Card installments lengthened to 12 months

DAILY SABAH
ISTANBUL
Published 26.11.2015 00:37

The Banking Regulation and Supervision Agency (BDDK) has increased the number of monthly payments in installments for credit card users from nine to 12 months. According to the new regulations that were published in the official gazette, new credit card installment terms will be effective for home appliances, furniture and tuition payments and will also apply to corporate credit card users The provision which stipulates that credit card installments cannot be applied to spending on telecommunications, food and fuel oil remained unchanged. The regulations require that the maturity period for the payment of consumer loans and vehicle loans cannot exceed 36 months and 48 months, respectively. The statement also said the 36-month repayment term applying to consumer loans will not go for the maturity period of installments regarding loans which are borrowed for educational purposes. Thus, term limits have been completed removed from educational loans.

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