Iran Mehr Bank Launches “Najm” Loan Scheme to Support Vulnerable Groups
In a significant move to bolster social welfare, Iran Mehr Bank has introduced a new “Najm” loan program. Designed to provide financial assistance to vulnerable segments of society, this initiative offers accessible credit with favorable terms, reflecting the nation’s commitment to social justice and economic inclusion.
Key Features of the Najm Loan
The scheme, which became available at the start of the current Iranian calendar year (Mehr 1404), allows eligible citizens to apply for loans of up to 150 million Tomans. A standout feature is its low fee structure, set at a highly favorable rate of just 2% to 4%.
Who is Eligible?
The program specifically targets individuals and families in need of economic support. The primary beneficiaries include:
- Female-headed households
- Survivors of unforeseen accidents and natural disasters
- Beneficiaries of supportive state institutions
- Individuals with disabilities
- Nomadic tribes and rural workers
- Veterans
- Other citizens lacking supportive coverage who can meet the account balance requirements
Application and Repayment Terms
Prospective applicants must open a Qard-al-Hasanah (interest-free) account with Iran Mehr Bank and maintain a qualifying average balance for a period of one to 36 months. A key prerequisite is a clean financial record, with no history of bounced checks or defaulted installments within the banking system.
The loan offers a flexible repayment period of up to 60 months, allowing borrowers to choose a shorter duration based on their financial capacity. To secure the loan, applicants must provide a formal guarantor or meet the bank’s credit assessment criteria.
A Practical Step Towards Financial Empowerment
For a maximum loan of 150 million Tomans with a 60-month term and a 4% fee, the monthly installment would be approximately 2,727,000 Tomans. This structured and affordable repayment plan ensures that financial support is provided in a sustainable manner, empowering recipients to improve their livelihoods without undue burden.