Rafidain Bank’s interest-free loans are widely compatible with government sector employees, as the most famous Rafidain Bank in the State of Iraq made it possible to lend government employees without interest with the guarantee of their salary, electronically or from the branch. money makers.
Rafidain Bank interest-free loans
Al-Rafidain Bank is known as the most famous in the Iraqi Republic, which was established in the year 1941 AD, and during its historical course, it became the first and only commercial bank in Iraq...
The bank provides many piasters, some of them with interest and some without interest so that Iraqi citizens can choose the most appropriate among them. Many people go to interest-free loans to avoid the suspicion of usury. And because they don't want it.
Therefore, the bank made available what is known as the Salafi service, which is one of the Rafidain Bank’s interest-free loans, this loan is for the employees, and it is paid monthly with the receipt of the salary.
This service is provided electronically through the bank’s website, and we show the steps for applying for that loan through the following points:
- Enter the link to apply in the bank from here.
- Determining the type of advance from the list, whether it is an advance for retirees, an employee advance, an interest-free predecessor service, an installment card request, or a car loan.
- Add a MasterCard account number.
- Add a phone number.
- Set a verification code.
- Click on the Apply for the Advance icon.
Rafidain Bank loans with interest
After we presented the Rafidain Bank's interest-free loans, we touch on the presentation of other types of loans, but they are with interest, in the following paragraphs:
1- Staff housing loan
This loan is for the housing of the employees of the state departments, and in that loan, the employee must have spent at least three years in the service, and the interest is at 8%, and it is calculated through the decreasing installment method.
The term of the loan is 15 years, and if the loan is taken for purchasing purposes, the housing unit must be independent, it must be in the name of the loan holder, and its value covers the loan amount in addition to 20% after the disclosure is made.
In the case of obtaining the loan for construction purposes, the plot of land that is agreed upon must be in the name of the loan holder, or he owns shares in it not less than 50 meters, and the loan is documented based on its mortgage to the bank in the first place, until the loan amount is paid In full, provided that these shares cover the value of the loan in addition to 20%.
2- Lending employees
Here, employees in government departments are given credit, and the employee must have been in the service for no less than one year from the date of installation, and he must not have taken any other advances from the Rafidain Bank.
The amount of the advance is five million Iraqi dinars, and it will be over five years, and the installment is paid monthly in equal installments.
3- Ancestor of marriage
The Rafidain Bank in the Iraqi Republic provides the marriage advances, which are in the amount of three million Iraqi dinars, and the monthly deduction for the installment and interest is 50% of the total salary of the borrower.
The advance is paid within three years, and it is for proven employees, i.e. those whose service in government departments exceeds one year after the guarantor is presented.
4- Retired ancestors
This service for the predecessor came through the orders of the Iraqi Minister of Finance, which approved for the retirees to receive care and provide them with optimal services through all branches of Al-Rafidain Bank in the Iraqi Republic.
This advance is an appreciation for the retirees’ efforts in the services they have provided during their career, which is granted to meet personal needs. The advance is obtained on the condition that the borrower does not have a previous advance in the bank.
5- Predecessor of journalists
This loan is for press workers, but who are not affiliated with state departments, but are affiliated with the Iraqi Journalists and Media Union, the Journalists Syndicate, members of the Young Journalists Association, and all those who practice journalistic or media work inside Iraq.
Recipients of this advance receive a maximum amount of three million Iraqi dinars, within 36 months. Payment is made through equal monthly installments starting from the month following the receipt of the advance. The loan also includes an interest rate of 7% annually.
6- Precursor of the smart card
In that loan, employees and retirees get the advances through the smart cards of the Rafidain Bank, and the credit is in the amounts of three, five, and ten million Iraqi dinars.
The loan is for sixty months, and the interest is 9% per year, which is calculated through the fixed installment, and the loan includes insurance in cases of death and non-payment.
The advance is determined based on the employee's monthly salary, where 50% of the employee's salary must cover the monthly advance installment.
7- Other loans
While we offer interest-free Rafidain Bank loans, we present some other interest-bearing loans, in the following points:
- business loans.
- industrial loans.
- Tourist loans.
- Unemployed graduate loans.
- Artist loans.
- Commercial complex construction loans.
- Engineers loans.
- Doctors and pharmacists loans.
Rafidain Bank services
While we deal with Rafidain Bank's interest-free loans, we touch on the offer of the services of that bank, in the following paragraphs:
1- smart cards
In this service, real money amounts are transferred to electronic, through the technology that is presented to the cardholder so that he can use it through his live fingerprint, and this project was started in the year 2008 AD.
Many organizations benefit from this service, namely:
- Ministry of Immigration and Immigrants.
- Baghdad University.
- women's circle.
- National Pension Agency.
- Social Welfare Department.
2- Savings accounts
These accounts contain the money that customers deposit in the bank, and these deposits include types, including Registry Deposit, Cash Deposit, and Clearing Check Deposit.
The percentage of the savings account is 4%, it is calculated at the end of each month based on the last lowest balance, and the interest is added upon closing the account or at the end of the financial year for mobile and non-moving accounts.
3- Swift services
This service is for all companies, customers, and ministries to quickly complete all banking operations, in the case of credits and foreign remittances, investments, letters of guarantee, and salary transfers for expatriates, the Hashemite Kingdom of Jordan, Syria, and Lebanon, and all operations are done quickly and safely and with the lowest commissions.
4- Internal transfers
Through our offer of interest-free Rafidain Bank loans, we offer internal remittance services, which control all types of remittances that we offer with the following points:
- Sold internal remittances that the bank sells.
- Internal remittances are purchased by the Rafidain Bank.
- Internal transfers are made for collection through the intermediary bank.
- Remittances are calculated on us.
5- Selling dollars to citizens
The bank sells dollars to citizens for tourism, study outside the Republic of Iraq, and treatment provided that the transfer amount does not exceed $3,000 at a time.