Rafidain grants 15 million for small projects and defines the conditions and branches covered
Rafidain Bank announced on Saturday its willingness to grant loans of up to 15 million dinars to small entrepreneurs, specifying the conditions and documents required to apply, and the branches covered by the granting of loans.

"In line with the bank's policy to diversify the services provided by it and to support the national economy in financing various projects and reducing unemployment and labor force, the bank is fully prepared to grant loans of up to 15 million dinars," the bank said in a statement.

Ten thousand dollars for small-scale entrepreneurs, "adding that" he identified the names of branches covered by granting
short-term loans in Iraqi dinar and the US dollar and set the necessary instructions for it.

He added that "the branches covered by loans to finance small projects are Al-Quds, Al-Mustansir, Al-Ameen, Seven Akkar, Sheikh Omar, Al-Andalus, Al-Khansaa, , The message, the refineries, the crane, the bridge, the right side, the Muthanna, the martyrs, Najaf, Al-Amir, Al-Kut, Al-Khader, Independence, Abi Al-Khasib, Medina, Hadi, Nile).

The statement pointed out that the required documents are as stated in it:
1. One of the ID cards approved by the bank (civil status certificate, citizenship certificate, residence card), national ID card or valid passport in addition to the residence card.

2. The application for the loan is submitted to the bank duly.

3. A letter of support from the sponsor's department in which he supports the continuation of the service and the net monthly salary that the sponsor receives.

4. An economic feasibility study that includes a description of the project, the category served by the project, the cost of the project, the cash flows, the extent of its ability to exercise the activity and its ability to perform its obligations in the repayment of the loan amount and its benefits.

5. Submit an identity issued by an official body such as the Federation of Industries or Baghdad Chamber of Commerce or others.

Procedures of the branch as stated in the statement:
1. Ensure that the documents submitted by the Borrower are correct and that he is adult and that the branch manager has full responsibility for studying the applications and ensuring that the conditions required by the applicant are met.

2. Conduct the on-site disclosure of the project in order to obtain the correct details for the purpose of estimating the value of the assets in order to determine the amount of the loan granted.

3. The term of the loan shall not exceed three years (short-term loans) and shall be granted in a single payment and shall be determined at the request of the borrower and the director of the branch and within the following amounts and the table shown below:
(15 million) dinars (fifteen million dinars) interest rate (9%), and the bail of one civil servant civil servants.
(10,000) dollars (ten thousand dollars) interest rate (7%), and on bail one civil servant civil servants.


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