A New Financial Instrument: National Bank of Iran Launches Credit Scheme to Boost Household Purchasing Power
In a strategic move to enhance economic resilience and support domestic consumption, the National Bank of Iran has officially rolled out its new “Commodity Loan” initiative, also known as a managed credit card. This program is designed to streamline access to goods and services for citizens, aligning with broader national economic objectives.
Program Overview: The Commodity Loan
The Commodity Loan scheme allows eligible applicants to purchase a wide range of goods and services from approved vendors through manageable installment plans, eliminating the need for a significant upfront capital investment. The key features of this financial product are as follows:
- Loan Type: For the purchase of goods and services.
- Maximum Loan Amount: 200 Million Tomans.
- Minimum Loan Amount: 1 Million Tomans.
- Annual Profit Rate: 23%
- Repayment Period: 12, 18, or 24 months.
- Required Account: A Qard-al-Hasanah (interest-free) account or any active account with the National Bank.
- Required Guarantee: An official guarantor or creditworthiness approval based on a credit score.
Strategic Aims and National Benefits
The launch of this scheme is positioned as a multi-faceted tool to strengthen the national economy. Its core objectives are to:
- Empower households by increasing their purchasing power.
- Provide substantive support for domestic production.
- Stimulate financial circulation within the country.
By offering a swift alternative to traditional cash loans, the program enables citizens to acquire essential items without delay, paying for them over time.
Acquiring the Commodity Loan Card
The application process has been digitized for efficiency. Interested individuals must:
- Calculate the required loan amount based on their repayment capacity.
- Undergo and pass a credit rating check via the bank’s verification system.
- Provide details for a guarantor or collateral if necessary.
- Register the request and complete an electronic application file.
Upon approval, the physical Commodity Loan card is dispatched to the applicant’s address within one week.
Usage and Future Expansion
The card is exclusively valid at vendor centers that have a formal agreement with the National Bank. A full list of these participating stores is available on the bank’s official website. The bank has also announced plans for a second phase of the project, which will extend the card’s usability to approved online retail platforms.
This initiative represents a significant step in the modernization of Iran’s banking services and the expansion of accessible financial tools for its citizens.