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The Banking Regulation and Supervision Agency, with the announcement it published at the beginning of June, made a regulation regarding loan maturities. Accordingly, it is estimated that the monthly average repayment amount for a consumer loan of 60 thousand TL has increased to 3,340 TL.

*** This release is originally published in Turkish.

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ISTANBUL (TR) - The Banking Regulation and Supervision Agency (BRSA) announced regulations to limit personal loan growth under the Measures to Strengthen Financial Stability. In this context, the general maturity limit for consumer loans has been determined as 24 months for loans with a loan amount in the range of 50-100 thousand TL and 12 months for loans over 100 thousand TL. Hesapkurdu.com, the online comparison platform for loans and insurance, evaluated the BRSA regulation and the current data shared by the Banks Association of Turkey.

Pointing out that the reduction in the most extended term that can be used in consumer loans over 50 thousand TL with the regulation has an impact on monthly loan installment amounts, Hesapkurdu.com Banking and Business Development Manager Orhun Çağlar Atilla said, “Before the regulation, the general maturity limit for consumer loans is 36 months for quantities below 50 thousand TL. For amounts above a thousand TL, it was applied as 24 months. For example, a person who used a consumer loan of 60 thousand TL with a 36-month maturity before the regulation would pay an average of 2.570 TL per month with current interest rates, while the average monthly installment amount to be paid for 60 thousand TL, which can be used in a maximum of 24 months after the regulation, will be 3.340 TL.

Personal loans exceeded TL 1.1 trillion with an increase of 26%

Evaluating the data shared in the April 2022 monthly bulletin of the Risk Center of the Banks Association of Turkey, Orhun Çağlar Atilla said, “In the report, it is seen that as of April 2022, the number of individual loans extended by banks and non-bank financial institutions exceeded TL 1.1 billion with an increase of 26%. Consumer loans account for 44% of personal loans. While the number of individual loan users was determined as 36.1 million, with an increase of 1.6 million in 1 year, an upward trend has been observed since December 2021, when the change graph is examined. It is also known that 425,000 people used consumer loans for the first time only in the first four months of 2022. Comparing the consumer loan applications for the first six months of 2021 and 2022, we see a 12% increase in the Hesapkurdu.com data. As loan growth increases, it becomes even more essential to compare discounted prices and get the most affordable loan offers. As Hesapkurdu.com, we make it possible to reach the most suitable loan and insurance products in the easiest way possible by comparing banks and creating special offers.”

“Regulation is at the door in housing and commercial loans”

Reminding that in the announcement made by the BRSA, it was stated that the studies on the arrangements to be made in housing and commercial loans are continuing, Orhun Çağlar Atilla, Banking Business Development Manager of Hesapkurdu.com, concluded his evaluations with the following words: “There are also tips on how to make arrangements on issues such as orientation. Those considering using a loan can access the most suitable offers in the housing, consumer, vehicle, and SME loans on Hesapkurdu.com and complete the application process. As Hesapkurdu.com, we also offer special opportunities to those who want to open an account without going to the branch.”