The basic needs loan, introduced during the coronavirus pandemic to provide cash support to those in need, was officially closed in earlier months. However, due to continued demand, public banks Ziraat Bank, VakıfBank and Halkbank are still offering a form of this basic needs loan. Applicants must meet certain eligibility criteria to qualify.
How to Apply for the Basic Needs Loan
To receive a basic needs loan from Ziraat Bank, applicants must meet specific conditions. In previous campaigns, VakıfBank, Halkbank and Ziraat Bank offered loans up to 20,000 TL. Under current rules, the public banks now provide loans up to 10,000 TL.
- The household’s monthly income must be below 5,000 TL to qualify for the loan.
- Since the loan is disbursed in cash, recipients are free to use the funds as needed.
- During application, identity details, monthly income and employment information must be submitted completely and accurately.
- Applicants are notified about approval or rejection of their loan requests.
- Only one spouse may benefit from the loan in married couples; both cannot receive it simultaneously.
- Loan repayments begin six months after disbursement, although borrowers may choose to start repayments earlier if they prefer.
- If applying through Ziraat Bank, you can submit your application via the mobile app or the official website. Applications are accepted when all required information is provided. Announcement of the decision may take up to one week depending on workload.
- To apply for the basic needs loan from VakıfBank, use internet banking, SMS or the mobile app. To apply by SMS, send a message to 5724 with the text: DESTEK TCKN (your ID number) HANEGELIRI (desired amount), leaving a space between each item. After submission, you will receive updates about the evaluation by SMS. Applications via the website or mobile app require the requested information to be entered.
- Applicants to Halkbank can apply through the website or mobile app. The system collects household income details and the applicant’s identity information during the application process.
What Are the Interest Rates for the Basic Needs Loan?
The interest rate for the basic needs loan is set at 0.49. The same rate applies across the three public banks: Ziraat Bank, VakıfBank and Halkbank.
- Borrowers taking a 1,000 TL loan with a 0.49 rate will pay installments of approximately 376 TL monthly over 30 months.
- Borrowers taking a 1,500 TL loan with a 0.49 rate will pay installments of approximately 282 TL monthly over 30 months.
- Borrowers taking a 10,000 TL loan with a 0.49 rate will pay installments of approximately 188 TL monthly over 30 months.
The loan allows lump-sum repayment of the principal and provides a single application opportunity per person. In other words, once someone receives this basic needs loan, they cannot apply again later. A spouse of a beneficiary is also ineligible to apply if the other spouse has already received the loan. Retirees are eligible to apply. Additionally, individuals who previously received a similar loan from a different bank under this program cannot apply again. Because of these restrictions, accurately calculating the required amount before applying is important. If the chosen amount is less than the actual need, the applicant will not be able to reapply under the same campaign. Conversely, even if the requested amount is at the maximum allowed, banks may approve a lower amount based on applicants’ credit scores and repayment guarantees. For example, someone with a low credit score may be granted 5,000 TL instead of the requested 10,000 TL, or their application may be denied.