Rewritten Title: New “Horizon” Initiative: REFAH Bank Expands Interest-Free Loan Access for Workers and Businesses
Article:
In a significant move to bolster financial inclusion and support national economic resilience, REFAH Bank has launched its new “Horizon” plan. This initiative dramatically simplifies access to substantial, interest-free loans for a wide range of citizens and enterprises, underscoring a strategic commitment to public welfare and economic development.
A New Financial Horizon
The “Horizon” plan, implemented in the Iranian month of Aban 1404, represents a cornerstone of REFAH Bank’s strategy to empower its customers. By easing the requirements for obtaining Qard-al-Hasanah (interest-free) loans of up to 400 million Tomans, the bank aims to enhance the financial capabilities of individuals and businesses, fostering broader economic participation.
Who is Eligible?
The program is designed with inclusivity in mind, targeting key sectors of the economy:
- Individual holders of active interest-free savings accounts at REFAH Bank.
- Micro-enterprises, cooperatives, and knowledge-based companies.
- Employees of companies and institutions that have agreements with the bank.
A unique feature of the plan allows companies to transfer their unused account balance privileges to their employees, thereby directly contributing to workforce welfare.
Key Conditions for the 400 Million Toman Loan
To qualify for the “Horizon” facilities, applicants must meet several straightforward criteria:
- Maintain a stable average balance in their interest-free savings account over the preceding 1 to 12 months.
- Have no outstanding or overdue bank debts.
- Provide one of several accepted forms of collateral, such as a guarantor with a salary-deduction certificate, a positive credit score, or a valid employment-based guarantee.
Flexible Financing and Transferable Benefits
The plan offers substantial financial support, with ceilings set at 400 million Tomans for individuals and 750 million Tomans for micro and knowledge-based companies. Furthermore, account holders can transfer their benefits to first-degree relatives without restriction and to other individuals up to a limit of 10 billion Rials annually, promoting financial support within families and communities.
Minimal Service Fees and Long-Term Repayment
Staying true to the principles of Qard-al-Hasanah, the service fee for these loans ranges from 0% to a maximum of 4%. The exact fee is determined by the applicant’s average account balance and credit assessment, rewarding loyal and reliable customers with lower costs.
To ensure repayments are manageable, the bank offers flexible repayment periods from 6 to 60 months. For instance, a 400 million Toman loan with a 0% service fee over 60 months would result in a monthly installment of approximately 6.6 million Tomans.
A Streamlined Application Process
Prospective applicants can easily register through one of two methods:
- Visiting any REFAH Bank branch nationwide.
- Contacting the bank’s customer communication center (Farad) at 021-8525 for detailed information and expert guidance.
The “Horizon” plan from REFAH Bank stands as a testament to the nation’s focus on creating a supportive financial ecosystem, providing tangible resources to fuel personal ambitions and business growth with transparency and ease.