According to the announcement on the Banking Regulation and Supervision Agency (BDDK) website, regulations have been made regarding the credit amounts for the purchase of electric motor vehicles.
In accordance with the fourth paragraph of Article 12 of the Regulation on Credit Transactions of Banks (Credit Regulation) and the fifth paragraph of Article 11/A of the Regulation on the Establishment and Operating Principles of Financial Leasing, Factoring, and Financing Companies (Financial Institutions Regulation), regulations have been made regarding the credit term limits stipulated in the third paragraph of Article 12 of the Credit Regulation and the second paragraph of Article 11/A of the Financial Institutions Regulation for only electric motor vehicles produced by taxpayers covered by the Temporary Article 12 of the Corporate Tax Law numbered 5520, dated June 13, 2006.
For loans granted for the purpose of purchasing vehicles with a final invoice value over 1 million 600 thousand Turkish lira and not exceeding 3 million Turkish lira, the term limit is set at 36 months, while for loans granted for the purpose of purchasing vehicles with a final invoice value over 3 million Turkish lira and not exceeding 4 million Turkish lira, the term limit is determined as 24 months.
For loans granted for the purpose of purchasing vehicles with a final invoice value over 4 million Turkish lira and not exceeding 5 million Turkish lira, the term limit is set at 12 months.
Except for vehicle-secured loans regulated in the second paragraph of Article 12 of the Credit Regulation and the first paragraph of Article 11/A of the Financial Institutions Regulation, it has been decided that the credit amount for vehicle loans or financial leasing transactions for the acquisition of passenger vehicles by consumers should not exceed 70% of the vehicle’s value for vehicles with a final invoice value of 1 million 600 thousand Turkish lira or less.
For vehicles with a final invoice value over 1 million 600 thousand Turkish lira and not exceeding 3 million Turkish lira, it was decided that the credit amount should not exceed 50%, and for vehicles with a final invoice value over 3 million Turkish lira and not exceeding 4 million Turkish lira, the credit amount should not exceed 30%.
According to the Board’s decision, the credit amount for vehicles with a final invoice value over 4 million Turkish lira and not exceeding 5 million Turkish lira should not exceed 20%, while for vehicles with a final invoice value exceeding 5 million Turkish lira, the credit amount is determined as zero percent.
source: aa.com.tr/ prepared by Melisa Beğiç