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  What Is Consumer (Need) Credit? What Is It Made Of?
Posted by: admin - 11-06-2020, 01:11 PM - Forum: Banks - No Replies

The product that banks market most after Credit Cards is consumer credit. These loans are borrowed at the requested maturities in exchange for a certain interest rate. But in the protocol signed with the contract, there are responsibilities taken depending on consumer credit. When people sign pages of contracts, they do not dwell on them and refrain from examining the details.

A type of loan that is used as money to meet the needs of individuals living outside of commercial purposes, including the conditions at the time of use, which is repaid accompanied by interest set by banks, is called a consumer loan, in other words, a need loan.

A loan is an agreement between the lender and the lender. A credit contract means setting a certain amount of money Limit (Allocation of credit) for the customer to use. All rules related to repayment, including interest, are determined by loan agreements in advance, and the loan is specified in the loan agreement that the bank has entered into with the customer.


- Credit Agreement: if the customer's credit request is approved, a contract is signed between the bank and the customer containing the terms of credit utilization. If the goods or services purchased with the loan become unusable, including during the contract period (breakage, theft, deterioration, etc.), the terms of the contract apply.

- Loan amount / Principal: this is the amount of debt that customers commit to repay from banks in exchange for interest and within a certain period of time.

- Maturity: the time when customers commit to repay the loans they receive from banks. Although different in each bank, the maturities of consumer loans vary from 1 month to 60 months.

- Interest: in addition to the principal provided to customers as a loan, this is the price that the customer pays to the creditor/bank during the loan term. In short, interest is the rent of money. Interest is announced monthly each month, calculated on the remaining principal and operated daily.

- Payment plan / installment amounts: the customer is given a payment plan upon acceptance of the loan application. The payment plan specifies the principal, interest, costs, funds and taxes that the customer must pay each month.

Installment amounts are taken in equal amounts from the beginning to the end of the loan.

- Funds and taxes: KKDF (resource utilization Support Fund): 15% of the loan interest amount
It is a fund established under the auspices of the central bank. The reason for the establishment of this fund is to direct the targeted investments in the development plan and reduce the costs of loans received in specialized loans, which are calculated as a certain proportion of the amount of interest operated on loans used by banks, and banks collect and pay to the state from the party using the loan.

BSMV (Bank Insurance treatment tax): 5% of the amount of interest on the loan is a tax that banks calculate as a certain proportion of the amount of interest they operate on the loans they use and pay to the state by collecting it from the party using the loan.

Why do I have to pay these fees?

According to the tax legislation, these amounts are taken as taxes on the interest amounts in the use of the loan and deposited on your behalf.

- Credit insurance: it is a policy to secure credit debt in response to various risks such as death, permanent disability or unemployment that may occur to the borrower during the loan term. In case of damage covered by the policy, the credit debt is paid by the insurance company within the guarantees.

- Transaction fees / expenses: this is the fee that financial institutions charge from customers in exchange for the operational costs of loans they use (repayments, infrastructure, stationery, personnel, etc.). File costs will be charged monthly for the entire life of the loan, not at once at the beginning of the loan. Thus, when the credit is used to the customer, the amount received by the customer is equal to the amount requested in the first place. Transaction fees are not deducted from this amount in any way.

In case of total early payment, outstanding file or credit management costs are taken when closing existing credit debt.

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