BRSA Regulates Consumer Loans and Installment Plans for Mobile Phone Purchases

The Banking Regulation and Supervision Agency (BRSA) has made changes to the loan amount and the number of installments, along with a distinction between refurbished and non-refurbished mobile phones. According to the statement made by the BRSA regarding the matter, consumer loans provided for the purpose of purchasing mobile phones have been revised as per the fourth paragraph of Article 12 of the Regulation on Credit Transactions of Banks and the fifth paragraph of Article 11/A of the Regulation on the Establishment and Operation Principles of Financial Leasing, Factoring, and Finance Companies. Accordingly, for consumer loans intended for the purchase of mobile phones, the maturity limit has been set at twelve months for phones priced at 20,000 TL and below, and three months for phones priced above 20,000 TL. Additionally, for mobile phones classified as "refurbished," the maturity limit is set at twelve months for those priced at 25,000 TL and below, and three months for those above 25,000 TL.