An Iraqi bank decides to reduce the interest on loans to employees and cancels the sponsor's requirement
economy Trade Bank of Iraq loan reduction
Shafaq News/ The Trade Bank of Iraq decided, on Monday, to reduce the interest on loans for employees whose salaries are endemic to it. The bank said in a statement received by Shafaq News Agency,
"The interest of personal loans has been reduced from (8%) to (5%) for employees whose salaries are domiciled with our bank, to include all loans granted from the date (01/07/2022)."
The bank also decided, “to cancel the sponsor requirement (for permanent owners employees only) for loans with a value of up to (15 million dinars). He continued,
"As for the loans granted before this date, the remainder of the loan will be calculated according to the currently reduced percentage (5%), while maintaining the condition of the sponsor."