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BNPL card; an intertest-free ‘Buy Now, Pay Later’ service
launching a specially-designed bank card (an intertest-free ‘Buy Now, Pay Later’ service using BNPL card) of up to 500 million IR Rials, The Mehr Iran Bank supported domestically-made products. Being a win-win situation for both the buyer and the seller, “Buy Now, Pay Later’ (BNPL) with QMB” is a dramatic gesture aiming to support for Iranian products and create a tangible change in people's lives.
The service appeals to people who have an unexpected expense that they can’t cover upfront and want to spread out their payments for the cost of their purchases without paying any interest but still receive a product or service instantly. This means that instead of shelling out a large upfront cost, one can break it up into easy, bite-sized payments. To be eligible for the BNPL card, you do not have to hold a fixed deposit with the branch you are availing the credit from. The repayment period is 6 to 12 months and there is NO INTEREST to pay, but the bank will charge a small arrangement fee at an annual rate only as low as 2-4% which is deducted from the first instalment. This is because The Mehr Iran Bank generates income by charging a 2-4 percent service fee so as to cover its administrative charges, ongoing operating expenses and operational costs of the loan transactions.