New Vehicle Financing Initiative Launched for Iranian Educators
In a significant move to support the teaching community, a new car purchase loan scheme has been unveiled for educators across Iran. This initiative, a collaboration between the Teachers’ Savings Fund and the Leasing and Welfare Company for Educators (LFCO), offers favorable financial terms designed to make vehicle ownership more accessible.
Key Benefits and Eligibility
The program is distinguished by its low-interest rates, extended repayment periods, and a lower required down payment compared to standard auto loans. However, access to these benefits is contingent on meeting specific eligibility criteria.
Prospective applicants must be active members of the Teachers’ Savings Fund with a minimum of three years of membership. For certain leasing plans, at least twenty years of service in the education sector is mandatory. Additional requirements include being between 30 and 55 years of age, holding a valid driver’s license, and not having used a similar car leasing facility in the past five years.
Crucially, applicants must demonstrate the financial capacity for repayment, with the monthly installment not exceeding 80% of their net salary. A “Sayad” check under the applicant’s name is also required as a repayment guarantee.
Application Process and Required Documents
The registration process is conducted entirely online through the LFCO website (lfco.ir). Applicants must create an account, carefully complete the registration forms, and upload all necessary documents.
The required documentation includes a copy of the national ID card (stamped by the relevant administration office), the most recent pay slip, a valid driver’s license, proof of membership in the Teachers’ Savings Fund, and the aforementioned “Sayad” check. These documents will be verified by specialists. If applications exceed the allocated quota, a priority system or lottery may be implemented.
Upon final approval, the applicant must deposit the specified down payment. The vehicle delivery process typically commences thereafter, with an estimated timeline of 4 to 11 months.
Staying Informed
The precise registration window for the upcoming Iranian year (1404) will be announced through official circulars from the Ministry of Education and on the LFCO website. Educators are advised to monitor these official channels closely for the exact dates.
This welfare-oriented program is supported by several financial institutions, with the Teachers’ Savings Fund as the primary provider. The LFCO manages the registration and vehicle assignment process, while banks including Bank Sarmaye, Bank Saderat Iran, Bank Melli Iran, and Bank Resalat also offer special facilities for educators under this framework.
