Title: New Government Initiative Streamlines Access to Essential Home Appliances for Newlyweds
In a significant move to support young couples, the Iranian government and the Central Bank have introduced a new policy aimed at simplifying the process of acquiring essential household goods. This initiative, which focuses on providing a non-cash, goods-based marriage loan, is designed to directly supply home appliances from domestic manufacturers, thereby cutting through bureaucratic delays and supporting local industry.
A Shift from Cash to Goods
The new plan, detailed by officials, represents a strategic shift. It will partially replace the traditional cash marriage loan with a dedicated goods-based facility, specifically for furnishing a new household. This approach is intended to ensure that the allocated funds are used for their intended purpose—helping couples establish their homes—while also stimulating domestic production.
Clarifying the New System
Mehdi Sahabi, Director General of the Central Bank’s Monetary and Credit Operations Department, provided key insights into the scheme. He clarified that the goods-based loan is currently a separate and distinct program from the existing cash marriage loan.
“Under the current year’s budget law, a portion of credits has been allocated to banks so that individuals who have not yet received a cash marriage loan can benefit from this new plan,” Sahabi stated.
Phased Implementation for Targeted Groups
The initial phase of the program will be rolled out to specific groups under the support of designated institutions. This pilot phase will allow the government to assess the program’s effectiveness before considering a broader application.
“The cash marriage loan will continue to be paid, and this goods-based plan will be implemented on a trial basis,” Sahabi explained. “If successful, future budgets may expand the program, potentially offering couples a choice between cash and goods-based loan options.”
Efficiency and Ease of Access
A central promise of the new initiative is the elimination of long waiting times. The Central Bank has designed the process to be swift and straightforward for eligible applicants. Sahabi emphasized that the Central Bank and the Parliament have worked to create attractive conditions for beneficiaries, ensuring that qualified individuals can access the facility without unnecessary delays.
Simplified Banking Regulations
Addressing past concerns about banking hurdles, Sahabi reaffirmed the existing regulations. He stated that for loan approvals, providing one guarantor along with a credit assessment or a promissory note is sufficient. This directive has been communicated to all banks, and the Central Bank has committed to taking action against any financial institution that fails to comply with these streamlined rules.
Commitment to Public Satisfaction
Acknowledging that serving millions of citizens annually through marriage and childbirth loans can lead to some complaints, Sahabi underscored the Central Bank’s commitment to oversight. “The Central Bank closely monitors the performance of the banking network with the aim of increasing applicant satisfaction,” he said, adding that any reports of violations would be seriously pursued.