"Rafidain" reveals the details of loans "small enterprises"

June 10, 2017

Baghdad - Journal News

The bank "Rafidain" on Saturday, the granting of loans to citizens and small entrepreneurs in the Iraqi dinar and the US dollar.

The bank's information office said in a statement that it was "fully prepared to grant loans of up to 15 million Iraqi dinars or 10,000 dollars to small entrepreneurs."

"The loan period does not exceed three years," the bank said.

The interest rate on these loans was also determined. He pointed out that the loan of (15) million dinars will be 9 percent, while the loan interest rate of ten thousand dollars, seven percent.

Regarding the documents required to obtain the loan, the statement referred to one of the identities approved by the bank (the civil status certificate, the nationality certificate, the residence card or the national unified card or valid passport in addition to the residence card). Provided that the application for the loan is submitted to the bank according to the fundamental procedures.

A letter of support from the sponsor's office confirming the continuation of the service and the net monthly salary paid by the sponsor, as well as the submission of an identity issued by an official body such as the Federation of Industries or the Baghdad Chamber of Commerce or others.

For its part, the borrower presents a feasibility study that includes "a description of the project, the category of the project, its cost, as well as the cash flows of the borrower's ability to exercise and the ability to perform his obligations to repay the loan amount and interest."

The branches include: Al Quds, Al Mustansir, Al Ameen, Seven Abkar, Sheikh Omar, Al Andalus, Al Khansaa, Seven Mansions, Bab Al Sharqi, Al Shaab District, Khulafaa, Hudhayfah Bin Al Yaman, Haifa, Kadhimiya , Al-Rafi'i, Al-Jisr, the right side, Al-Muthanna, Shuhada, Najaf, Al-Amir, Al-Kut, Al-Khader,