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$1.4 Billion Given in Collateral-Free Loans

Jul 17, 2023, 10:55 PM
News ID: 37473
$1.4 Billion Given in Collateral-Free Loans

EghtesadOnline: Bank Sepah was in the lead with $361 million to an estimated 630,000 applicants, accounting for 21% of the total. Mehr Iran Qarz Al-Hasanah Bank ranked next with $263m to 430,000 applicants, followed by Tejarat Bank with $202m to 141,000 people in need.

Government-owned and semi-state banks provided 688 trillion rials ($1.4 billion) in collateral-free loans to 1.9 million individuals from February 2022 to June 2023.

As per Economy Ministry rules, the two groups can borrow up to 1 billion rials, based on their credit scores. Instead of collateral, workers should present their salary certificate for loans up to 500 million rials. For loans above this amount they should submit a check or promissory note, Tasnim News Agency reported.