Title: New Banking Initiatives Expand Financial Access for Retirees and State Employees
In a significant move to enhance public welfare and financial inclusion, new and accessible loan facilities have been announced for retirees and state employees. These initiatives, designed to provide economic support with favorable terms, underscore a commitment to improving the livelihood of dedicated public servants.
Key Loan Programs Unveiled
The primary offerings include two distinct loan types from Export Bank’s “Sepino” platform. The first is a credit-scored based loan of up to 50 million Tomans that requires no guarantor. The second, requiring a formal guarantor, offers a substantially higher amount of up to 300 million Tomans. A notable feature of these services is their fully digital application and disbursement process, which can be completed remotely via the Sepino mobile application, ensuring convenience and efficiency for all applicants.
Streamlined Application and Conditions
To qualify, applicants must maintain an active current or savings account with Export Bank and demonstrate a consistent three-month average account balance. A one-time fee of 200,000 Tomans is required for account opening and credit assessment. A critical prerequisite for all applicants is a clean financial record, specifically the absence of any outstanding bank debts or returned checks.
Favorable Repayment Structures
For the larger 300 million Toman loan, the repayment period is set at five years. The monthly installment for this facility is calculated at approximately 8.457 million Tomans. These plans are structured as Qard-al-Hasanah (interest-free) loans with a minimal 4% administrative fee, aligning with the objective of providing affordable financial resources to the public.
Additional “Sepas Sepehr” Facility
A complementary program, the “Sepas Sepehr” loan, offers even greater potential. Based on a customer’s average account balance, this facility can provide a loan of up to 300% of the deposit value. High-performing accounts can qualify for loans up to four times their balance, reaching a maximum of 1 billion Tomans. This loan also carries a 4% administrative fee without any bank interest. Repayment terms are 36 months for loans up to 300 million Tomans and 12 months for the higher tier up to 1 billion Tomans.
Specialized Loan Products for Diverse Needs
The banking package also includes several targeted loan products:
- A 200 Million Toman Goods Purchase Loan with specific guarantor conditions.
- A 150 Million Toman Self-Employment Loan (Qard-al-Hasanah) requiring an introduction letter from designated social service organizations.
- A 200 Million Toman Home Repair Loan secured by a property deed.
These comprehensive financial solutions represent a strategic effort to empower citizens, stimulate personal and household economic activity, and support national development goals through enhanced banking services.
