Economy, Business And Markets

New Marriage Loans

New Marriage Loans
New Marriage Loans

The Money and Credit Council, working under the supervision of the Central Bank of Iran, plans to assign private banks to grant interest-free marriage loans to young couples. 

According to the move, private banks that collect interest-free deposits are obliged to offer marriage loans unless they totally stop accepting such deposits.

Marriage loans were previously provided by state-banks only, but with the involvement of private banks, as the CBI credit manager explains, the MCC aims to accelerate the process of distributing loan facilities to young people.

The decision has proven successful, as "the number of pending loan applications has decreased from 1.2 million to one million over the past month," Ali-Asghar Mirmohammad Sadegh said. 

"New applicants have subscribed for the loans at the same time."

CBI has ordered commercial banks to cut the waiting subscription period from 12 to two working days.