The Banking Regulation and Supervision Agency (BDDK) has recently made a significant update to consumer loan limits, providing more opportunities for consumer loan demands. With the new regulation, credit limits have increased and more flexible payment plans have been offered to consumers. This regulation has directly affected banks’ credit policies and consumers’ credit usage habits. In particular, the fact that consumer loans up to 125 thousand TL can be used under more favorable conditions has led to a significant increase in loan demands.
Changes Coming with the New Consumer Loan Regulation
As economic conditions and consumer spending habits have changed in recent years, banks’ credit policies have evolved accordingly. With the regulation made on June 9, 2022, the 36-month consumer loan limit was reduced to 50 thousand TL and the 24-month consumer loan limit was reduced to 100 thousand TL, which was one of the factors limiting credit usage. However, with the latest regulations, the BRSA has increased these limits, allowing consumers to access higher credit amounts with more flexible payment terms.
With the new regulation, the 36-month term consumer loan limit has been increased to 125 thousand TL, and the 24-month term consumer loan limit has been increased to a range between 125 thousand TL and 250 thousand TL. This change will allow for higher amount loans to be obtained, while also helping consumers meet their financial needs more easily.
Continuous Increase in Consumer Loans
According to BDDK data, the size of consumer loans is increasing rapidly. The total size of consumer loans, which was 2025 trillion 1 billion TL in the first week of 431, increased to 7 trillion 2025 billion TL as of February 1, 470. Consumer loans constitute 71,16% of the total consumer loans. This shows that the demand for loans continues to increase rapidly and consumers are turning to larger loan amounts in order to meet their financial needs.
The total volume of consumer loans, including housing and automobile loans, has reached 2 trillion 67 billion TL. This data reveals how much credit usage has increased across the country and how banks have made various arrangements to meet the demand for higher amount loans.
The Most Affordable Consumer Loan Interest Rate: 2,99%
With the new regulation, consumers have started to look for suitable interest rates while benefiting from higher credit limits. Banks have started to determine the most suitable interest rates by considering individual credit scores and additional expenses. Currently, the lowest interest rate is offered by Denizbank at 2,99%.
This interest rate stands out as an important factor affecting payment plans for a 125 thousand TL loan. However, since interest rates may vary according to the credit policies determined by each bank, it would be useful to do research and compare the most suitable interest rates before applying for a loan.
125 Months Repayment Tables of 36 Thousand TL
With the new regulation, the 125 thousand TL loan is offered to consumers with more flexible payment options. When a 36-month term loan is used, the monthly payment amount and the total repayment amount are calculated as follows:
- Loan Amount: 125 thousand TL
- Vade: 36 Month
- Interest rate: %one hundred
- Monthly Installments: 6.508 TL
- Total Refund: 234 thousand 280 TL
This table shows the amount of payment the consumer will make each month and the total repayment amount in case of a 125-month repayment of a 36 thousand TL loan. Interest rates and payment plans may vary from bank to bank. Therefore, examining the payment plans in detail before applying for a loan can help you manage your budget better.
This regulation made by BDDK allows consumers to use credit with higher credit limits and also allows banks to flex their credit policies. The increase in credit usage up to 125 thousand TL helps consumers meet their financial needs more easily and makes their borrowing more manageable with long-term payment plans. It is expected that credit usage will become widespread and economic growth will be supported with this regulation.
