The change in installment periods for mobile phone and vehicle sales has been published in the Official Gazette.

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According to the regulation change of the Ministry of Trade, which was published in the Official Gazette and came into effect, the installment periods for mobile phone and automobile sales have been redefined.

3-MONTH LIMIT ON MOBILE PHONES

For mobile phones that are classified as refurbished and have a price above 25,000 TL, and for devices that do not have this classification but are priced above 20,000 TL, the installment period is limited to 3 months.

NO INSTALLMENTS FOR VEHICLES OVER 2 MILLION TL

The installment period for vehicle sales varies according to the invoice value. For vehicles priced at 400,000 TL and below, the maximum installment period is 48 months; for vehicles priced between 400,000 TL and 800,000 TL, the maximum is 36 months; for vehicles priced between 800,000 TL and 1.2 million TL, the maximum is 24 months; and for vehicles priced between 1.2 million TL and 2 million TL, the maximum is 12 months. Vehicles priced over 2 million TL cannot be financed with installments.

Moreover, banks were already applying this rule as it is. The regulation came into effect as of today.