OPENING A BANK ACCOUNT AND PROCESSING A LOAN

18/05/2024 368

OPENING A BANK ACCOUNT AND PROCESSING A LOAN

Opening a bank account
Currently, the banking system is represented by three types of banks: state, commercial, investment. The Central Bank of the Republic of Turkey plays a key role, whose main goal is to support the economic development of the country. Commercial banks are quite in demand, accounting for more than 40% of the country's deposits.
Any individual has the right to open accounts in Turkish banks, thereby making it possible to pay for goods, pay utilities online, receive wages, withdraw cash in different currencies (since you can withdraw any necessary currency from the account by making an exchange within the banking application)
To open an account you must have: Turkish Taxpayer Identification Number; identity document (residence permit); document proving your place of residence (utility receipt in your name)

Bank loans for foreigners
Foreign citizens living in Turkey can take out a loan subject to having a residence permit or official work permit. It is possible to apply for a consumer loan (tüketici kredisi) for the purchase of housing (konut kredisi), a car (taşıt kredisi) and the so-called loan forneeds (ihtiyaç kredisi) in Turkish banks.
There are some nuances that you should pay attention to in order to be able to apply for a loan:
Foreigners living in Turkey must confirm their permission to live and work in the country.
A mandatory requirement is a guarantee receipt or a guarantor who is a citizen of the TR. The guarantor must be a Turkish citizen because banks do not take the risk in case the foreigner leaves the country, does not return or is deported.
Foreigners working in Turkey are also asked to document their income and payroll for the last 3 months. This document tells whether a person is unemployed or not. In the case of an unemployed foreigner, he can submit to the bank a bank account statement from his home country along with other required documents. After collecting all the necessary documents to apply for a loan, you must provide the bank with the entire list of documents with the application form (başvuru formu). The documents requested from foreigners in accordance with the type of loan requested are as follows:

Loan for needs for foreigners / required documents:
- Residence permit and work permit
-	Referenceabout income
-	Copy of the passport
- Guarantee receipt or guarantor (Turkish citizen)

Car loan for foreigners / required documents:
- Residence permit and work permit
- Proforma invoice for the purchased car
- Certificate of income
-	Copy of the passport
- Guarantee receipt or guarantor (Turkish citizen)

Main Turkish banks issuing loans to foreign citizens: Albaraka Bank, Kuveyt Türk Bank, Ziraat Bank, VakıfBank, iş Bank, Garanti Bank, QNB Finansbank, HSBC, Akbank

Albaraka Bank and Kuveyt Türk Bank issue such loans only in euros. Foreigners with a Turkish residence permit and work permit are not issued loans in euros. It is always better to check the list of required documents with the selected bank before submitting an application, as changes occur periodically.

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OPENING A BANK ACCOUNT AND PROCESSING A LOAN

OPENING A BANK ACCOUNT AND PROCESSING A LOAN

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