New Refah Bank Welfare Card Offers Retirees and Pensioners Substantial Credit with Extended Repayment Terms
In a significant move to bolster household purchasing power and support domestic production, Refah Bank has unveiled a new welfare card designed for retirees, pensioners, salaried employees, and even taxi drivers.
This initiative is designed to provide a financial boost to key segments of society, enabling them to purchase essential goods through a convenient and affordable credit system.
Key Features of the New Welfare Card
The newly introduced card offers a suite of benefits aimed at making essential purchases more accessible:
- High Credit Limit: Eligible customers can receive a credit line of up to 300 million tomans, with the final amount determined by the bank’s standard credit assessment process.
- Extended Repayment: Cardholders can repay the cost of their purchases through flexible installments spread over a period of up to 24 months.
- Low Financing Cost: The scheme offers a highly competitive financing rate, significantly lower than typical market rates, comprising a 4% profit rate plus a 2.25% fee for GAM securities.
- No Guarantor Required: The application process is streamlined, requiring only a payslip or an active account with Refah Bank, eliminating the need for a guarantor.
- Target Beneficiaries: The program is specifically tailored for retirees, pensioners, salaried workers, and taxi drivers.
- Support for Domestic Goods: The card can be used exclusively at contracted retail stores to purchase goods produced domestically, thereby reinforcing national production.
A Dual-Purpose Initiative
The launch of this welfare card is a strategic measure with dual economic benefits. Primarily, it directly enhances the welfare of retirees and fixed-income earners by increasing their immediate purchasing power for household necessities. Secondly, by channeling credit specifically towards Iranian-made products, the policy effectively supports local manufacturers and industries.
This targeted approach is designed to stimulate the domestic economy while minimizing potential inflationary impacts often associated with broader financial injection policies.
How to Apply
Eligible individuals can apply for the new welfare card by following a straightforward process:
- Visit a designated Refah Bank branch.
- Submit required documentation, including a national ID, recent payslip or taxi driver card, a SHABA bank account number, and a record free of bounced checks.
- Undergo the bank’s standard credit assessment.
- Receive the card within days of a successful application.
- Begin making purchases at any of the bank’s partnered stores using the installment plan.
This program represents a concrete step in social welfare policy, providing tangible financial support to retirees and other groups, while simultaneously fostering economic resilience through support for domestic production.
