Iran’s Saderat Bank Launches “Meysaq” Loan Initiative to Support Retirees and Pensioners
In a move aimed at providing financial support to key segments of society, Iran’s Saderat Bank has announced a special loan package, named “Meysaq,” specifically designed for retirees and pensioners. This initiative underscores the banking system’s commitment to social welfare and economic stability for citizens on fixed incomes.
A Tailored Financial Solution
The “Meysaq” loan is structured to offer accessible and manageable financial assistance. To be eligible, applicants must have maintained a consistent deposit in their Qarz-ol-Hassaneh (interest-free) savings account for a minimum of three months. The loan amount is set at 90% of the individual’s account balance, with a maximum cap of 200 million Tomans.
Favorable Terms for Borrowers
The scheme stands out for its borrower-friendly conditions, making it an attractive option in the current financial landscape:
- Low-Interest Rates: The annual profit rate is set between 14% and 16%, which is notably lower than the rates applied to similar facilities by many other financial institutions.
- Extended Repayment Period: Borrowers benefit from a flexible repayment schedule spanning 3 to 5 years, easing the monthly financial burden.
- Clear Financial Outline: For the maximum loan amount, the monthly installment is approximately 6.835 million Tomans, with the total repayment over the term amounting to around 246 million Tomans.
Eligibility and Application Process
Prospective applicants must meet specific criteria to qualify for the “Meysaq” loan:
- A minimum three-month history of deposits in a Saderat Bank Qarz-ol-Hassaneh account.
- Provision of at least one qualified formal guarantor.
- A clear banking record with no returned checks or outstanding debts.
- Successful passage of the bank’s standard credit assessment.
The application process has been streamlined for convenience. Eligible individuals can initiate the process by visiting any Saderat Bank branch to complete the necessary forms, submit required documents, and finalize the agreement upon approval.
A Strategic Financial Instrument
This loan package is presented as a strategic tool to aid employees with fixed salaries, small businesses in need of liquidity, and individuals planning essential purchases. By offering terms that are more manageable than the market average, the “Meysaq” initiative is positioned as one of the most compelling financial products of the year, reflecting the bank’s role in fostering economic resilience.