Tadavom - Steadfast Finance loan
With QMB's Tadavom scheme, applicants can deposit sums to achieve the average balance necessary for being granted a loan after a minimum of 24 months from the opening date of the account. Advantages of this scheme include a long-term micro-savings scheme with up to 60 monthly installments and client-specific repayment term that commensurate with the number of monthly installments. Repayment is possible within a term of 24 to 60 months and the qualified applicants can receive new loans after settling their previous ones. The personal cap for the loan is 200 million IRR 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 most of the on-going administrative expenses plus operational costs of the loan transactions.