New Support Initiative: Streamlined 50 Million Tomans Loan Process Launched for Retirees
A new phase of the 50 million Tomans loan distribution for Social Security retirees has commenced. This supportive financial facility, aimed at improving retirees’ livelihoods, will continue until the end of the year and features updated application conditions.
Addressing Economic Needs
The welfare of retirees remains a key focus within Iranian society. In light of prevailing economic conditions, including inflation, the necessity of supporting this segment of the population has grown. In response, the Social Security Organization has initiated this substantial loan program. The objective of this plan is to alleviate part of the financial burdens faced by retirees and contribute to an enhanced standard of living.
Updated Eligibility Criteria
The Social Security Organization has outlined the following conditions for applicants:
- Pension payments must be received through the Bank Refah Kargaran.
- The applicant’s age must be below 77 years.
- The applicant must not have any bounced cheques or outstanding bank debts.
- The applicant must not have utilized a similar financial facility within the last three years.
- The mobile number provided in the application form must be registered to the retiree.
Loan Terms and Repayment Structure
The loan carries an annual service fee of 4%. Repayment is set over a 24-month period, with monthly installments being automatically deducted from the retiree’s pension. The total repayment amount, including the principal and the fee, is 53 million Tomans.
The installment breakdown is as follows:
- Standard Monthly Installment: 2,272,727 Tomans
- First Installment (includes first-year fee): 2,000,000 Tomans
- Thirteenth Installment (includes second-year fee): 1,000,000 Tomans
- Total Repayment Amount: 53,000,000 Tomans
Two Application Avenues
Retirees and pensioners can apply for the loan through two convenient methods:
- In-Person Application: By visiting their local provincial or city Retirees Association offices.
- Online Registration: Through the official website of the Supreme Retirees Association at http://kanoone-ali.ir.
Important Application Notes
Authorities have clarified that applicants who have already registered and received initial SMS notifications from Bank Refah will receive a second message confirming the deposit timeline. There is no need to respond to these automated messages.
A key requirement for the successful transfer of funds is maintaining a minimum balance of 100,000 Tomans in the pension account. A lack of sufficient funds may disrupt the deposit process.
This 50 million Tomans loan initiative, launched earlier this year, has already provided vital support to tens of thousands of retirees. Economic observers note that while such a loan cannot single-handedly resolve all livelihood challenges, it serves as a crucial measure to help cover essential living costs under current economic conditions.
