Statement from Halkbank regarding tradesperson loan interest rates!
Halkbank announced that interest rates for tradesperson loans have been updated, effective from May 1, and that the interest rate change is not applied retroactively.
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Halkbank has issued a statement regarding the update to tradesperson loan interest rates.
In the statement made by the bank, it was noted that it has been observed that some media outlets and social media accounts have published news and comments regarding the bank's update to tradesperson loan interest rates that are contrary to the facts and misleading to the public, and that a statement has become necessary to inform the public accurately.
The statement conveyed that the bank updated the interest rates for tradesperson loans effective from May 1, and stated that the interest rate change is not applied retroactively.
The statement noted that the interest rate to be applied to tradesperson loans is determined legally so as not to be below the bank's cost of funds, that tradesperson loans are not fixed-rate loans throughout their maturity, and that they are essentially variable-rate loans depending on the bank's cost of funds.
The statement indicated that in the current situation, the cost of funds for banks has reached the 50 percent level, and that loan interest rates have increased in parallel with this; it was conveyed that at this point, an interest rate update for tradesperson loans had to be made, albeit with a delay and inevitably, in a way that remains well below current market loan interest rates.
In the statement, it was said, "Furthermore, 50 percent of the tradesperson loan interest rate is covered by the Ministry of Treasury and Finance within the scope of the income loss practice, providing significant support to our tradespeople," and the following was recorded:
"While the new interest rates reflected to tradespeople vary in the 17-29 percent band, a significant portion of the increase continues in the lowest new interest rate band of 17 percent. In the interest rate regulation, tradesperson loans utilized in 5 provinces and 2 districts located in the earthquake zone have been excluded. Our bank has always stood by our tradespeople since its establishment. From 2002 to the present, 498 billion liras in tradesperson loans have been provided to 4.2 million of our tradespeople, and 213 billion liras in tradesperson loans have been provided to 545 thousand of our tradespeople in the period of January 2023-May 2024. In the coming periods, improvements will be made to tradesperson loan interest rates depending on decreases in the cost of funds. Our bank will continue its support to our tradespeople without interruption, as it always has."