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- WED, 08-03-2023, PM 12:56
- KARRAR AL-ASADI
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Today, Wednesday, the government-run Al-Rafidain Bank announced the start of electronic submission of advances to employees and retirees.
The media office of the bank said in a statement, "In line with government directions in activating electronic automation and moving from paper work to electronic in providing banking services to customers, Al-Rafidain Bank announces the launch of electronic submission of advances to employees and retirees via the electronic card."
He emphasized that "applying for advances is by entering the application of the electronic Rafidain Bank on mobile devices, or reviewing one of the bank's branches to apply electronically for the advance."
He pointed out that "the amount of the advance starts from five million to 25 million," adding that "this procedure comes within the plan drawn up by the bank's management to contribute to simplifying procedures and overcoming routine obstacles that would impede the completion of transactions and the elimination of bureaucracy, nepotism, forgery, manipulation and corruption." Reducing time, blocking the road for the weak-minded, and bypassing the extra administrative circles, which contributes to improving the level of services, easing the burdens of customers, and completing their transactions as quickly as possible.
This and the media office of the Rafidain Bank published instructions for electronic advances, and said that it is for the purpose of improving the provision of the best services to employees of state departments (permanent staffing), contracts, employees of the Ministries of Defense and Interior, and retirees.
And he indicated that it was decided to grant advances with the guarantee of the Master Card and without a guarantor, according to the following controls:
1- The advance is submitted according to the customer’s desire through the following:
- Visiting one of the bank's branches for the purpose of applying for the loan through the support center located there
- Entering the application of Al-Rafidain Bank and reviewing the procedures for granting advances and applying through it to female citizens whose salaries are exclusively on our bank.
2- The branches have stopped receiving and promoting manual grant transactions for those covered by the above loan, as the loan request will be raised on the borrower’s card by the General Administration of Al-Rafidian Bank, and a message will be sent to the accepted borrowers whose loan requests are accepted.
3- The applicant for the advance is required to have a service of not less than one year with regard to employees of state departments and employees of the Ministries of Defense and the Interior whose salaries are at our bank.
4- The amount of the advance is from 5 million to 25 million dinars, according to the borrower’s entitlement, which is commensurate with the amount of his total monthly salary and with the guarantee of the Master Card issued by Al-Rafidain Bank.
5- For employees of the Ministries of Defense and Interior, officers of the rank of lieutenant and higher who are not nationals, their salaries were not granted to them with a Master Card, so the previous instructions related to granting advances apply to them, and they start from 5 million to 25 million.
6- As for the retirees, it includes the original retiree exclusively, provided that his age does not exceed 73 years and that he has not exceeded the specified insurance age.
7- It is stipulated that the deduction amount (installment and interest) not exceed the total salary on the borrower’s card
8- The term of the loan shall be 5 years at the rate of 60 months, and it shall be repaid in equal monthly installments
9- The interest rate of the advance is 5 percent annually, calculated using the straight-line method. The installments will start to be deducted from the salary of the month following the grant date.
10- Not granting the borrowed employee a clearance in the event that he is referred to retirement, and the following mechanism is followed:
- The remainder of the electronic advance is paid from the end-of-service reward and leave accrual after submitting a written undertaking approved by the legal department to commit to paying once the retirement transaction is completed.
- In the event that he is not entitled to the end of service gratuity, the deduction of the electronic advance will be transferred to the pension
- In the event that the amount of the advance is transferred to the pension salary, the period for completing the retirement transaction for the retired person is not considered a period of delay.
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