Rewritten Title: New Low-Interest Loan Scheme Announced for Retirees and Low-Income Citizens
In a move aimed at providing financial support, a new banking initiative now offers accessible, low-cost loans specifically for retirees and citizens with lower incomes.
How the Loan Program Works
The “Nazr” loan plan, facilitated through the Mehr Iran Bank, is structured around a savings-based model. To qualify, an applicant must first open a Qard-al-Hassanah savings account and deposit an amount ranging from 25 million to 80 million Tomans. The applicant is then eligible to receive an interest-free loan—with only a 4% service fee—of up to double their deposited amount.
For example:
- A deposit of 25 million Tomans yields a 50 million Toman loan.
- A maximum deposit of 80 million Tomans provides a loan of up to 150 million Tomans.
Key Conditions and Disbursement
The bank has committed to a swift disbursement process, with loans being paid out in the shortest time possible, and within a maximum of 15 days for larger amounts. Essential eligibility criteria include having no history of bounced checks or outstanding bank debts. Collateral will be obtained in accordance with the bank’s standard credit regulations. It is important to note that the initial deposit will remain blocked and unavailable for withdrawal until the entire loan is fully repaid.
Flexible Repayment Terms
The scheme offers flexibility in repayment, with a maximum term of 30 months. Borrowers can choose a repayment schedule of 20, 24, or 30 months, depending on the loan amount. For instance, a maximum 150 million Toman loan repaid over 30 months would result in a monthly installment of approximately 5.555 million Tomans, with the total repayment amount reaching around 166 million Tomans.
Given its low 4% service fee, this program is positioned as one of the most economical financial facilities available, providing a viable option for eligible citizens seeking financial assistance.