Bank Melli Iran has introduced a scheme named “National Credit”, which offers its customers loans up to 5 billion rials.

According to the bank’s public relations office, clients may simply activate their account in the Web-based application of BAAM to benefit from the moneylending plan. After completing the required documents, the loan will be accessible within three hours.

For the first step, customers can open a special account either online through the application or in person at branches. Based on their account’s average balance over a period of 1 to 12 months (as chosen by the customer), they can receive loans up to a maximum of 5 billion rials.

For loans up to 3 billion rials, only one guarantor is required, and for loans up to 5 billion rials, two guarantors are needed, with no need for a salary deduction certificate. Guarantor verification and credit assessment are carried out online through the BAAM system. Once the documents are completed and the guarantor is approved, the loan will be deposited into the customer’s account within three hours.

Customers can obtain it quickly, easily, and entirely online, with repayment installments over 1 to 5 years at an interest rate of 14%.

Bank Melli Iran continually strives to facilitate financial support for Iranian nationals by introducing new plans and “National Credit” is one of such loan offerings.