WOMEN ARE SPECIAL SO SHOULD BE THEIR ACCOUNTS!
MISS: “Mehr Iran Savings Scheme” For Women
EMPOWERING WOMEN THROUGH A RANGE OF INTEREST-FREE LOANS!
A COMPREHENSIVE SOLUTION TO WOMEN’S BANKING AND LIFESTYLE NEEDS!
This product brochure only gives a general outline of the “MISS” features and benefits.
Women’s Savings Plan, Iran’s first microfinance scheme designed around the financial needs of women who can contribute money on a regular basis in order to reach a financial goal on a short or long term basis to get an interest-free loan. Whether you are a housewife or a working woman, the plan ensures that your savings continue to grow every month allowing you to apply for an interest free loan. QMB is the only promoter and distributor of this product to its valued customer.
The Qarz Al-Hasaneh Mehr Iran Bank (QMB) has come up with a special Savings Account for Women (SAW) as an important value creation strategy for the housewives and entrepreneurial women of the country. To that end, at the inception of the scheme, the bank has kick-started granting a range of interest-free loans in the form of a new product known as “MISS” (Mehr Iran Savings Scheme). The plan is designed to address the financial needs of the Iranian women through providing banking services tailored to this stratum. This savings plan which is loaded with exclusive privileges tends to have a number of unique features. For one thing, developing her own business, a female applicant can be highly effective in promoting the level of her family’s welfare. Read on to know more:
By opening an account and making monthly savings, all the women who are interested in taking out an interest-free loan are the target audience for this new product. Among the banking convenience and accessibility features of women’s savings account, our female customers can enjoy a wide range of services of the bank and multiple modes of banking. Besides these, women account holders can avail exclusive benefits on their savings accounts.
The target audience of this scheme, for the most part, is split up into two groups:
A) Head of The Households:
By submitting a written reference from either The Vice Presidency Office for Women and Family Affairs or Iran’s State Welfare Organization, the female applicants can ask for their interest-free loans.
B) Other Women:
Anyone wishing to avail themselves of this opportunity can ask for an interest-free loan in accordance with the terms and conditions of the contribution agreement.
TO BE FULLY APPRISED OF THE FEATURES OF THE “MISS” (MEHR IRAN SAVINGS SCHEME), LOAN APPLICANTS MAY CONTACT THE QMB CONTACT CENTER BY SIMPLY DIALING +98 (21) 4322.
How to Open an Account and Make Monthly Savings:
In order to qualify for the loan, applicants are initially required to open a Gharz Al-Hasanah savings account and make a deposit in a couple of ways as follows:
1. An applicant personally opens a Gharz Al-Hasanah savings account (a minimum initial deposit of 2,000,000 IR Rials is required) and makes a monthly deposit according to the account average terms of the MISS scheme. It is mandatory to maintain a minimum average monthly balance of IR Rial. 2,000,000.
2. Either the spouse or the father of the applicant opens a Gharz Al-Hasanah savings account and makes a monthly deposit in order for the primary applicant to be eligible for the loan under the terms of the MISS plan. It is mandatory to maintain a minimum average monthly balance of IR Rial. 2,000,000.
In either case, the loan of 30,000,000 IR Rial will be granted to the applicant in 4 months.
The following people are eligible to open a Women's Savings Account:
1. Account holder should be a woman.
2. Resident individuals (sole or joint account).
3. Foreign Nationals Residing in Iran.
Documents Required to Open a Women's Savings Account:
To open a special Savings Account for Women (SAW), you have to submit your identity proof and attested copies (certified copies and originals) for verification.
Loan Granting Procedure:
To open a Women's Savings Account, as has been noted earlier, a minimum initial deposit of 2,000,000 IR Rial is required. Women who are eligible for opening an account can then deposit a constant amount of 2,000,000 IR Rials into their bank accounts on a monthly basis until 4 months in order to build up a substantial amount of savings so that they can ask for the loan and enjoy the features of Mehr Iran Savings Scheme for Women.
Making the last deposit of 2,000,000 IR Rials in the fourth month, applicants can sign papers to ask for the 30 million IR Rials at the first phase on the condition that they had already made a continuous monthly deposit of 2 million IR Rials during the first four months amounting to 8 million IR Rials in toto! It is mandatory to maintain a minimum average balance of 8 million IR Rials so as to pledge as security against the loan until the end of their loan repayments at the first phase.
Meeting their first-phase loan repayments applicants, if they wish, can instantaneously apply for the second-phase loan which will be 60 million IR Rials. In that case, they can continue making the monthly savings of 1 million IR Rials and by the month 24 while they have got their first-phase loan paid off, they will have taken out their 60 million IR Rials loan.
Meeting their second-phase loan repayments applicants, if they wish, can instantaneously apply for the third-phase loan which will be 120 million IR Rials. In that case, they can continue making the monthly savings of 1 million IR Rials and by the month 36 while they have got their second-phase loan paid off, they will have taken out their 120 million IR Rial loan.
The fourth phase will be 200 million IR Rials with a 36-month loan repayment period. Applicants will be making the monthly savings of 1 million IR Rials and by the month 36 while they have got their third-phase loan paid off, they will have taken out their 200 million IR Rial loan.
Head of The Households:
To enjoy the features of Mehr Iran Savings Scheme, the minimum requirement for the savings balance for the head of the household would be 2,000,000 IR Rials and instantly the loan amount of 30 million IR Rials would be granted to the applicants. If they wish, they can then deposit a constant amount of 1,000,000 IR Rials into their bank accounts on a monthly basis in order to build up a substantial amount of savings so that they can ask for another loan in the month 24.
Benefits of The Scheme:
I. Granting Micro-loans meant for the economic stability of women mainly the financial strength of the household heads.
II. Building up a considerable amount of SAVINGS in addition to getting INTEREST-FREE Loans.
III. Inspiring Women for Entrepreneurship.
IV. Building Better Mental Health of the family.
The loan payment terms and the obtaining of adequate security are in accordance with the bank's current circulars. For further information on other terms and conditions, please either visit our branches throughout the country or check www.qmb.ir for updates.
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