Collateral-Free Micro Loans to Help Boost Lending: CBI

Banks will no longer demand collateral for loans below 1 billion rials, a deputy with Economy Ministry said. 
Abbas Hosseini, the ministry’s deputy for banking, insurance and state company affairs told state TV that pensioners and salaried employees working for government and private firms can now borrow from banks without the need for a guarantor or collateral.  
“Instead of collateral, employees should present their salary certificate for loans up to 500,000 million rials. For loans above this amount they will have to give a check or promissory note,” he was quoted as saying by the IBENA.