Mobile phone consumer loan maturities and card minimum payments renewed
The Banking Regulation and Supervision Agency has taken new decisions regarding loan maturities applied in smartphone purchases and minimum payment rates on credit cards.
The Banking Regulation and Supervision Agency (BDDK) has implemented a comprehensive regulation regarding consumer loans used in mobile phone purchases and credit card minimum payment amounts.
Mobile Phone Loan Maturities
With the BDDK decision, maturity limits based on prices have been rearranged for consumer loans utilized for mobile phone purchases.
According to the new planning, consumer loan maturities have been restricted gradually depending on the market prices of the phones.
Maturity Limits Based on Prices
For mobile phones priced at 40 thousand Turkish Liras and below, the maturity limit for consumer loans will continue to be applied as 12 months.
For mobile phones priced above 40 thousand Turkish Liras, the consumer loan maturity is restricted to a maximum of 3 months.
Criteria for Renewed Products
A different price limit was taken as a basis in the consumer loan application for mobile phones that qualify as renewed products.
While the maturity is 12 months for renewed mobile phones priced at 50 thousand Turkish Liras and below, the maturity has been reduced to 3 months for those above this limit.
Credit Card Installment Status
In the statement made, it was reported that the current practice in mobile phone purchases made with credit cards is maintained as it is.
It was stated that the ban on installment payments will continue for mobile phone purchases made with credit cards that do not qualify as renewed products.
Minimum Payment Rate Threshold
With the new decision, the limit threshold taken as a basis in calculating the minimum payment amount on credit cards was increased upwards.
The limit threshold, which was previously at the level of 50 thousand Turkish Liras, has been raised to the level of 100 thousand Turkish Liras with the latest regulation.
New Minimum Payment Rates
For credit cards with a limit of 100 thousand Turkish Liras and below, the minimum payment amount has been determined as 20 percent of the period debt.
For credit cards with a limit above 100 thousand Turkish Liras, the minimum payment amount will be applied as 40 percent of the period debt.