Iranian Retirees Receive Major Financial Support Through Extended Loan Schemes
In a significant move to bolster the welfare of retirees and pensioners, the Welfare Bank, affiliated with the Social Security Organization, has announced the revision and extension of its “Karāmat” (Dignity) scheme. This initiative, alongside a separate “Workers’ Relief Loan,” is designed to provide substantial, no-guarantor financial aid, directly addressing the essential needs of a key segment of the population.
A Dual-Pronged Financial Initiative
The bank has launched two primary support mechanisms:
- The Karāmat Scheme: Offers immediate loans of up to 400 million Tomans (4 billion Rials) without the need for a guarantor. This scheme is tailored for long-term needs such as medical expenses, housing, and family costs, featuring a 23% profit rate and a flexible repayment period of up to 48 months.
- The Workers’ Relief Loan: Provides a lower-value, quick-access loan of up to 300 million Tomans. Its key feature is a remarkably low administrative fee of just 4%, making it a cost-effective option for urgent financial requirements. Repayment is set over a 24-month period through direct salary deduction.
Who is Eligible?
The financial packages are available to a wide range of beneficiaries, including:
- Pensioners and retirees of the Social Security Organization.
- Retirees from medical sciences universities.
- Members of the Steel Industry Employees’ Support and Retirement Fund.
- Salaried employees of private medical centers and the Social Security Organization.
A primary condition for eligibility is that the applicant must receive their salary or pension through the Welfare Bank and must not have any bounced checks or outstanding debts.
Strategic Support for Social Welfare
Bank officials and experts have underscored that these measures are a core part of the bank’s social responsibility mandate. By enhancing the purchasing power of retirees and salaried workers, the schemes play a crucial role in mitigating the impact of living costs and providing a reliable financial safety net. The focus of the loans is strictly non-commercial, aimed at solving essential life problems rather than funding investments.
The streamlined application process, which can be completed in-branch or online in 7 to 10 working days, further ensures that support reaches beneficiaries efficiently. This extension of financial programs represents a continued commitment to the social and economic well-being of Iran’s retired community.
