National Microfinance: Loans of up to 30 million pounds, with interest starting from 6%

Damascus (ST): After its transformation from the National Microfinance Corporation to the National Microfinance Bank with a capital of 33 billion Syrian pounds, the bank developed a package of loans that it offers in quantity and quality, either without interest or with encouraging benefits starting from 3 percent annually and up to 13 percent, thus achieving greater demand by citizens for its various products.

The CEO of the bank, Munir Haroun, explained that after reconciling its conditions and transforming it into a bank in implementation of the Microfinance Banks Law No. 8 of the current year, comprehensive amendments were made to all banking products by reducing interests and offering products without guarantees such as the immediate loan with a ceiling of one million pounds and an interest rate of 13 percent, and raising the ceiling of productive, educational, agricultural and income-generating loans to reach 30 million pounds.

As for the interests, Haroun stated that they were reduced from 18 percent annually to reach 13, 12 and 6 percent on various products. As for the national loan for the demobilized and the families of the martyrs and the wounded, its interest is 9 percent, and the national loan with added value for the demobilized accepted within the youth empowerment program launched by the Ministry of Social Affairs and Labor at an interest rate of 3 percent on the borrower and 6 percent on the ministry.

With regard to guarantees, Haroun stated that there is a diverse array of guarantees required for loans, starting with personal guarantors and the commercial registry, passing through real estate and vehicles, and reaching golden holdings, indicating that these guarantees must cover the value of the loan in addition to the interests.

Since its transformation more than two months ago, the National Microfinance Bank has witnessed a great demand from citizens on all its branches to benefit from its wide and diverse products with its encouraging benefits and stimulating guarantees that are unprecedented in the banking sector, according to Haroun.

K.Q.