New Financial Support Initiative Launched for Retirees and Pensioners
In a significant move to support the financial well-being of its retired citizens, a new unsecured loan scheme has been introduced for eligible retirees and pensioners. The initiative, designed to provide substantial financial assistance without the traditional requirement of a guarantor, underscores a commitment to social welfare.
Eligibility Criteria
The loan is available to specific groups of retirees, including:
- Retirees and pensioners of the Social Security Organization.
- Retirees from universities of medical sciences.
- Retirees and pensioners of the Steel Industry Employee Support and Retirement Fund.
A key requirement is that applicants must receive their pension or retirement income through a specific bank account. Additionally, individuals with a history of bounced checks or outstanding debts within the banking network will not be eligible for this facility.
Loan Amount and Repayment Terms
The scheme offers a considerable loan ceiling of up to 300 million tomans. This financial support comes with an annual profit rate of 23% and is to be repaid over a maximum period of 48 months. The monthly installment, calculated based on the loan amount and repayment duration, averages approximately 9.615 million tomans. The total repayment amount, including profit, at the end of the term would be 461.154 million tomans.
Streamlined Process: No Guarantor Required
A standout feature of this initiative is the elimination of the need for a guarantor. The applicant’s pension payment slip is deemed sufficient collateral. This policy significantly simplifies and accelerates the loan application process. To assess financial capability, the average balance of the applicant’s account over the past two months will be reviewed, and 60% of their pension must demonstrate the ability to cover the monthly installments.
Key Benefits of the Initiative
The program offers several exceptional advantages, including:
- Access to high-value loans up to 300 million tomans.
- No guarantor requirement, as the pension slip serves as adequate collateral.
- An expedited process for document review and disbursement of funds.
Important Limitations
Prospective applicants should note the following limitations:
- The loan is exclusively available to retirees and pensioners who receive their income through the designated bank.
- Applicants must have a minimum pension of 6.5 million tomans.
- As stated, any existing bounced checks or unpaid banking debts will disqualify an application.
Application Process
Interested and eligible individuals must apply in person at a branch of the designated bank. They are required to bring their identification documents along with their most recent pension payment slip. For further information, inquiries can be directed to the bank’s customer service center.