Damascus-SANA
The People's Credit Bank called on citizens wishing to obtain limited income loans to submit applications starting next Tuesday, indicating that these loans are granted according to the new payment term that has been extended up to 7 years with a ceiling of 5 million pounds and an interest rate of 7.5 percent annually.
In a statement to SANA reporter, Dr. Nidal Al-Arbeed, the general manager of the bank, explained that all state workers, including civilians and soldiers, workers in the joint and cooperative sector, and retirees, including those on the insurance and pension system, and the heirs of martyrs, benefit from the limited income loan, pointing out that there has been no change in the interest rate. On income loans granted for a period of one year, set at 6.5 percent annually, or for a period not exceeding five years, set at 7 percent annually.
The limited income loan is granted in accordance with its instructions on the basis of 40 percent of the lump sum monthly wage plus 100 percent of the fixed compensation after deducting the current deductions on the wages that the worker arranges on himself on the sponsorship of one or more permanent workers in the state to cover the 40 percent of the monthly wage The full fixed compensation is the value of the monthly installment of the loan or a guarantee of no less than two, either from civilian retirees on the insurance system and domiciled current account holders whose pensions are at one of the bank’s branches, or from military retirees on the insurance and domicile system, current account holders whose pensions are domiciled with any bank.
Waseem Al-Adawi
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