Iran’s Welfare Bank Launches “Omid-e Refah” Loan Scheme to Support Retirees and Pensioners
In a significant move to bolster the economic well-being of its citizens, Iran’s Welfare Bank has unveiled the “Omid-e Refah” (Welfare Hope) loan scheme, offering substantial interest-free financial support specifically for retirees and pensioners. This initiative underscores the nation’s commitment to social welfare and economic justice for its senior citizens.
Key Features of the Loan Scheme
The centerpiece of this program is a loan of up to 100 million tomans, provided with highly favorable terms for its primary beneficiaries. For retirees from the Social Security Organization, the loan is offered with a 0% interest rate, representing a major financial relief. Other eligible groups, including employees and retirees of affiliated companies, can access the loan at a low 4% interest rate.
A notable feature is that applicants are not required to provide a guarantor, simplifying the application process significantly. The repayment period is set at 24 months, making the financial commitment manageable for recipients.
Complementary “Refahi” Card for Domestic Goods
Alongside the direct loan, the Welfare Bank has also introduced a “Refahi” card with a credit line of up to 500 million tomans. This card, offered at a 5% interest rate with a 24-month repayment plan, is specifically designed to support the purchase of essential and durable goods. A key aspect of this card is that it can only be used at contracted stores that supply domestically produced products, thereby aligning individual financial support with the broader national goal of strengthening domestic manufacturing and the “Resistance Economy.”
Phased Implementation and Broader Impact
The rollout of these financial packages will be conducted in two phases. The first phase prioritizes retirees and pensioners from the Social Security Organization. The second phase will extend eligibility to all individuals who receive their salaries through the Welfare Bank.
These comprehensive financial tools are strategically designed to increase the purchasing power of retirees, reduce financial pressure on households, and foster wider cooperation with domestic economic enterprises. The “Omid-e Refah” initiative stands as a clear example of policy measures aimed at enhancing social welfare and supporting key sectors of the national economy.