Subsidized Loans at $3b

EghtesadOnline: Since the beginning of the calendar year last March banks gave 1,650 trillion rials ($3.14 billion) loans to 1.889 million low-income applicants largely for youth marriage, childbirth and to those wanting to rent a home.

News ID: ۷۸۷۸۸۴

10 March 2023

Since the beginning of the calendar year last March banks gave 1,650 trillion rials ($3.14 billion) loans to 1.889 million low-income applicants largely for youth marriage, childbirth and to those wanting to rent a home.

According to the public relations department of the Central Bank of Iran, banks accepted 790,000 applications for childbirth loan worth 320 trillion rials ($609.5 million) in the eleven months.

Banks were ordered in mid-April to lend to young parents to encourage childbirth. The money is given to couples who had a child in the previous fiscal year (March 2021-22) and after.  Some 1,210 trillion rials ($2.3 billion) was for marriage loans to 882,000 applicants, up 55% year-on-year.

Marriage loans are interest-free repayable in seven years. Couples can apply up to two years after the pronouncement of their marriage.