Rewritten Title:
Steel Industry Retirees Receive Major Financial Boost: Welfare Bank Announces 50M Tomans Essential Loan
Key Support for Retirees as Loan Amount Doubles
Retirees from Iran’s steel industry have received welcome news this year. According to an announcement by the Steel Industry Retirement Fund, essential loans for retirees receiving pensions through the Workers’ Welfare Bank (Refah Bank) have begun disbursement. The loan amount has more than doubled compared to last year, reaching 50 million tomans—a significant increase from the previous cap of 20 million tomans.
This substantial raise reflects the government’s commitment to supporting retirees amid current economic challenges. The low-interest, long-term repayment structure ensures retirees can manage essential expenses without undue financial strain.
Loan Terms & Eligibility Requirements
To qualify for the loan, retirees must meet the following conditions:
- Minimum account balance: At least 50,000 tomans in their Refah Bank account.
- Debt clearance: No overdue installments in Refah Bank or other banks.
- Resolved bounced checks: If applicable, retirees must clear any check-related issues and obtain approval from the Central Bank.
Refah Bank will only process the loan after verifying all requirements.
Repayment & Application Process
- Interest rate: 4% annually, with a 60-month (5-year) repayment period.
- Deduction method: Installments will be automatically deducted from pension payments, easing financial pressure.
How to Apply:
- Online registration only via the official portal: neservices.irsbf.ir.
- Priority processing: Early applicants receive funds first.
Impact & Expert Perspectives
The increased loan amount is expected to alleviate retirees’ financial burdens, particularly for medical costs, housing repairs, or family expenses. While economists praise the move as a positive step, some emphasize the need for broader support policies to fully address retirees’ needs amid inflation.
Refah Bank has urged applicants to check their financial status beforehand—ensuring no outstanding debts or unresolved banking issues—to avoid delays.
Final Note
This initiative underscores the government’s focus on safeguarding retirees’ welfare. Eligible retirees are encouraged to apply promptly through the official portal to secure this vital financial support.
For further details, visit the Steel Industry Retirement Fund’s official website.
