BDDK Reduced the Number of Installments for Some Purchases

BDDK Reduced the Number of Installments for Some Purchases BDDK reduced the number of installments for some purchases. The number of installments was reduced for jewelry, furniture and electronics purchases. According to the decision announced by the Banking Regulation and Supervision Agency (BDDK) today, the number of installments in jewelry, furniture and electronics has been reduced. The decision of the BDDK was as follows: “Within the framework of macro-prudential steps taken to ensure financial stability and reduce the current account deficit, with the Decision of Banking Regulation and Supervision Board dated 17.12.2020 and numbered 9322; - In accordance with the seventh paragraph of Article 26 of the Regulation on Bank Cards and Credit Cards, the installment periods for credit cards determined by the Board Decision No. 8198 dated 11.01.2019; - From eight months to six months for expenditures related to jewelry that is printed and not in bullion, - For purchases of electronic goods (televisions, video cameras, sound systems, etc. (computers and tablets are not included in this category), except television purchases up to three thousand five hundred Turkish Liras, - Reduction from eighteen months to twelve months for the purchases of furniture and electrical goods (Refrigerators, washing machines, dishwashers, electrical small household appliances, etc.), - In accordance with the sixth paragraph of Article 12 / A of the Regulation on Credit Transactions of Banks (Credit Regulation) and the fifth paragraph of Article 11 / A of the Regulation on Establishment and Operation Principles of Financial Leasing, Factoring and Financing Companies (Financial Institutions Regulation), the third paragraph of Article 12 / A of the Credit Regulation and the loan maturity limits regulated in the second paragraph of Article 11 / A of the Financial Institutions Regulation; - From forty-eight months to thirty-six months for loans made for the purpose of purchasing vehicles with a final invoice value of more than three hundred thousand Turkish Liras, - From forty-eight months to twenty-four months for loans made for the purchase of vehicles with a final invoice value of over seven hundred and fifty thousand Turkish Liras - It has been decided to reduce vehicle-covered loans from forty-eight months to thirty-six months.”