Rewritten Title: Refah Bank Expands “Ofoq” Loan Scheme to 400 Million Tomans, Bolstering Public Economic Support
Article:
Refah Bank Enhances Financial Accessibility with New “Ofoq” Loan Terms
In a significant move to broaden public access to financial resources, Refah Bank has announced a substantial increase in the ceiling for its interest-free “Ofoq” loan scheme. The new policy raises the maximum available amount for individuals from 300 million to 400 million Tomans, reinforcing the bank’s commitment to providing accessible and low-cost facilities.
Eligibility and Key Features
The “Ofoq” scheme is designed to support a wide range of citizens and businesses. Eligibility extends to private individuals, small and knowledge-based companies, as well as their employees. A core requirement for applicants is maintaining a consistent average balance in their Qarz-ol-Hasaneh account over the preceding 1 to 12 months and having no outstanding bank debts.
A unique feature of the program is the flexibility it offers in transferring unused account balance quotas. Individuals can transfer their quota to first-degree relatives without any limit, and to others with an annual cap of 10 billion Rials. Similarly, companies are permitted to transfer their unused quota to their employees, facilitating broader economic participation.
Financial Terms and Repayment
The “Ofoq” loan is structured as a Qarz-ol-Hasaneh (interest-free) facility, with a service fee ranging from 0% to 4%. The exact fee is determined based on the applicant’s average account balance and other qualifying conditions. To ease the financial burden on borrowers, the scheme offers an extended repayment period of up to 60 months.
For illustration, a 400 million Toman loan with a 4% service fee and a 60-month repayment term would result in a manageable monthly installment of approximately 7.272 million Tomans.
Application Process and Guarantees
Prospective applicants can register and obtain comprehensive information by visiting any Refah Bank branch nationwide or by contacting the customer communication center at 021-8525. To secure the loan, applicants must provide one of several valid guarantees, including a payroll-deduction guarantor, credit scoring, or occupational credit verification.
This initiative by Refah Bank is positioned as a strategic measure to empower citizens and stimulate economic activity by providing a reliable and Sharia-compliant financial solution.