Interest rate reduction for tradesmen loans

Minister of Trade Ömer Bolat made important statements at the Presidents' Meeting of the Central Union of Turkish Tradesmen and Craftsmen Credit and Surety Cooperatives (TESKOMB) held in Antalya. Touching upon the new regulations regarding tradesmen loans, Bolat stated that an interest rate reduction will be implemented at the beginning of 2024.

Minister Bolat stated, "I am pleased to announce that the interest rate reduction on 50 percent subsidized tradesmen loans, which we have reduced to 25 percent, and Halkbank loans, along with the reduction in financing costs, will be implemented at the beginning of the new year. I wish these regulations to be beneficial to our tradesmen," he said.

HIGHER LIMITS FOR COMMERCIAL VEHICLE AND MACHINERY PURCHASES

Minister Bolat announced that the tradesmen credit limit for commercial vehicle purchases has been increased to 2.5 million liras. In addition to this, he stated that as a new practice, the credit limit for machinery purchases has also been raised to the 2.5 million lira level. These regulations will pave the way for tradesmen to make larger investments.

PENDING FILES TO BE PROCESSED BY YEAR-END

Regarding tradesmen loans, it was stated that pending loan applications will be completed by the end of the year. Minister Bolat said, "In the first 10 and a half months of this year, tradesmen loans have reached 148 billion liras. There has been a 46 percent increase compared to the same period last year. However, our colleagues have indicated that there are still pending files. I am announcing that these files will be processed by Halkbank until December 31st."