking fees, including those for account opening, credit assessment, and loan processing. The repayment tenure is set at a maximum of 36 months. For the top-tier loan, this translates to a manageable monthly installment of around 11,612,916 Tomans, with the total repayment amount reaching 418,064,993 Tomans.
This initiative by Sina Bank represents a concrete step within the national banking sector to empower citizens and stimulate economic participation through readily available financial tools.