ANNOUNCEMENT 26 Sep 2019

On 26 September 2019, three major Turkish state banks jointly announced a new loan program aimed at boosting the local automotive market.

 

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

Loan program by Halkbank. Available at: https://www.halkbank.com.tr/19852-halkbank_tasit_ana_sayfa

Loan program by Vakifbank. Available at: https://www.vakifbank.com.tr/Default.aspx?pageID=2724

Loan program by Ziraatbank. Available at: https://www.ziraatbank.com.tr/tr/Bankamiz-ZB/basin-odasi/BasinBultenleri/basin-aciklamasi-halkbank_vakifbank_94506.pdf

State Announcement Authority, "3 state banks have decreased the rates on loans". Available at: https://www.bik.gov.tr/3-kamu-bankasinda-tasit-kredisinde-faizleri-indirdi/

Anadolu Agency, State News Agency, "The loan program is extended with the addition of new car manufacturers". Available at: https://www.aa.com.tr/tr/ekonomi/3-kamu-bankasinin-tasit-kredisi-paketleri-yeni-firmalarla-genisliyor/1597601

State Announcement Authority,"2 brands are included in the loan program". Available at: https://www.bik.gov.tr/tasit-kredisi-kampanyasina-2-marka-daha-dahil-oldu/

Inception date: 01 Oct 2019 | Removal date: 31 Dec 2019

Localisation incentive

On 26 September 2019, three major Turkish state banks namely Ziraat Bank, Halkbank, and Vakifbank jointly announced a new loan program aimed at boosting the local automotive market. Under the new program, three state banks offer credit to customers with favorable interest rates in purchasing vehicles which are produced in Turkey. The loan will be up to 120,000 TRY (21,165 USD) per customer with a maturity of up to 36 months for non-commercial vehicles and 60 months for commercial vehicles.

Under the loan program, the following car manufacturers are considered eligible by the Banks:

For non-commercial vehicles: Fiat, Honda, Hyundai, Renault

For commercial vehicles: Fiat, Ford, Isuzu, Karsan, Temsa

Only the models which are produced in Turkey are eligible for the loan program.

The loan program will start on 1 October 2019 and expire on 31 December 2019.

On 30 September 2019, two car manufacturers namely Otokar and BMC are included in the program with their locally produced models.

On 2 October 2019, Toyota and Mercedes are also included in the loan program with their locally produced models. 

AFFECTED SECTORS