What should be the credit score in order to get a loan?

The applicant's credit score must be at least 1,100 points . Applicants with  a credit score between 1 and 1.099 points, included in the risky and medium- risk groups, have almost no chance of obtaining a loan.

Documents Required to Get a Loan

A Valid Identity Document: A valid identity document such as a Turkish identity document, driver's license or passport, on which the applicant's TR identity number is written.

Document Proving Residence Address: A recent electricity, telephone and similar service invoice, rental contract, sent to the applicant's name and residence address.

Document Showing Income Status: Applicant's payroll for the last 6 months for private sector and public employees, current tax plate for business owners, signature circular, balance sheet and income statement, trade registry gazette, pension certificate for retirees and rental income, etc. income certificate.

Loan Application Form: A loan application form filled and signed by the applicant. Loan application forms can be obtained from the relevant bank branches or from internet banking.

Things to Consider When Taking a Loan

If you pay attention to certain points while taking a loan, the loan gives you the opportunity to do many things that you cannot do on your own:

Amount of Cash Need: Determine exactly how much cash you need when taking out a loan, and don't take out more than you need. Because the cash you get by taking a loan has a very high cost. You do not have to withdraw the entire loan amount approved for you.

Interest Rate: The main issues to be considered while taking a loan are the interest rate and hidden costs. The announced interest rates are on a monthly basis and do not include the expenses collected by banks under various names, RUSF, BITT and other taxes. It is useful to compare the annual cost rates of interest rates that vary from bank to bank. You should also include the non-interest costs and expenses received by the banks in your cost account. While some banks keep the interest rates low, they charge high amounts under the names of file costs, loan origination costs and similar names.

Maturity Selection: One of the most important issues to remember when using a loan is the longer the loan term, the higher the interest cost for you. It is useful to make sure that the loan term is as short as possible. The shorter the loan term, the higher your monthly payments will be. If you adjust the maturity period according to the highest monthly loan installment payment you can pay, you can reduce your loan cost to the lowest level.

Frequently Asked Questions :

Will I Get Credit?

Among the most important criteria that banks consider when evaluating loan applications are your credit rating and documentable income. Credit score is given in the range of 1-1900 points. Between 1 and 699 points are considered as the most risky, between 700-1099 points as medium risk, 1100 -1499 as low risk, 1500-1699 as good and 1700 -1900 as very good. If your credit score is in the range of 1-1099, that is, in the highest risk or medium risk group, the probability of your loan application being approved is almost negligible. To get a loan, you must first improve your credit score. If your credit score is between 1100 and 1499, your loan application may be approved. If your credit score is 1500 or higher, your loan application is very likely to be approved. If you do not have documentable income, we can say that the probability of your loan application being approved is very low.

How Much Credit Will I Get?

If your credit score is 1500 and above, the bank determines the maximum loan amount you can withdraw in accordance with your monthly income level and taking into account your compulsory expenses such as rent etc. How much credit you get is closely related to your credit score and documentable monthly income.

To whom is the loan given?

In principle, loans can be given to all individual and corporate customers over the age of 18 who have documentable income and are determined to have the ability to repay the loan to be drawn.

How Many Months Do You Need To Be Insured To Take A Loan?

Banks mostly require individuals applying for consumer loans to have at least 4 to 12 insured employees in their last workplace. However, these times vary from bank to bank.

How Much Loan Can I Take According to My Salary?

The most important criteria of banks regarding whether or not to give loans to individuals who apply for loans is that the people they give loans to repay the loan they receive within the selected maturity period without any problems.

Accordingly, monthly loan repayment installments should not exceed a certain percentage of the individual's monthly income. The maximum loan amount to be withdrawn is determined according to the disposable income remaining after meeting the basic needs of the individual such as housing and nutrition. Loan repayment installments are expected to be between 20% and 40% of the monthly income of individuals. For example, if you receive a salary of 4000 TL, your monthly loan repayment installments can be between 800 TL and 1600 TL. Accordingly, more loans can be drawn by extending the maturity period according to the amount of cash need. However, it should not be forgotten that the longer the maturity period, the higher the cost of the loan to the consumer.

How Much Credit?

How much credit will be issued is determined by criteria such as the applicant's monthly income level, compulsory expenses, number of dependents and credit rating. Assuming that the applicant can make monthly payments between 20% and 40% of his monthly income, the loan amount corresponding to this amount according to the maturity option is approved provided that the credit rating is at least 1100 points. The determining factor here is the applicant's monthly income, monthly disposable income, credit rating and the chosen maturity range.