Peyvand (Wedding) Deposit for Newly-wed Couples

To assist the youth in funding their wedding expenses and improve their quality of life, QMB offers wedding loans at an annual rate of zero-to-four-percent for the admin charges. (Instead of generating profits based on interest, the bank is generating income by charging fees for services rendered to cover the on-going administrative expenses and operational costs of the loan transactions. The loan is obtainable even if the applicants have already received wedding loans from other banks. The cap is 400 million IRR and is payable if the applicant maintains a certain average account balance for one year. For example, clients can open a Peyvand Deposit 1 account and deposit 320 million IRR for up to one year, after which they will be given 400-million-IRR loan to be repaid in 36-month installments.
QMB also offers the Peyvand Deposit Plan 2 that targets parents preparing to meet the future needs of their children who are not currently old enough for marriage. People can participate in QMB's Peyvand Deposit Plan 2 by opening an account and benefit from the interest-free loans up to 800 million IRR at an annual rate of zero-to-four-percent for the admin charges. The minimum deposit term for this loan is five years, during which a specific average account balance must be maintained. For example, a client can open a Peyvand Deposit 2 account and deposit 184 million IRR for up to five years, after which s/he can receive an 800-million-IRR loan to be repaid in 60-month installments. The loan is payable regardless of having received loans from other banks. 
 
 
  

Plan 1

Plan 2

The time required for providing the balance ranges between one and three years.

The time required for providing the balance ranges between five and ten years.

400 million IRR loan amount

800 million IRR loan amount

3-years (35 months) repayment period

5-year (60 month) repayment period

Payment of loans according to current-year rates

Payment of loans according to current-year rates

 
 

Date:
2019/08/17
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