Title: New Credit Facility Launched to Support Iranian Retirees’ Purchasing Power
In a move aimed at enhancing the welfare of the nation’s retirees, a new credit scheme has been officially inaugurated. The “Beta” plan, a result of a memorandum of understanding signed between the head of the High Council of Retired Workers and the CEO of Bank Refah, promises to provide a dedicated line of credit for this valued segment of the population.
A New Financial Tool
Modeled on similar programs, the Beta plan offers retirees the opportunity to make essential purchases, particularly of domestically manufactured home appliances, from partner chain stores affiliated with Bank Refah. The initiative is designed to increase purchasing power and simplify payment processes for retirees, allowing them to buy goods in installments without the need for checks or a guarantor.
Key Features of the Plan
Eligible retirees from the social security organization can access this facility after a credit assessment and registration. The key provisions of the plan include:
- A credit ceiling of less than 100 million tomans.
- Repayment in 30 installments.
- Mandatory receipt of pension or salary through Bank Refah.
- Active SMS alerts and dynamic passwords for banking.
- No history of bounced checks or outstanding bank debt.
- An age requirement between 18 and 77 years.
Focus on Practical Implementation
While the scheme represents a positive step, its ultimate success is understood to hinge on its practical application. Some retiree advocacy groups have suggested that for the plan to be truly effective, considerations such as a higher credit ceiling and longer repayment periods may be necessary. The focus remains on ensuring the plan aligns with the actual economic circumstances of retirees, preventing any potential financial strain.
The launch of the Beta plan underscores a continued commitment to addressing the needs of Iran’s retired community, providing them with modern financial tools to facilitate their daily lives.
