Coronavirus caused a 50 percent increase in consumer loans and 15 percent increase in vehicle loans

Coronavirus caused a 50 percent increase in consumer loans and 15 percent increase in vehicle loans
01 April 2020

Companies and citizens whose cash flow deteriorated with the coronavirus pandemic quickly took action to benefit from the support packages announced by the banks. Examining the first effects of the epidemic on credit markets, announced the changes in loan applications.

*** This release is originally published in Turkish.
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ISTANBUL (TR) - The financial sector continues to take new measures in order to reduce the problems that may arise in the economy due to the coronavirus. As part of the total struggle, banks have launched many support packages, including deferral in loan debt, grace period, configuration and additional credit limits. In this period, searches for “credit deferral” over Google increased 100 times and showed the tendency of citizens. Online loan comparison platform analyzed the first effects of coronavirus on credit markets. According to the review of the first week of March (2-8 March), there were remarkable changes in online loan applications last week (23-29 March). While consumer loans increased by 50% and vehicle loan applications by 15%, housing loans fell by 30%.

Loan deferral decision increased demand for consumer loan

Citizens turned to consumer loans against possible scenarios in the markets where concerns continued after debt relief decisions. Online loan applications increased by 50% compared to the first week of March. As of this week, interest rates in consumer loans fluctuated between 0.99% and 1.79%, while the average interest rate was around 1.39%.

Support announced for housing purchase did not heat up the market

In the first support package announced against the pandemic, the amount of credits for homes under 500 thousand liras was increased from 80% to 90% and the minimum down payment was reduced to 10%. It seems that this decision did not cause any mobility, especially on the mortgage loan side. According to the analysis of, housing loan application rates fell 30% last week.

Those who do not want to use public transportation because of the pandemic prefer to go to traffic especially with their personal vehicles. While social isolation sensitivity was prominent in families with children, the expectation of traveling by private vehicle increased vehicle loan applications by 15% despite the general hesitation of the economy.

Contact: Tülay Genç | [email protected] | +90 (850) 885 12 55

About, founded in 2010, is a free website and mobile application that offers the opportunity to compare and apply credit and insurance products. It helps users to easily access the most up-to-date and advantageous products of banks and insurance companies from a single platform and to make the right financial decisions. Established by Turkish entrepreneurs, first received investment from the founding team of Italy's leading financial comparison platform MutuiOnline, and then from the Netherlands-based NN Group, which serves 17 million customers in 18 countries., the 7th fastest growing country in Turkey between 2011 and 2013 by TOBB. his company was named and cited by Deloitte as among the top 50 fastest growing technology companies in our country between 2013 and 2016. In March 2019, BHL (Budget Holdings Limited), one of the largest comparison platforms in the world, is an online insurance sales company operating in Turkey. with united under the same roof. With the merger, 40 banks and insurance companies meet on the same infrastructure to serve about 4 million users each month.