30374
Auto Loans Cut Short
Economy, Auto

Auto Loans Cut Short

The Central Bank of Iran and the Ministry of Industries, Mining and Trade issued a directive announcing that the new auto loans must stop on Sunday.
The auto loans, which were supposed to be given over a period of six months, lasted for only six days during which 110,000 people registered for the loans.
The plan stipulated that no more than 110,000 people would be allowed to take a loan worth a maximum of 25 million rials ($7,200 at market exchange rate), which should amount to 80% of the car price.
According to Mehdi Kasaian, a capital market expert, IKCO and SAIPA group have each sold 53,000 and 56,700 vehicles respectively during the six days, ISNA wrote.
Mostafa Khankarami, IKCO’s deputy for sales and marketing, said the group was prepared to sell more cars, but the CBI directive and the loan ceiling prevented it from doing so.
He added that IKCO will be delivering the cars within a month.
Some 85% of the loan-takers will finalize their purchase in the coming days. In that case, IKCO will have sold nearly 47,000 cars during the period.
 Chinese Cars
On Monday, one day after the CBI directive was issued, IKCO and Iran’s second largest carmaker SAIPA group stopped offering the cars on loan, Fars News Agency reported.
Modiran Khodro automotive group, which produces a range of models of the Chinese brand Chery in Iran, however, is reportedly still offering cars on a credit scheme.
According to a company official, Modiran was planning to take the offer down on Monday.
These companies were told that they could sell their cars under the scheme, as long as they provide the loans from their own resources.

Short URL : https://goo.gl/4kUWp6
  1. https://goo.gl/ZuKbd0
  • https://goo.gl/B2JKRY
  • https://goo.gl/Zfg7FA
  • https://goo.gl/cq0WZA
  • https://goo.gl/0iHjQ2

You can also read ...

Apple Moves to Store iCloud Keys in China
When Apple Inc begins hosting Chinese users’ iCloud accounts...
Continued Action to Improve the Situation With FATF
Following the Financial Action Task Force’s latest decision,...
Iran-Denmark Trade Tops 11% in 2017
Iran exported close to €10 million worth of commodities to...
Total residential deals registered during the 11 months to Feb. 19 equaled 168,933, which indicate an increase of 12.8% compared with the same period last year.
The total number of housing deals in Tehran reached 18,400...
Business Delegation to Visit Albania, Macedonia
An Iranian business delegation led by Chairman of Iran Chamber...
Iranian Knowledge-Based Firm to Produce Anesthesia Machines
A knowledge-based company located in Pardis Technology Park...
Decoding Iran’s High Savings Trend
In a sample of 25-odd developing countries that make up...
IME Trade Value at  All-Time High
Trade value at Iran Mercantile Exchange hit 1.03 quadrillion...

Trending

Googleplus