Iranian State Bank Launches Major Digital Loan Initiative to Support Retirees
In a significant move to bolster financial inclusion and support fixed-income groups, Iran’s Bank Saderat has unveiled its new “Sepino” digital loan scheme. This initiative offers substantial financial assistance of up to 300 million tomans, with a particular focus on retirees and pensioners, streamlining access to credit through a fully digital process.
A Modern, Accessible Financial Solution
The Sepino loan is designed for simplicity and accessibility. The entire process—from application to disbursement—is conducted remotely via the Bank Saderat Sepino application, eliminating the need for in-person branch visits. The scheme offers two primary options: a loan of up to 50 million tomans based on the applicant’s credit score without a guarantor, and a larger loan of up to 300 million tomans, which requires an official guarantor.
This digital-first approach aligns with broader national efforts to modernize the banking sector and enhance the ease of financial transactions for citizens.
Key Terms and Conditions
To qualify for the Sepino loan, applicants must meet specific criteria designed to ensure responsible lending. A fundamental requirement is maintaining an active Qarz-al-Hassaneh (interest-free) savings account with Bank Saderat for at least three months. Applicants must also be free of any existing debt or bounced checks with the bank. A one-time fee of 200,000 tomans is charged for account opening and credit assessment.
Transparent Repayment Structure
The financial terms of the loan are clearly outlined to ensure borrowers are fully informed. For the maximum 300 million toman loan, the repayment period is set at five years (60 months). With an interest rate starting from 15% up to 23%, the monthly installment is calculated at approximately 8,457,141 tomans. Over the five-year term, the total repayment amount would be 507,428,480 tomans.
This initiative by Bank Saderat represents a targeted effort to provide tangible economic support to retirees and other citizens, facilitating their access to significant credit for personal and household needs through a secure and modern banking framework.
