Unlocking Potential: Iran’s Mehr Bank Launches “Noura” Loan Scheme with 4% Interest
In a significant move to bolster economic participation, Iran’s Mehr Qarz al-Hassaneh Bank has announced the launch of a new financial initiative named the “Noura” loan scheme. This program, effective from the start of the current Iranian calendar year, is designed to facilitate easier access to low-interest, interest-free loans for both individual citizens and corporate entities.
Expanding Financial Horizons
The core objective of the Noura scheme is to provide flexible and affordable financial solutions. According to the bank’s released details, individual applicants can access loans of up to 400 million Tomans, while companies are eligible for amounts reaching up to 900 million Tomans. The final approved loan amount is contingent upon the applicant’s average account balance over a period of one to twelve months, ensuring a tailored approach to lending.
Eligibility and Application Process
Prospective borrowers are required to first open a Qarz al-Hassaneh savings account with Mehr Bank. A key prerequisite is a clean credit history, meaning applicants must not have any record of bounced checks or defaulted installments. The bank has streamlined the process, with document verification and file creation being conducted in accordance with its standard regulations.
Approved Guarantees for the Loan
To secure the Noura loan, applicants must provide one of the following bank-approved guarantees:
- An official guarantor, such as a government employee or an employee of a reputable company.
- The professional credibility of the applicant themselves.
- A positive assessment based on the bank’s internal credit scoring system.
Favorable Financial Terms
The Noura scheme stands out for its highly favorable financial conditions. The facility is offered as a Qarz al-Hassaneh loan with no additional processing fees. The only charge applied is a modest 4% annual profit rate, which is designated to cover the bank’s administrative and operational costs.
Flexible Repayment Schedule
To further ease the financial burden on borrowers, the maximum repayment period for the Noura loan has been set at five years (60 months). This extended timeframe provides recipients with greater flexibility and manageable monthly installments, supporting long-term financial planning and stability.
This initiative by Mehr Bank represents a concrete step within the national financial system to empower citizens and businesses, fostering economic growth through accessible and sharia-compliant financing.