Sina Bank Launches “Mah-Yar” Initiative: A Swift Financial Solution for Eligible Employees
In a move to bolster financial accessibility, Sina Bank has unveiled its new “Mah-Yar” loan scheme. This initiative is designed to provide a rapid and streamlined source of liquidity for its customers, with a substantial loan ceiling of 300 million Tomans.
Streamlined Access to Capital
The “Mah-Yar” loan is structured for speed and simplicity, bypassing complex banking procedures. The primary requirement is that applicants must be employees whose salaries and benefits are processed through centralized company or organizational accounts held at Sina Bank. This allows for a portion of their future earnings to be quickly converted into a loan facility.
Eligibility and Terms
To qualify, an individual must hold a short-term or Qarz-ol-Hasaneh current card account with Sina Bank and maintain a clean banking record, free from any returned checks or outstanding debts within the national banking system.
The loan amount is flexible, allowing applicants to request up to the maximum limit of 300 million Tomans based on their specific needs. The interest rate for the “Mah-Yar” facility is set at either 4% or 23%, determined by the applicant’s financial profile.
Repayment Structure
The repayment period for this loan is a maximum of 36 months. For illustrative purposes, a 300 million Toman loan at the 23% interest rate, repaid over 36 months, would result in a monthly installment of approximately 11,612,916 Tomans. The total repayment amount, including interest, would be around 418,064,993 Tomans. Standard banking fees for account opening, credit assessment, and loan processing are the responsibility of the applicant.
This initiative underscores the banking sector’s role in providing structured financial support, facilitating economic participation for qualified individuals through reliable and regulated channels.