Turkey’s banking regulator has extended the maximum credit card installment period from nine months to twelve months for purchasing goods and services, as well as cash withdrawals. The maximum maturity period for consumer loans has also increased from 36 months to 48 months.
The Turkish Banking Regulation and Supervision Agency extended the maximum credit card installment period from nine months to twelve months for purchasing goods and services, as well as cash withdrawals. However, shorter limits apply for certain purchases:
- Four months for jewelry.
- Six months for electronic appliances and computers.
- Nine months for:
- Flights.
- Travel agency purchases.
- Transportation.
- Accommodation.
- Health and social services.
- Medical products.
- Payments to clubs and associations.
- Tax payments.
Credit card payments for the following are now prohibited from being paid via installments:
- Telecommunication and direct marketing expenses.
- Expenses from outside Turkey.
- Products which does not include concrete purchases, such as meals, food, alcoholic beverages, fuel, cosmetics, office equipment, gift card, gift cheques etc.
The Banking Regulation and Supervision Agency extended the maximum maturity period for consumer loans from 36 months to 48 months. However, the limitation does not apply to the following loans:
- Loans for mortgages and renovation.
- Leasing of residences to customers through financial lease.
- Loans used to purchase immovables.
- Education loans.
Please see below links for the full text of the amending regulations. (only available in Turkish)
