Banks offer special campaigns that allow retirees to borrow up to 9–10 times their monthly pension. As of January 23, 2021, these loans can be taken advantage of through the end of 2021. The conditions required to benefit from the promotional loans have been announced.
To qualify for campaign loans, applicants must be pension recipients, Turkish citizens, and able to present their pension booklet as documentation. They must also agree to a loan amount determined by calculating monthly installments up to a maximum of 50% of their pension.
Banks Offering Preferential Retirement Loans
Retirement loans introduced and regulated from January 2021 are provided as consumer loans. According to banks, these loans aim to offer retirees lower interest rates and affordable monthly installment plans. Among the most advantageous campaign products are those from ING and Türkiye İş Bankası.
ING Bank announced that, starting in January, it offers retirees a 10,000 TL consumer loan at an interest rate of 1.49%. For a 10,000 TL loan the repayment period used is 36 months, with monthly installments calculated at approximately 379 TL. The total repayment amount for this loan is 13,699 TL.
36-Month Loans
Another competitive retirement loan is offered by Türkiye İş Bankası: a 10,000 TL consumer loan at 1.50% interest. Monthly installments are calculated at about 380 TL to help retirees avoid payment difficulties. The total amount repaid over the 36-month term is 13,726 TL.
Other banks offering tailored options for retirees include Garanti, VakıfBank, DenizBank, and Aktifbank. Through the end of 2021, Garanti Bank provided a special loan for retirees of up to 100,000 TL with a 36-month term and the option to pay installments every three months.
Quarterly Payment Option
VakıfBank offers retirees loans up to 90,000 TL with a 36-month term and the advantage of quarterly installment payments. Retirees who apply at Aktifbank, Halkbank, Şekerbank or Ziraat Bank branches can borrow up to 50,000 TL and use repayment terms of up to 36 months. Among these banks, only Ziraat and Halkbank allow quarterly installment payments for retirees; the other banks require monthly payments.
How to Apply
Banks also detailed how retirees can apply for these promotional loans. Since proof of retirement is the primary requirement, retirees should visit a nearby branch and meet with the loan department representative. Applicants need to present a national ID card, pension booklet, and one utility bill (electricity, water, or natural gas) in their name. The loan application is completed by filling out and signing the “retirement loan application form” provided by the representative. After submitting the form, applicants must wait for the approval process.
Banks stated that they inform applicants of the loan decision by SMS on the same day. Approved applicants can collect their loan amount at the branch where they applied. For retirees who prefer not to return to the branch, banks can open an automatic deposit account and transfer the funds directly to that account.