Details of Loan Installments
Economy, Business And Markets

Details of Loan Installments

The new car loans included in the government’s incentive package should be repaid in monthly installments of about 7 million rial ($ 234) at 16% over four years or in installments of about 6.5 million rials ($220) with an interest rate of 12%. The new 100-million-rial ($3,340) loan in the form of credit cards are set to be repaid in installments of about 6 million rial ($ 200)  with an interest rate of 12% over 18 months, said Ali Asghar Mirmohammad Sadeghi, head of Central Bank of Iran’s Department of Capital, according to ILNA. A list of authorized representatives will be put on the websites of the CBI and Ministry of Industry and Trade and the people do not have to personally approach the banks for the car loans or credit cards.

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