April 25, 2022 20:05

Central Bank of Iran Announces Microloan Rules

Under the credibility assessment announced by the CBI, banks will limit access of unruly customers to loans even if they put up the required collateral but had failed to settle their debts on time in the past

The Central Bank of Iran on Monday informed commercial lenders about new instructions related to microloans.
Applicants can now borrow up to 2 billion rials in microloans, it said. As per the CBI outlook, microloan is credit given to individual applicants for non-commercial needs and to help meet personal financial needs.
Under the instructions, lending will be mainly on affordability and credibility instead of collateral alone. Moreover, the CBI has diversified the types of collateral comprising a range of assets.

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Central Bank of Iran (CBI) News