Cash loan covered by deposit is intended for all clients who guarantee repayment of the loan with funds that are deposited with the Bank during the whole repayment period. The client can use this product if s/he has an open transaction account with the Bank and if the deposit is placed in the Bank account.
Loan repayments may be done through equal monthly installments or equal monthly annuities, depending of the amount of deposit, which shall be used as collateral.
Spread between the deposit interest rate and loan interest rate is 2,50. The amount of deposit shall not be less than 100% of the loan amount. Administration fee for the loan is 0,50% of the loan amount.
Main Collateral Elements Required:
- Signed agreement that stipulates the amount deposited as the collateral item for the loan
- Bill of Exchange of the borrower
- Loan application form
- Authorization for enquiry at Regulatory Credit Bureau
- Agreement on term deposit issued by the Bank
Representative Repayment Schedule:
The table below demonstrates a representative repayment schedule of Ziraat Cash Loan covered by deposit.
|Cash Loan Covered by Deposit|
|Maturity Period||36 months|
|Nominal Interest Rate||5,00%|
|Monthly Annuity||449,55 EUR|
|Total Interest||1.183,86 EUR|
|Effective Interest Rate||5,49%|
|Total Payments by the Client (*)||16.263,86 EUR|