Approving a loan without a guarantor does not mean lending to the whole community

According to Fars News Agency, quoting the Economic and Financial News Network of Iran (Shada), Seyed Abbas Hosseini stated that the ministry’s decision to remove the guarantor for micro-facilities only means replacing the accreditation system instead of obtaining a micro-facility guarantor for “qualified” individuals. “This is not a decision at all, and it does not mean that all members of society can apply to any bank for a loan from today,” he stressed.

The Deputy Minister of Economy said: ‌ What the Ministry of Economy has done is to facilitate the conditions for the payment of micro-facilities up to 100 million Tomans by the order of the President and the emphasis of the Minister of Economy in terms of receiving documents and guarantors for eligible applicants.

He added: “The Ministry of Economy has not talked or interfered in any way in its decision regarding the rules of banks and to whom they should lend or not.”

The Deputy Minister of Banking, Insurance and State-Owned Companies of the Ministry of Economy reminded: “In fact, what has been said is that the previous process of paying micro-facilities in banks is equal to the rules of the Central Bank, Monetary and Credit Council and internal regulations of banks.” It remains in force, with the difference that we have facilitated the conditions for obtaining a guarantor and bail from the loan applicant, even if he is eligible.

Hosseini said: “Therefore, the perception and interpretation of some that from today,” all “people in the community can go and take loans, is wrong because we have not changed the rules for payment of facilities and have not set a budget and credit for it; The only difference is that anyone who has been recognized as eligible for a loan under the usual routine of banking law now does not need to provide a formal guarantor to receive a microloan, and a salary deduction certificate is sufficient for him.

He reminded: Of course, we should not forget, now and according to the decree of the Ministry of Economy, the target community of the project, in the first stage, employees, retirees and pensioners of public, public and private sectors receive salaries and in the next stages, other Social strata will also be included in the plan.

The Deputy Minister of Banking, Insurance and State-Owned Companies of the Ministry of Economy said: “The criteria for paying facilities to those involved in the project, as announced by the Minister of Economy, for employees and retirees of government agencies, public non-governmental organizations and other reputable private companies.” Only from the same bank branch that receives their salary), up to 50 million Tomans, without a guarantor with a letter of deduction of salary and up to 100 million Tomans, again without the need to provide a guarantor and with a letter of deduction of salary with a check Or it will be a promissory note.

He added: Employees of other private sector companies, from workshops, companies and small to medium enterprises, if they have a credit rating of A and B at the bank receiving their salaries (at the discretion of the bank), to receive a loan of 50 Million Tomans do not need a guarantor and they can apply by presenting a letter of deduction of salary, along with receiving a promissory note or check.

He said: the same people to provide a loan of 100 million Tomans, in addition to the above, must also provide a guarantor. Of course, if the credit rating of the mentioned people, according to the bank’s diagnosis, is equal to C, whether for a loan of 50 or 100 million, a valid guarantor and also a promissory note or check, as the case may be, must be presented to the bank.

Hosseini reminded: this point should be noted, it is specified in the circular of the Ministry of Economy, the granting of facilities without a guarantor should be done only by the bank branch from which the person receives salaries and does not even include another branch of the same bank. .

The Deputy Minister of Banking, Insurance and State-Owned Companies of the Ministry of Economy emphasized: Determining the credit rating of individuals and classifying private sector companies as large, small and medium is done only by the bank itself and we do not tell the bank to place this company in the category of companies. Make it big or move this person’s credit rating from C to B; In our opinion, whatever the rules and regulations of the bank dictate.

Hosseini said: “As the Minister of Economy announced, if in a bank, as the case may be, there are easier conditions for paying facilities to customers; If our diagnosis is that the situation is in the interest of the people.

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