The Banking Regulation and Supervision Agency’s (BDDK) reduction of the general maturity limit for consumer loans from 60 months to 36 months affected citizens attitude for credit transactions. According to the data shared by Hesapkurdu.com, consumer loan applications decreased by one third with the regulation and increasing interest rates, while the maximum loan amount that a person can withdraw according to his income decreased by 35%.
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ISTANBUL (TR) - The Banking Regulation and Supervision Agency (BDDK) increased the maturity limit for consumer loans from 36 months to 60 months with the regulation that entered into force on February 26, 2019. With the arrangement made on September 4, 2020, it was announced that the general maturity limit for consumer loans was reduced from 60 months to 36 months this time. Ersin Yaşar, Loan Product Manager of Hesapkurdu.com, an online loan and insurance comparison platform that analyzes the effects of the regulation on consumers, said, "After the maximum maturity decreased from 60 months to 36 months and the increases in consumer loan interest rates, online consumer loan applications decreased by approximately 30%.".
Stating that after the new regulation, they also scrutinized the loan searches made by the internet users, Ersin Yaşar said, “According to the analysis we made based on the loan applications made on Hesapkurdu.com, 81% of the loan calls started to be made with the maximum maturity of 36 months. In addition, the highest loan amount that citizens can withdraw compared to their income decreased by 35% on average, as the maximum maturity was shortened.”.
Making evaluations about the decrease in consumer loan applications, Ersin Yaşar said, “According to the weekly data announced by the BDDK, the number of consumer loans reached 661 billion 323 million lira at the end of the week on September 11. Among the mentioned loans are 276 billion 233 million TL for housing, 10 billion 312 million TL for vehicle and 374 billion 777 million TL consumer loans. Although it is seen that the loan volume has increased on a numerical basis, the 30% decrease seen on the basis of application is quite serious. We will see the effects of the decrease on a volumetric basis in the following days. As Hesapkurdu.com, when we evaluate the current table, we anticipate that the decrease in applications will continue until the end of the year unless there is a new special discount or campaign."
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