Restructuring personal loans up to 60 months has started being announced by banks one after another. Following the announcement by President Recep Tayyip Erdoğan, the restructuring loans initially offered through Ziraat Bank to help citizens with credit card debts—and later supported by Vakıfbank and Halkbank—have had their scope expanded. This arrangement, which covers nearly 26 million citizens with credit card debt, has been extended to include personal installment loan borrowers and has been implemented with a reference date of February 11.
- No guarantor requirement,
- No specified minimum amount for restructuring
Citizens struggling to repay personal loans will get relief with loans extended up to 60 months. Unlike typical loan restructurings, these offers come with low interest rates and allow debts to be spread across equal monthly installments over 60 months, making repayments more manageable. This news—welcomed especially in a high-interest environment—has kept activity high at the banks.
What Are the Conditions for Restructuring 2019 Personal Loans to 60 Months?
After the Banking Regulation and Supervision Agency (BDDK) issued amendments published in the Official Gazette, provisions were made to allow consumer loans that are difficult to repay to be restructured with terms up to 60 months. The regulation aims to enable borrowers to pay their consumer loans, which previously carried heavy interest burdens, in equal installments at lower interest rates. Spreading debts over longer terms should make them easier for citizens to repay and improve collection rates. The conditions for the 60-month restructuring for 2019 personal loans show the intention to allow a broader group to benefit from this opportunity. According to the regulation covering borrowers who used personal loans on or before February 10, 2019 and are having difficulty paying principal and interest:
- The debts must not have been transferred to asset management companies,
- The applicant’s income and credit score must indicate the ability to pay the restructured installments,
- The personal loans requested for restructuring must have been used on or before February 10, 2019,
- The requested term must not exceed 60 months for the restructured installments
Under these conditions, personal loans can be restructured. Applications must be made to the banks holding the debt, provided the loans have not been transferred to asset management companies.
Which Banks Offer 60-Month Restructuring for 2019 Personal Loans?
Borrowers seeking to restructure their personal loans to 60-month terms can apply to the bank they owe according to the regulation. The prominent banks offering 60-month personal loan restructuring for 2019 include:
- Halkbank,
- Ziraat Bank,
- VakıfBank,
- Akbank,
- DenizBank
These banks stand out due to their large customer bases, flexible terms, and competitive interest rates. Customers who used loans on or before February 10, 2019 and are struggling to pay principal and interest may, if they meet the requirements, restructure their debts under favorable conditions at these banks.
What Are Halkbank’s Conditions for 60-Month Personal Loan Restructuring?
Halkbank, known for offering advantageous loan products to SMEs, tradespeople, and entrepreneurs, also provides individual customers the chance to restructure consumer loans up to 60 months under favorable terms. Halkbank accepts applications from customers regardless of whether they are retirees, public sector employees, or private sector employees, provided they receive their salary through Halkbank. Halkbank offers restructuring at attractive interest rates well below market levels (around 1.89%), without requiring that the loans to be restructured were originally taken from Halkbank. If the applicant’s credit score allows, restructuring can be provided without a guarantor or collateral. Interested customers can apply at Halkbank branches.
What Are Ziraat Bank’s Conditions for 60-Month Personal Loan Restructuring?
Ziraat Bank, which first opened its doors to customers wishing to restructure credit card debts, also leads in offering restructuring for personal loans taken on or before February 10, 2019—originally up to 36 months—into terms up to 60 months. Ziraat Bank provides 60-month loans without requiring a guarantor or additional collateral and offers discounted interest rates that can be up to 10% below market averages. Retirees, salaried employees registered with SGK, and public sector employees can apply for restructuring at Ziraat Bank branches. Ziraat evaluates applications based on income and credit score and can extend approved restructuring up to 60 months.
What Are VakıfBank’s Conditions for 60-Month Personal Loan Restructuring?
VakıfBank offers restructuring loans with up to 60-month terms and a competitive interest rate around 1.89% for customers who receive their salary through VakıfBank, helping them cover loans both at VakıfBank and at other banks. As with other public banks, VakıfBank assesses applications according to income and credit score. Retirees, public sector employees, and private sector employees who have their salary paid through VakıfBank can apply at branches to have their existing loans restructured into manageable monthly installments without exceeding the 60-month cap.
What Are Akbank’s Conditions for 60-Month Personal Loan Restructuring?
Akbank was the first private bank to join the 60-month restructuring campaign alongside public banks. Akbank offers restructuring up to 60 months with an interest rate around 2.48%. Although this rate is higher than those offered by public banks, Akbank helps customers by extending high, unaffordable installments into longer, more manageable terms. To apply for Akbank’s 60-month restructuring, you must present proof of income and your credit score will be evaluated; a repayment plan will be prepared in consultation with you. This can help you avoid legal enforcement actions that could follow from missed payments.
What Are DenizBank’s Conditions for 60-Month Personal Loan Restructuring?
DenizBank, like Akbank, offers restructuring for personal loans used on or before February 10, 2019, with terms up to 60 months and interest rates around 2.45%, similar to market levels. Although DenizBank’s rates are higher than public banks’, it reduces the burden by extending shorter-term loans (36 months or less) to 60 months when possible. Retirees and salaried employees can apply at DenizBank branches; if income documentation and credit score permit, and BDDK conditions are met, DenizBank will provide restructuring. The 60-month term is the upper limit; shorter terms can also be arranged.