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Ministry of Trade raises mobile phone installment limit to 40,000 liras
The Ministry of Trade has raised the installment limit for new mobile phone sales from 20,000 liras to 40,000 liras. Phones priced at 40,000 liras or less can be purchased in 12 installments, while models priced higher will have a three-month term; refurbished phones can be purchased in 12 installments without a price limit.
The Ministry of Trade has aligned the installment periods applicable to retail businesses' installment sales to consumers with decisions by the Banking Regulation and Supervision Agency (BDDK).
An amendment to the Regulation on the Principles and Rules to Be Applied in Retail Trade raised the installment limit for new mobile phone sales from 20,000 liras to 40,000 liras.
New installment terms for mobile phones
- New mobile phones priced at 40,000 liras or less can be purchased in 12 installments.
- The three-month installment limit will remain in place for new mobile phones priced above 40,000 liras.
- Refurbished mobile phones can be purchased in 12 installments without any price limit.
Installment periods for the sale of goods and services through credit cards, shopping loans and consumer financing are determined by the BDDK. For installment sales outside these methods, such as sales made on promissory notes, the Ministry of Trade has the authority to determine the periods.
The regulatory amendment authorizes the Ministry to determine installment periods and impose additional restrictions on installment sales of goods and services by retail businesses to consumers, excluding housing sales.
No changes made to other product groups
No changes were made to the installment amount or term limits for sales of electronic goods, tablet computers, televisions, electrical household appliances, furniture, domestic tourism and travel services, vehicles or jewelry. The existing alignment with earlier BDDK decisions was maintained for these product and service groups.
The Ministry of Trade said it would make the necessary regulations following any new decisions the BDDK may take in the future regarding installment sales and would continue to take into account the needs of consumers and the retail sector.
Source: Anadolu Ajansı
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