Baghdad – IA
Today, Tuesday, Rafidain Bank announced the instructions for the Riyada Initiative loans.
The media office of Al-Rafidain Bank said in a statement received by the (INA): “The instructions include that the loan applicant must be of Iraqi nationality and that the age of the applicant must not be less than 18 years and not exceed 50 years. It is required that the loan applicant be qualified through the Riyada program and the qualification must be apparent.” In the interfaces of the Riyada program with the loan amount and according to the feasibility study presented.”
The statement added, “Qualified borrowers are included by Riyada after filling out the KYC form and issuing them an electronic card (Riyadah Card). They apply through the Rafidain Bank application and fill out the electronic form for the loan.”
He pointed out that “the loan amount ranges from 1 million dinars to 20 million dinars, increasing by 1 million dinars, and the interest rate is 2 percent annually in a decreasing installment.”
He continued, “The loan period is 10 years, including the grace period, and the grace period is 3 months and includes the installment and interest.”
He stressed, “The instructions include providing a guarantor, an employee whose salary is exclusively at Rafidain Bank, and the loan is granted in one payment. Reyadah borrowers are exempted from the inquiry amount, and the loan amount is granted on the borrower’s card (Riyadah Card) on the same day as the date of applying for the loan.”