The Central Bank unexpectedly lowered the policy rate by 100 basis points to 12 percent. However, it was stated that banks continued to increase interest rates. It was stated that banks received loans from the state with 12 percent interest, and gave them 60 percent to consumers. Consumer loan interest rates in banks are up to 60%. While the cost of consumer loans is 27 percent to 60 percent per annum, it starts from 15 percent and goes up to 49 percent in housing loans.
The Central Bank has cut the policy rate to 12 percent, but the gap between loan rates and loan rates is not closing. The Central Bank’s regulation with required reserves last month led to a decrease in commercial loan interest rates, but the same situation did not reflect on consumer loans.
Consumer loan interest rates in banks are up to 60%. While the cost of consumer loans is 27 percent to 60 percent per annum, it starts from 15 percent and goes up to 49 percent in housing loans. Loans, which are 1.20 percent for zero housing in public banks and 1.29% for second-hand housing, are difficult to approve.
SMEs CAN FIND LOANS AT 50 PERCENT COST
Moreover, some public banks do not give housing loans over 200 thousand liras. In this case, the low interest rate applied in public banks is not reflected in the volume of loan disbursement to the same extent. According to the news of Mehtap Özcan Ertürk from Sözcü, SMEs can find loans with annual costs of up to 50 percent.
Moreover, banks are very reluctant to lend. As of August 20, banks are required to establish 20 percent securities for the loans they apply in the loan interest rate, which is 1.4 times the annual compound reference rate determined by the CBRT, which is 16.32 percent.
BANKS STARTED TO IMPLEMENT LOAN ALLOCATION FEE AND HIGH COMMISSION
When this decision of the CBRT made it almost impossible for commercial loan interests to exceed 30 percent, banks started to apply loan allocation fees and high commissions this time. With this practice, revolving loans decreased to 18.50-19 percent in public and 20-21% in private banks. Finally, it is stated that banks also demand blocked deposit guarantees from their customers for commercial loans.