Turkey's state-owned banks extend COVID-19 loan facilities

Turkey’s state-owned Ziraat Bank, Vakıfbank and Halkbank said on Monday they would extend loan facilities provided during the COVID-19 pandemic with reduced rates, T24 news site reported.

Home mortgage loans will have up to 15 years maturity, a grace period of up to 12 months and a 0.64 interest rate, T24 said, citing a statement by the banks. 

Loans for vehicles, locally manufactured goods and holiday expenses will also be extended.

Ziraat Bank, Vakıfbank, and Halkbank have been offering extensions on repayments for loans during the outbreak. They had allowed customers to delay payments of loan and credit card debt worth more than 60 billion lira ($9 billion) in an effort to help those hard hit by the pandemic.

Ziraat Bank said it would allow all individual and corporate clients to postpone interest and principal payments due on March 31, while VakıfBank vowed flexibility in repaying loans until June 30.