Rafidain Bank Denies Rumors of Double Loan Deductions Due to Salary Delays
At a glance
- Rafidain Bank dismissed claims of double loan deductions
- The electronic system only takes one installment per salary
- The bank urged citizens to ignore false social media reports.
Rafidain Bank has denied social media claims that delayed July salaries will result in double loan deductions. The state-owned bank confirmed its electronic system only deducts a single installment per monthly payment cycle, regardless of disbursement delays.
Key Statements and Focus Areas
- Rafidain Bank stated, “We wish to emphasize that the installment deduction mechanism at Rafidain Bank depends entirely on the actual funding of the salary, rather than the timeframe between salary payments.”
The bank dismissed social media claims in a statement on Tuesday that delayed July salaries will trigger double loan deductions, stating, “This information is inaccurate.”
The statement specified that credit facilities and loans are structured around a set amortization schedule, with installment payments directly synchronized with the borrower's monthly salary cycles.
“Consequently, only a single installment is deducted when each salary is funded. A delay in salary disbursement does not trigger a double installment deduction under any circumstances,” the statement clarified.
Therefore, the bank added, a delay in funding any monthly salary does not mean two installments will be collected upon payment, as the linked electronic system automatically collects only one installment per payment cycle.
The statement called on everyone to ensure accuracy when sharing information and to obtain news exclusively from official sources. “Please disregard inaccurate reports that serve only to cause anxiety among public sector employees and retirees who hold outstanding loans.”
FYI
In recent days, information circulated on social media claiming that due to the delay in July salaries, state-owned and private banks had decided to deduct two months' worth of loan installments at once upon salary disbursement.
This information triggered widespread resentment among salaried employees, particularly those holding significant debt with banks. However, the clarification from Rafidain Bank dismissed these rumors and emphasized the protection of employees' financial rights.
Dive Deeper: Handpicked Stories for You
Follow Channel8 for continuous updates:
https://channel8.com/english/news/62910
4 hours ago