On Thursday, Al-Rafidain Bank revealed that it will provide loans of 25 million dinars for small businesses run by professionals, shops, craftsmen, small merchants, retirees, and others.
The bank’s media office released a statement today stating that a loan of 25 million dinars is available, with a decreasing interest rate of 6 percent and a repayment period of 6 years, including a 3-month grace period.
The loan guarantee is secured either by a civil or military employee who is a citizen and has a salary with the bank, or by a real estate mortgage in favor of the bank. The mortgage must be of the first degree and have an estimated value that covers the loan amount plus an additional 25 percent of the loan value. This was pointed out by the speaker.