Title: Bank Sepah Launches “Golchin-e Omid Zarin” Initiative to Boost Economic Participation
In a significant move to support citizens and private sector actors, Bank Sepah has unveiled the “Golchin-e Omid Zarin” (Golden Hope Gem) initiative. This new program is designed to provide accessible, low-cost financial solutions, reinforcing the framework of social and economic support for individuals and entrepreneurs across the nation.
A New Financial Instrument for Broader Participation
The “Golchin-e Omid Zarin” scheme offers Qard-al-Hasanah (interest-free) loans with minimal processing fees and simplified application procedures. By opening a specific current account and maintaining a minimum account balance for one month, eligible applicants can access these financial facilities, which are structured to encourage wider economic engagement.
Eligibility and Loan Structure
To qualify, applicants must meet straightforward criteria, including a clean financial record with no history of bounced checks or outstanding bank debts. The initiative is tailored for private individuals, with a particular focus on supporting licensed business owners.
- Loan Ceilings: Private individuals can access loans of up to 300 million Tomans, while those with a valid business license are eligible for up to 1 billion Tomans.
- Flexible Repayment: Understanding the need for financial planning, the program offers flexible repayment schedules, allowing borrowers to choose terms of 12, 24, 36, 48, or 60 months.
- Minimal Fees: In line with its supportive nature, the loan carries a minimal service fee of 0% to 4%, depending on the specific conditions of the applicant.
Safeguarding the System
The program incorporates standard financial safeguards to ensure its sustainability and responsible lending. This includes the requirement for an official guarantor and a positive credit assessment, which collectively help secure the timely repayment of the facilities and protect the integrity of the financial system.
This initiative by Bank Sepah represents a concrete step within the broader economic policies aimed at fostering self-sufficiency and empowering citizens to actively contribute to the nation’s thriving economy.