Receive an interest of 6.88% p.a. when you request the cash installment plan on-line. You will be invoiced for the KVP amount in the same amount per month during the term of the KVP. You cannot change or change the Installment Ratio per Month or Possession perIP. KVP's actual KVP rates vary according to term and are up to 12.70% per year.
Change in maximum instalment payment periods for credit purchases in Turkey
Recently, the Banking Regulatory and Supervisory Authority issued three amendments which jointly amend the permissible limits on instalment payment deadlines for loans relating to certain categories of purchase. Amendments shall be made to the Ordinance on bank lending, the Ordinance on bank cards and the Ordinance on the establishment and operation of financial leasing, factoring and financing companies.
Pursuant to the Ordinance on the Activities of Bank Credits and the Ordinance on the Establishment and Procedural Rules of Financial Leasing, Factoring and Financing Companies, the instalment payment term for loan repayment may not extend beyond thirty-six banks. Recent amendments extend the exemptions to this to be to provide loan (and credits for refinancing loans) for credit:
Miscellaneous property credits intended for purchase (new exception). As before, the 48-month limit for car credits and restructuring car credits remains in place. In the ordinance on bank cars and debit-cards the maximum installment terms are defined as follows: 9 month for the purchase of goods and service purchased with payment card and for cash payments.
4 month for the purchase of jewellery purchased with cash and debit card. 12-month period for household appliances, furnishings and educational expenses purchased with cash and debit card. Instalments are still not available for telecommunication-related expenses charged by means of payment card, as well as for foodstuffs, groceries, petrol and gifts, vouchers or similar expenses which do not constitute an essential good or services (Article 26(7)).
Instalment payments are implemented for company debit card. This includes a nine monthly instalment payment limit for cash withdrawal and purchases of goods and provision of related service, which increases to twelve monthly instalments for household appliances, furnishings and educational expenditure (Article 26(8)).