Title: Bank Mellat Unveils Major “Taban” Loan Initiative for 1404, Eliminating Guarantor Requirement
In a significant move to expand financial inclusion and support economic participation, Bank Mellat has officially launched its “Taban” loan scheme for the Iranian year 1404. The flagship offering is a substantial 100 million Toman facility, notable for its no-guarantor requirement, marking a progressive step in the nation’s banking reforms.
A New Financial Opportunity
The Taban scheme is designed to provide accessible credit by leveraging long-term savings. Unlike conventional loans that often involve complex guarantor checks and collateral, this initiative simplifies the process, aligning with broader efforts to streamline banking services and empower citizens.
Key Features of the Taban Scheme
The program is structured around a symbiotic relationship between savings and credit. Interested individuals must open a long-term deposit account with Bank Mellat. The bank then offers a loan of up to 85% of the deposited amount, capped at 100 million Tomans. The deposit itself serves as the security, remaining blocked for the 36-month loan period, thereby eliminating the need for external guarantors or additional collateral.
Primary conditions for eligibility include:
- Opening a long-term deposit with Bank Mellat.
- The deposit remains blocked until the loan is fully repaid.
- The loan amount is up to 85% of the deposit value.
- No requirement for a guarantor.
Financial Terms and Repayment
The loan carries a transparent annual profit rate of 18%, in compliance with the official rates set for no-guarantor facilities by the national banking system. Repayment is structured over a 36-month period through fixed monthly installments directly debited from the borrower’s account. For a 100 million Toman loan, the estimated monthly installment is approximately 3,615,000 Tomans.
Complementary Credit Card Facility
In a complementary offer, the Taban scheme also includes a credit card with a limit of up to 50 million Tomans. This card shares the same 18% profit rate and no-guarantor requirement, providing additional flexible purchasing power for beneficiaries.
Broad Eligibility for a Diverse Clientele
The scheme is available to a wide range of citizens, demonstrating its inclusive design. Eligibility extends to both new and existing Bank Mellat customers, including retirees, public and private sector employees, and any individual capable of opening a long-term deposit.
A Streamlined Application Process
Prospective applicants can initiate the process by visiting any Bank Mellat branch to open a long-term deposit account. After determining the deposit amount and agreeing to the 36-month block, the loan or credit card request is registered. The bank has committed to a swift disbursement process upon completion of the application.
This initiative by Bank Mellat is positioned as a strategic tool to facilitate public access to financial resources, supporting personal and household economic objectives through a simplified and secure banking framework.