Banks update loan rates following CBRT interest rate hike
Following the Central Bank of the Republic of Turkey's (CBRT) decision to raise the policy rate to 46%, bank loan interest rates have come under scrutiny. The lowest interest rates for personal, housing, and auto loans have been announced.
12punto
The Central Bank of the Republic of Turkey's (CBRT) decision to raise the policy rate to 46 percent with a 350 basis point hike has turned the attention of citizens looking to take out loans toward the interest rates offered by banks. According to experts, this increase will not immediately affect loan interest rates in the short term.
LOAN VOLUME ON THE RISE
According to data from the Banking Regulation and Supervision Agency (BDDK), the total consumer loan volume increased by 20 billion 591 million TL in the week of April 11, reaching 2 trillion 206 billion 904 million TL.
Personal loan: 1 trillion 590 billion 102 million TL
Housing loan: 551 billion 721 million TL
Auto loan: 65 billion 81 million TL
LOWEST INTEREST PERSONAL LOAN
Amount: 100,000 TL
Maturity: 12 Months
Interest Rate: 3.84 percent
Bank: QNB
Monthly Installment: 11,227 TL
Total Repayment: 136,326 TL
QNB is currently the bank offering the lowest rate on the market for personal loans with its 3.84 percent interest rate.
LOWEST INTEREST HOUSING LOAN
Amount: 1,000,000 TL
Maturity: 120 Months (10 Years)
Interest Rate: 2.59 percent
Banks: Ziraat Bankası & Halkbank
Monthly Installment: 27,162 TL
Total Repayment: 3,286,124 TL
State-owned banks Ziraat and Halkbank provide advantages for long-term housing loans.
LOWEST INTEREST AUTO LOAN
Amount: 250,000 TL
Maturity: 24 Months
Interest Rate: 3.35 percent
Bank: Dünya Katılım
Monthly Installment: 16,998 TL
Total Repayment: 409,390 TL
Dünya Katılım offers one of the most favorable rates in the sector with its 3.35 percent interest rate on auto loans.