Economy, Auto

Chery to Offer Scheme Through Bank Saderat

Chery to Offer Scheme Through Bank Saderat Chery to Offer Scheme Through Bank Saderat

Chinese carmaker Chery has signed a memorandum of understanding with Bank Saderat Iran to offer special savings accounts linked to a possible future car purchase.

Carmakers in Iran offer savings accounts or bonds as a means to build up much-needed liquidity and car buyers purchasing through this mode will be eligible for discounts and other incentives.  

The CEO of Chery’s local operation Bahram Shariat says the BSI has created a investment fund for Chery, local automotive website reported.

“Depositors will receive a 14.75% interest.” There is no floor or ceiling on the deposits, he added.

Director of Bank Saderat credit department Amir Yousefian told reporters “The bank is set to issue debit cards to investors and they can withdraw money at will.”

According to the latest statistics reported by the Ministry of Industries, Mining and Trade, Chery produced 14,713 cars during the first three months of the current fiscal (started in March) and had a 5% share of the market.

Chery is following in the footsteps of other local car assemblers like Iran Khodro and SAIPA which also offer savings accounts called Mosharekat– a Sharia-based partnership contract between the borrower and the lender.

However Chery’s new investment scheme is not Mosharekat, according to the news website.

Iran Khodro currently offers a 27% Mosharekat on the sale of some of its ehicles, according to local websites.

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