Mehr Iran Family Savings Scheme
The Qarz Al-Hasaneh Mehr Iran Bank (QMB) has developed a product backed by personalized member service:
To facilitate and strengthen Family Savings and to encourage the public to contribute cooperatively in the society, The Qarz Al-Hasaneh Mehr Iran Bank (QMB) has introduced Mehr Iran Family Savings Scheme for the Iranian family of Mehr. Through the scheme, the bank aims to organize the household funds in the country which are an optimum choice for future security and return on investment. In this initiative, like the family funds which are common among households, members will benefit from the Gharz Al-Hasanah loan at a rate as low as 2% ( for the administrative fees/operational costs of the loan transactions) through making monthly contributions to their savings account.
Contrary to the traditional procedure in family funds in which members’ loans are paid only through the money they have put into a common pool, in this initiative, the bank is co-financing households through doubling the amount of funds received by a member.
Eligibility Criteria and Repayment Terms:
Being based on the number of family members or close relatives, the concept of the Mehr Iran Family Savings Scheme is one where people can APPLY by choosing one of the four designated groups (5, 10, 15, and 20 persons).
In either case, the amount of savings fundholders can make in the beginning is determined by themselves. However, finally coming to a firm decision on the matter, the amount will be fixed during the stated period. All the same, it is important to realize that the members have to make payments 10 times continuously and monthly. Seeing that, the bank begins to pay the loan from the fourth month right after receiving the share of the fourth month from all members; that is to say 10 loan items in 10 consecutive months!
It must be remembered that the repayment term of the loan would be 22 months. (2 installments for the administrative fees/operational costs of the loan transactions and 20 installments for the repayment of the loan). In case of non-withdrawal of the total amount of the contributions received by the members, the bank will grant a loan with the same terms for a second time! However, in case of unwillingness to continue, upon completion of the payment of all the members (within 10 months), each member may proceed with getting their loans paid off and receive all their money. Obviously, at this point it is possible for members to continue with the scheme individually. Altogether, to each member, a maximum of two loan items would be granted from both the members' funds and the bank's resources.
Here again Mehr Iran Family Savings Scheme in brief:
If the number of a household fund member is 10, they can enter into this plan by paying from 2 million IR Rials to 20 million IR Rials for ten consecutive months. Each member will then receive two loan items (10 times greater than the payment they make!) from the month 4 to the month 13 with a 22-month installment.
For further information, simply give us a call at +98 (21) 4322 or visit our branches throughout the country; we will be happy to walk you through our Family Savings Scheme process! Like a family, we want to make sure that all our customers succeed. That's why our employees go the extra step to ensure that you are receiving customized advice and helpful service every step of the way.
We offer a wide range of loans to accommodate a wide range of needs! Whether it's for the wedding, home repairs, getting ready for university or even medical treatment costs, we've got your financial needs covered! Today, Mehr Iran Family Savings Scheme is still driven by the same mission: Not for Profit, Not for Charity, But for Service!