When we evaluate June, interest loans given by banks vary between 1.74% and 2.05%. When we calculated over 10,000 USD as of June 2019, the lowest loan interest rate was determined as 1.74%. We see an increase of around 10% from last year. Because interest rates were around 1.45% in June last year. This year this figure was 1.74% (lowest). The high interest rates prevent people in need of loans from applying for loans. If we consider that millions of people are already on the black list at this stage, we can say that most of the applications have been rejected.
Consumer loan interest calculation
In fact, you can automatically calculate this calculation according to the loan amount you request and the number of terms. Let’s make a simple calculation in terms of your example. Let the loan amount we request be 15,000 USD and let’s determine our maturity number as 36 months.
Let’s do the calculation based on the lowest loan interest rate of 1.74%.
The repayment of the loan that we received as 15,000 USD will be 21,486 USD in total. In other words, we will pay approximately 6500 USD . The total amount of interest we will pay will be USD 5,405. We will have to pay 597 USD monthly for 36 months. This calculation does not include additional charges, insurance and other charges.
Banks that give personal loans with zero interest
For now, it is impossible to find a bank with zero interest rate loans. You will not find any zero-interest loans in the banks operating in Turkey. There may be exceptions only for certain private commercial loans or grant loans. Unfortunately, zero interest rate application is not available in retail consumer loans.
But you can use general purpose loans at the lowest loan interest rate. Some banks determine the loan interest rates according to the financial status of the customer. If you are a loyal customer and your credit rating is very good, you can take advantage of lower interest loans. Many banks started to switch to this application. For personal interest rates, you can contact the bank branch of which you are a direct customer and get detailed information.
Do consumer loan interests decrease?
In these days that very healthy progress of Turkey’s economy, interest rates will fall at least to say it does not seem possible at this stage. It is even said that interest rates may increase a lit USD and more. Therefore, if you want to use a loan, we recommend you to use the opportunity and you can use your loan with the lowest loan interest rate in June. Here we only share our insights. We definitely do not provide clear and need advice in your financial transactions and we do not provide investment advice. If you need credit and are willing to pay these high repayment amounts, you can use credit. But if you want to expect interest rates to drop a lit land more at the end of the summer and postpone your loan application, this is completely your choice. You can decide by following the analysis on this issue.