The maturity limit for mobile phone loans has been increased

The maturity limit for consumer loans for the purchase of mobile phones has been increased from 5,000 Turkish Lira to 12,000 Turkish Lira The Banking Regulation and Supervision Agency (BDDK) has increased the amount of 5,000 Turkish Lira that is taken into consideration in determining the maturity limit for consumer loans used for the purchase of mobile phones to 12,000 Turkish Lira. The BDDK’s Board decision amending the Regulation on Bank Cards and Credit Cards has been published on the agency’s website. According to the decision, the installment period for credit cards has been determined as 12 months without any amount limit for purchases of mobile phones that are renewed products, provided that they are from a “renewal center” or “authorized dealer”. On the other hand, the amount of 5,000 Turkish Lira that is taken into consideration in determining the maturity limit for consumer loans used for the purchase of mobile phones has been increased from 5,000 Turkish Lira to 12,000 Turkish Lira. In this context, the maturity limit for consumer loans used for the purchase of mobile phones will be 12 months for mobile phones priced at 12,000 Turkish Lira and below. The said maturity will be applied as 3 months for mobile phones over 12,000 Turkish Lira.