Baghdad: The Trade Bank of Iraq (TBI) has unveiled a new loan initiative aimed at financing the purchase of hybrid and electric vehicles. The program seeks to support individuals interested in eco-friendly transportation options.

According to National Iraqi News Agency, the bank has set a financing ceiling of 60 million Iraqi dinars for the new loan program. Borrowers can enjoy a repayment period extending up to 8 years, with an annual interest rate starting at 6%. The bank requires a down payment of only 10% of the vehicle’s value, making this program financially accessible for many.

The loan program is available to a broad audience, including government employees regardless of whether their salaries are deposited with the bank, as well as private sector employees and self-employed individuals. This inclusivity aims to increase the number of potential beneficiaries across Iraq.

The Trade Bank of Iraq has outlined various accepted guarantees for loan acquisition, such as salary guarantees, guarantors, and mortgages. This flexibility is designed to facilitate access to the financing program for interested parties.

Individuals seeking further information on loan terms and necessary documentation are encouraged to visit any of the bank’s branches throughout Iraq or explore the dedicated loan page on the bank’s website.