Iranian Women’s Empowerment: Bank of Agriculture Launches “Iranian Lady Loan” Initiative
In a move to bolster the economic standing of women, the Bank of Agriculture has unveiled a special financial initiative named the “Iranian Lady Loan.” This program, introduced to coincide with the birthday of Hazrat Masoumeh (SA) and in honor of National Daughter’s Day, is designed to provide substantial financial support to women, aiding them in achieving economic empowerment and meeting their financial goals.
A Pathway to Financial Inclusion
The “Iranian Lady Loan” is structured to be accessible. Eligible women can apply for the facility after opening a Qard-al-Hasanah or short-term deposit account and maintaining it for a period of either four or six months. Upon meeting the necessary criteria and scoring, applicants can proceed to receive the financial support.
Substantial Financial Support with Flexible Terms
The initiative offers two significant loan tiers to cater to different needs:
- Loan Ceilings: Applicants can access facilities of up to 100 million Tomans or a substantial 200 million Tomans.
- Favorable Deposit-to-Loan Ratio: The scheme features an attractive loan-to-deposit ratio of up to 500 percent. For instance, maintaining an average deposit of 40 million Tomans can qualify an applicant for the full 200 million Toman loan.
- Interest Rate: The loan carries an interest rate of 23 percent. For the maximum 200 million Toman loan with a 36-month repayment period, the total interest would amount to approximately 78 million Tomans.
Clear Requirements and Repayment Structure
The bank has outlined clear and straightforward conditions for the loan:
- Guarantee: The required guarantee for the loan is an official guarantor.
- Credit History: Applicants must not have any bounced checks or outstanding debts within the national banking system.
- Repayment Period: The maximum repayment period is set at 36 months. For the 100 million Toman loan tier, a 24-month repayment plan is also available.
- Monthly Installments: For a 200 million Toman loan over 36 months, the monthly installment is calculated at approximately 7,741,000 Tomans. The 100 million Toman loan over 24 months would result in a monthly payment of around 5,237,000 Tomans.
This targeted financial program underscores a commitment to supporting Iranian women, providing them with the necessary tools to unlock their economic potential and contribute more actively to the nation’s prosperity.