BDDK releases data: Which bank offers the cheapest personal loan?
According to BDDK data, consumer loans have increased by 70.76 billion TL in the last 5 weeks, with the loan volume approaching 1.92 trillion TL. With expectations of an interest rate cut, people are wondering which banks offer the cheapest loan rates. How much is the 12-month repayment for a 100,000 TL loan? Which bank has the cheapest personal loan? Here are the details...
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The fog surrounding the CBRT's interest rate cut process, which has been a major expectation in the markets for months, has begun to lift.
Following yesterday's announcement that November inflation was 2.23 percent on a monthly basis, the possibility of "a limited cut of up to 250 basis points" at the CBRT Monetary Policy Committee meeting to be held in the last week of this month is being discussed.
A certain decline in consumer loan rates is also expected alongside the interest rate cut.
Looking at the data released by the BDDK, an increase in loan volume has been observed in recent weeks despite high interest rates.
The volume of consumer loans, which was 1.84 trillion lira in the week ending October 18, approached 1.92 trillion lira in the week of November 22.
In this 5-week period, there was an increase of 70.76 billion lira in the volume of consumer loans. A large majority of this amount, 55 billion TL, was in personal loans.
According to the report in Türkiye newspaper, banking sources point out that consumers, anticipating that interest rate cuts will begin in the near future, are bringing forward their "pending needs" to avoid being affected by potential price increases, which is why the loan volume has started to rise.
WHICH BANK OFFERS THE CHEAPEST LOAN INTEREST RATE?
During this process, consumers' searches for "the lowest, cheapest, and most affordable personal loan" have accelerated.
In particular, "how much the 12 and 24-month repayments for a 100,000 TL loan are" is being highly sought after and researched.
When looking at the most affordable consumer loans, it is seen that interest rates are below 4 percent in 4 banks.
These banks are as follows:
- GetirFinans (İş Bankası): 3.66%
- Alternatif Bank: 3.79%
- ON Dijital (Burgan Bank): 3.79%
- Akbank: 3.99%
HOW MUCH IS THE 12-MONTH REPAYMENT FOR A 100,000 TL LOAN?
According to calculations based on the lowest loan rate of 3.66%;
- The monthly installment amount for a 100,000 TL loan is 11,129 TL.
- The total repayment over a 12-month period reaches 133,549 TL.
HOW MUCH IS THE 24-MONTH REPAYMENT FOR A 100,000 TL LOAN?
- The installment for a 100,000 TL loan taken at 3.66% drops to 7,077 TL for a 24-month maturity.
- Due to the extension of the maturity, the total repayment over a 24-month period rises to 169,859 TL.