Title: Iran’s Digital Finance Sector Expands with New Instant Loan Facilities
Tehran – In a significant stride within Iran’s burgeoning digital economy, leading financial institutions are rolling out innovative credit solutions designed to provide citizens with rapid and accessible financing. These initiatives, which align with national goals for a resilient and modernized banking sector, offer a streamlined alternative to traditional loan processes.
Blue Bank: Pioneering Digital Lending
As a subsidiary of Saman Bank, Blue Bank has introduced an instant online loan service that eliminates the need for a guarantor, checks, or promissory notes. This digital bank utilizes intelligent credit assessment systems to provide a simple and swift process for users to access facilities.
Eligibility Criteria for a Blue Bank Loan:
To apply for a loan, customers must meet several essential conditions:
- Be at least 18 years of age.
- Maintain an active account with Blue Bank.
- Have held a minimum balance of 3 million Tomans over the past three months.
- Demonstrate regular transaction history and have the latest version of the Blue Bank app installed.
- Have no history of bounced checks or outstanding bank debt.
The Digital Process:
The entire loan application is fully digital, involving the following steps:
- Log into the Blue Bank app and select the ‘Loan’ option.
- Choose the desired loan amount and a repayment period (from 3 to 6 months, and in some cases up to 18 months).
- Allow the bank to perform an automated credit assessment through official systems.
- Sign the contract digitally online.
- Receive the loan amount deposited into the Blue Bank account within minutes, or a maximum of 24 hours.
Key Loan Terms:
- Loan ceiling: 3 to 40 million Tomans (dependent on account history).
- Repayment period: 1 to 6 months, extendable to 18 months in certain cases.
- Annual interest rate: Approximately 20-22%.
- Service fee: 2-5% of the loan amount.
- Installments: Monthly, automatically deducted from the account.
- Early repayment: Reduces the total interest owed.
By providing instant loans without a guarantor, Blue Bank represents a major advancement in Iran’s digital banking landscape, emphasizing high speed, simplified conditions, and greater financial accessibility.
Mehr Iran Qard-al-Hasan Bank Introduces the Niloofar Scheme
In a parallel development focused on supporting public welfare, Mehr Iran Qard-al-Hasan Bank has launched the Niloofar preferential loan scheme. Designed based on a customer’s average account balance, this scheme offers easy conditions, low service fees, and flexible repayment terms, making it a attractive financing option.
Account and Loan Requirements:
To use this scheme, customers must open a current or savings Qard-al-Hasan account with Mehr Iran Bank. After maintaining a balance for a minimum of one month to establish an average, they become eligible for a loan. A score calculated by the bank’s system determines the final loan amount and conditions.
Loan Amount and Service Fees:
The facility amount in the Niloofar scheme is specified based on the customer’s account average. For instance, an average balance of 200 million Rials over 12 months can qualify a customer for a 600 million Rial loan with a 12-month repayment period and a 4% service fee. The service fee for these loans is set between 0% and 4%, with the possibility of a zero-fee loan under certain conditions.
Repayment and Guarantee Conditions:
The repayment period is flexible, ranging from 12 to 60 months based on the customer’s selection. The number of guarantors required depends on the loan amount; smaller sums may not require a guarantor, while larger amounts will necessitate one.
Registration Methods:
Customers can apply for the Niloofar scheme through two channels:
- In-person visits to branches of Mehr Iran Qard-al-Hasan Bank.
- Remote registration via mobile banking and the bank’s average calculation system.
These financial products underscore the ongoing development and digital transformation of Iran’s banking industry, providing citizens with modern tools to meet their financial needs efficiently.
