Banks and credit institutions paid more marriage loans in the present fiscal year (started in March), said the head of public relations department of the Central Bank of Iran.
“Lenders gave 666,000 marriage loans in the past eight months. The figure was 825,000 loans in the whole of last fiscal year [March 2020-21],” Mostafa Qamari-Vafa said in a post on his social media account, IRNA reported.
“This means that lenders on average paid 69,000 marriage loans a month last year. They gave 83,000 loans per month this year despite increase in the amount of loans,” he added.
Total value of loans was 430 trillion rials ($1.5 billion) last year. It was 570 trillion rials ($2b) in eight months since the beginning of current fiscal year.
Marriage loans are interest-free and should be repaid in seven years. Couples can apply for loans maximum up to two years after the pronouncement of their marriage.
The marriage loan amount increased this year. As per government rules, newlyweds are eligible for up to 1 billion rials ($3,500). Rules stipulate at least 40% increase in marriage loans -- from the previous 500 million rials to 700 million rials per couple.
To encourage the youth to tie the knot earlier, the loans have been doubled to 1 billion rials per couple if the bride is below 23 years and the groom under 25.
