Iran’s Mehr Bank Launches “Avaye Mehr” Loan to Bridge Financial Gaps for Eligible Citizens
In a move to further support its citizens’ financial needs, Iran’s Mehr Qard-al-Hassan Bank has introduced the “Avaye Mehr” loan scheme. This initiative is specifically designed for individuals who, despite already qualifying for the bank’s preferential facilities, require additional financial resources. The scheme promises a streamlined process, with successful applicants receiving funds within one week.
Eligibility and Key Conditions
To qualify for the Avaye Mehr loan, applicants must meet several key criteria. Primarily, they must have already earned the necessary credit score to be eligible for the bank’s standard preferential loans. Furthermore, applicants must have a clean financial record, with no history of bounced checks or outstanding debts within the national banking system.
A mandatory requirement is the prior opening of a savings account with the bank, which must have been active for at least one month. The bank notes that a higher average account balance can significantly shorten the waiting period for loan approval.
Loan Ceiling and Flexible Structure
The Avaye Mehr scheme offers a substantial loan ceiling of 200 million Tomans. Its unique structure is tailored for those facing a budget shortfall even after receiving their standard preferential loan.
For example, if an individual is approved for a 65 million Toman preferential loan but requires a total of 90 million Tomans, the Avaye Mehr plan provides a solution. The applicant can cover the 25 million Toman shortfall by placing a temporary deposit equivalent to 40% of the deficit amount (10 million Tomans) with the bank. Upon doing so, they become eligible to receive the full 90 million Toman sum under the new scheme.
Repayment and Low Service Fee
The repayment period for the Avaye Mehr loan is flexible, ranging from 18 to 60 months, depending on the customer’s credit score and account conditions. A notable advantage of this scheme is its low service fee, set at just 4 percent, making it a competitively priced financial product.
The Application Process
The pathway to securing the Avaye Mehr loan is clear. Applicants must first qualify for the bank’s standard preferential loan. If a larger sum is needed, they can then apply for the Avaye Mehr scheme. The process involves completing an application file, providing a qualified guarantor, and successfully passing the bank’s credit assessment. Once approved, the funds are deposited into the applicant’s account within a maximum of one week.
This initiative underscores the ongoing efforts within Iran’s banking sector to create responsive and supportive financial mechanisms for its citizens, facilitating access to credit for planned expenses and unforeseen needs.