The Banking Regulation and Supervision Agency recently published
three amendment regulations, collectively amending maximum
installment periods permitted for credit in relation to certain
types of purchases. These regulations were published in Official
Gazette number 29543 on 25 November 2015, entering into effect on
the same date. Changes apply to the Regulation on Credit
Transactions of Banks, the Regulation on Bank Cards and Credit
Cards, and the Regulation on Establishment and Rules of Procedures
Regarding Financial Leasing, Factoring and Financing Companies.
The installment period for credit repayments must not exceed
thirty-six months, according to the Regulation on Operations of
Bank Credits and the Regulation on Establishment and Rules of
Procedures Regarding Financial Leasing, Factoring and Financing
Companies. The recent changes expand the exceptions to be this to
be credit (and loans to re-finance credit) for:
Goods or services purchased as an integral part of a housing
acquisition and housing renovations, within the scope of Article
648 of the Turkish Civil Code.
Financial leasing of housing to the consumer (new
Other real estate credit, aimed at acquisition (new
Educational services (new exception).
The maximum period of vehicle loans and loans granted to
re-structure vehicle loans continues to be forty-eight months.
The Regulation on Bank Cards and Credit Cards outlines maximum
installment periods as follows:
Nine months for purchases of goods and services paid by credit
cards and cash withdrawals.
Four months for purchases of jewels paid by credit cards and
Twelve months for white ware, furniture and education related
expenditures paid by credit cards and cash withdrawals. This is a
Installments continue to be unavailable for
telecommunications-related expenditures paid by credit cards, as
well as food, grocery, fuel and gift cards, gift checks, or similar
expenditures which do not involve a substantial good or service
Installment periods are introduced for corporate credit cards.
These include a nine month maximum installment period for cash
withdrawals and purchase of goods and services, increasing to 12
months in relation to white ware, furniture and education-related
expenditures (Article 26(8)).
Please see the links for the full texts of the Regulations (only
available in Turkish)
Under Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories ("EMIR")...
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).