Banks update loan rates following CBRT interest rate hike

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.