Ministry received authority | Mobile installment increased

MİTHAT YURDAKUL / ANKARA - The Ministry of Commerce has put into effect a new regulation in line with current needs and ensuring uniformity of practice regarding installment sales. With the amendment to the regulation published in yesterday's Official Gazette, the Ministry of Commerce was given the authority to determine the installment periods and impose additional restrictions on installment sales of goods and services made by retail businesses, other than residential sales.

The limit is 40 thousand lira

Immediately after the regulation change, the first decision came on mobile phones. Following the BRSA's decision to increase the maturity limit for mobile phone consumer loans, the limit for installment sales was also increased. The installment limit for new mobile phone sales was increased from 20 thousand TL to 40 thousand TL. The maturity limit of 12 months was maintained for mobile phones priced at or below 40 thousand TL, and 3 months for mobile phones priced above 40 thousand TL. A 12-month maturity opportunity has been introduced for mobile phone sales, which are used products, without any amount limit. No changes were made to the installment amount and maturity limits for electronic goods, tablet computers, televisions, electrical appliances, furniture, domestic tourism and travel expenses, vehicles and jewelery sales.

Promissory note sales are within the scope

Installment periods for goods and services sales; It is determined by the BRSA for sales made through credit card, shopping credit and consumer financing, and by the Ministry of Commerce for installment sales methods other than these methods, such as promissory note sales. Accordingly; The number of installments for installment purchases made by some stores or local phone shops by borrowing directly from the store on a promissory note, without using a credit card or bank loan, will increase. Lines where payments are sent directly to the seller through the store's own customer account or installment sales contract will also be included.

The ban on installments on credit cards continues

With the decision taken at the beginning of this month, BRSA redefined the maturity limits for consumer loans extended for mobile phone purchases. In this context, the maturity limit for mobile phone loans has been determined as 12 months for mobile phones whose price is 40 thousand lira and below, and 3 months for those whose price is over 40 thousand lira. The maturity limit for refurbished mobile phones was announced as 12 months for those whose price is 50 thousand lira and below, and 3 months for those whose price is over 50 thousand lira. It was decided that the ban on installment payments for mobile phone purchases by credit card, except for renewed products, will continue.

New regulations will come

The Ministry of Commerce will implement new regulations in line with BRSA decisions in the coming period. In this context; Other installment methods in the retail sector will also be harmonized with the decisions taken by BRSA regarding the installment periods of sales made through credit cards, shopping loans and consumer financing. New decisions regarding the market will be communicated to professional organizations after being announced on the ministry's website.