Headline: New Central Bank Initiative Offers 400 Million Toman Loans Without Guarantor Requirement
Tehran – In a significant move to bolster household financial stability, a new credit facility offering loans of up to 400 million tomans has been launched, as announced by the Central Bank of the Islamic Republic of Iran. The key feature of this initiative is that it eliminates the traditionally mandatory requirement for a guarantor, making credit more accessible for qualifying citizens.
Eligibility and Collateral
The program, which commenced in the current Iranian month of Mehr (September 2024), is specifically designed for heads of households who are recipients of the government’s cash subsidy or hold “Justice Shares.” Instead of providing a guarantor, eligible individuals can use their future cash subsidies or their Justice Shares as collateral to secure the loan. This approach aims to streamline the application process and extend financial support directly to families.
Loan Terms and Economic Impact
According to the official guidelines, the loan features a three-year repayment period with an approximate interest rate of 18 percent. The final loan amount granted to each applicant will be calibrated based on the value of the collateral provided and the individual’s credit score.
A digital economy expert, commenting on the development, noted that the successful implementation of this scheme has the potential to enhance household purchasing power and alleviate economic pressures. The expert emphasized, however, that its positive impact is contingent upon the establishment of a precise and cohesive credit scoring system to proactively manage and prevent non-performing loans.
Next Steps for Applicants
The Central Bank has confirmed that comprehensive operational details, including the list of agent banks authorized to distribute these facilities, will be announced shortly through official government communication channels. This initiative underscores the ongoing efforts to provide targeted economic support to citizens.