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Türkiye Loan Calculator: Installment and Annual Cost

Rules and data: TürkiyeBy Hesaplayıcı

The loan calculator finds the monthly installment, total repayment, KKDF and BSMV amounts, allocation fee and annual cost rate of an equal-installment Turkish bank loan. Choose the loan type; it sets the tax rates. Enter the loan amount or the installment you can pay, the interest rate and the term. The calculator also shows the dated payment plan.

The loan type sets the KKDF and BSMV rates.

The contractual rate of the bank, without KKDF and BSMV.

More optionsAllocation fee, Loan date, KKDF rate, BSMV rate

In percent of the loan amount. At most 0.5% on consumer loans; enter 0 when there is no fee.

Empty means today. The first installment is due one month later on the same day.

Leave empty for the rate of the loan type. Enter it when your contract says otherwise.

Leave empty for the rate of the loan type. Enter it when your contract says otherwise.

Worked example: A 100,000 TRY personal loan at 3% a month for 12 months

Monthly installment

10,593.48 TRY

Loan amount
100,000.00 TRY
Total repayment
127,121.80 TRY
Total cost of the loan
27,696.80 TRY
Annual cost rate
60.09%
Monthly cost rate
4.00%
Total interest
20,862.94 TRY
Total KKDF
3,129.43 TRY
Total BSMV
3,129.43 TRY
Allocation fee
500.00 TRY
BSMV on the fee
75.00 TRY
KKDF rate applied
15.00%
BSMV rate applied
15.00%
Monthly interest rate
3.00%
Monthly rate with taxes
3.90%
Step by step

  1. Monthly rate with taxes

    i = r × (1 + KKDF + BSMV)

    i = 3% × (1 + 15% + 15%) = 3.90%

  2. Monthly installment

    A = P × i / (1 − (1 + i)^(−n))

    A = 100,000.00 × 3.9% / (1 − (1 + 3.9%)^(−12)) = 10,593.48 TRY

  3. Total repayment

    total payment = sum of the installments

    total payment = 10,593.48 × 11 + 10,593.52 = 127,121.80 TRY

  4. Allocation fee

    allocation fee = P × fee rate

    allocation fee = 100,000.00 × 0.5% = 500.00 TRY

  5. BSMV on the fee

    BSMV on the fee = allocation fee × BSMV

    BSMV on the fee = 500.00 × 15% = 75.00 TRY

  6. Total cost of the loan

    total cost = interest + KKDF + BSMV + allocation fee + BSMV on the fee

    total cost = 20,862.94 + 3,129.43 + 3,129.43 + 500.00 + 75.00 = 27,696.80 TRY

  7. Monthly cost rate

    Σ installment_k / (1 + m)^k = P − allocation fee − BSMV on the fee

    Σ installment_k / (1 + m)^k = 100,000.00 − 500.00 − 75.00 = 99,425.00 = 4.00%

  8. Annual cost rate

    ACR = (1 + m)^12 − 1

    ACR = (1 + 3.9992%)^12 − 1 = 60.09%

finance.loan-payment.tr

How to use

  1. In Calculation, choose “Installment from the loan amount”. To find how much you can borrow, choose “Loan amount from the installment”.
  2. Choose personal, vehicle, housing or business in Loan type. The type sets the KKDF and BSMV rates.
  3. For a housing loan, answer House in your name. When a house is registered in your name on the loan date, BSMV is charged.
  4. Enter the Loan amount in TRY. To start from the installment, enter the installment you can pay in Monthly installment.
  5. Enter the bank’s contractual Interest rate and choose monthly or yearly in Rate period. Enter the Term as the number of monthly installments.
  6. If you need them, open More options. Enter the bank’s Allocation fee as a percent of the loan amount. On consumer loans it is at most 0.5%; enter 0 when there is no fee.
  7. Leave Loan date empty for today. The first installment is due one month later on the same day.
  8. Leave KKDF rate and BSMV rate empty. Enter them when your contract has other rates.
  9. Press Calculate.

Formula

  • r = yearly rate / 12 (only when you enter a yearly rate)
  • i = r × (1 + KKDF + BSMV)
  • A = P × i / (1 − (1 + i)^(−n)); from the installment, P = A × (1 − (1 + i)^(−n)) / i
  • Monthly interest = remaining principal × r, KKDF = monthly interest × KKDF rate, BSMV = monthly interest × BSMV rate
  • Allocation fee = P × fee rate, BSMV on the fee = allocation fee × BSMV rate
  • Σ installment_k / (1 + m)^k = P − allocation fee − BSMV on the fee, ACR = (1 + m)^12 − 1

P is the loan amount, r the contractual monthly rate, i the monthly rate with taxes, n the term, A the monthly installment and m the monthly cost rate. The annual cost rate (ACR, yıllık maliyet oranı) follows Annex 1 of the Consumer Credit Contracts Regulation: a year has 12 equal months and the result has four decimals.

KKDF and BSMV by loan type:

Loan type KKDF BSMV
Personal loan 15% 15%
Vehicle loan (to a person) 15% 15%
Housing loan, no house in your name 0 0
Housing loan, a house in your name 0 15%
Business loan (TRY) 0 5%

On consumer loans KKDF is 15% by Council of Ministers Decision 2010/974 and BSMV is 15% by Presidential Decision 7345. Housing loans carry no KKDF; the BSMV exemption is in Law 6802 art. 29/1-y (as amended by Law 7491, from 1 January 2024). Business loans carry the general BSMV rate of 5%. A shop or office loan a person takes as an investment is a consumer loan; choose the personal loan.

Worked example

The worked example on this page shows a 100,000 TRY personal loan at 3% a month for 12 months. KKDF and BSMV are 15% and the allocation fee is 0.5%. The steps give the monthly rate with taxes, the installment, the 500 TRY fee and its 75 TRY BSMV, the total cost and the annual cost rate. The fee raises the annual cost rate from 58.27% to 60.09%. In the payment plan, the interest part falls and the principal part rises every month.

Limits

The calculator leaves out insurance, appraisal and mortgage costs; a bank’s annual cost rate can include them. The rate stays the same for the whole term. A due date on a holiday is not moved, and the interest is not recounted by days. The tax rates are the rules in force since 1 January 2024; for an older loan, enter the KKDF and BSMV rates yourself. Foreign currency and gold loans are not calculated. Amounts are rounded to the kuruş; the last installment can differ by a few kuruş. The term is at most 480 months.

Frequently Asked Questions

How do Turkish banks calculate a loan installment?

Banks add KKDF and BSMV to the monthly interest rate: i = r × (1 + KKDF + BSMV). The installment is A = P × i / (1 − (1 + i)^(−n)), where P is the loan amount and n the term in months.

What are KKDF and BSMV by loan type?

Personal and vehicle loans carry KKDF 15% and BSMV 15%. Housing loans carry no KKDF, and no BSMV when no house is registered in your name; with a house, BSMV is 15%. Business TRY loans carry KKDF 0 and BSMV 5%.

How is the annual cost rate calculated?

The installments, discounted to the loan date, are set equal to the loan amount less the allocation fee and its BSMV; the monthly rate m that does this is found. The annual cost rate is (1 + m)^12 − 1.

How much can I borrow for a given installment?

Choose "Loan amount from the installment" in Calculation and enter the installment you can pay. The calculator finds what those installments are worth on the loan date: P = A × (1 − (1 + i)^(−n)) / i.

How large can the allocation fee be?

On consumer loans the allocation fee is at most 0.5% of the loan amount. BSMV is added at the loan’s rate: a 100,000 TRY personal loan pays a 500 TRY fee and 75 TRY BSMV.

Why is the last installment a few kuruş different?

Each month's interest and taxes are rounded to the kuruş. The last installment repays exactly the principal left, so it can differ by a few kuruş.

Calculation rules

  • The installment uses the equal-installment formula with the monthly rate plus KKDF and BSMV: i = r × (1 + KKDF + BSMV), A = P × i / (1 − (1 + i)^(−n)).
  • Each month the interest is the remaining principal × r; KKDF and BSMV are shares of that interest. The rest of the installment repays principal.
  • A yearly rate is divided by 12 to get the monthly rate.
  • Amounts are rounded to the kuruş, half up. The last installment repays what is left and can differ by a few kuruş.
  • The loan type sets the taxes. Personal and vehicle loans are consumer loans, lent to a person not for business: KKDF 15% (Council of Ministers Decision 2010/974), BSMV 15% (Decision 98/11591 art. 1/ğ; Presidential Decision 7345, loans used from 7 July 2023).
  • Housing loans carry no KKDF (KKDF Communiqué no. 6 art. 3/2). A consumer who owns no house registered in their name on the loan date pays no BSMV either; with a house, BSMV is 15% (Law 6802 art. 29/1-y as amended by Law 7491, from 1 January 2024).
  • A business loan is a TRY loan to a business: KKDF 0% (Presidential Decision 2025/10094), BSMV 5% (Decision 98/11591 art. 1/h). Foreign currency and gold loans are not calculated.
  • The tax rates are the rules in force since 1 January 2024. For an older loan, or a contract with other rates, enter the KKDF and BSMV rates yourself.
  • The allocation fee is a percent of the loan amount paid on the loan date; on consumer loans it is at most 0.5% (Central Bank Communiqué 2020/7 art. 10). BSMV is added to the fee at the loan’s BSMV rate.
  • The annual cost rate follows the formula in Annex 1 of the Consumer Credit Contracts Regulation: the installments, discounted to the loan date, equal the loan amount less the fee and its BSMV; a year has 12 equal months. ACR = (1 + m)^12 − 1. The rates have four decimals.
  • The first installment is due one month after the loan date and the next ones on the same day each month; when a month has no such day, on its last day. A due date on a holiday is not moved and the interest is not recounted by days.
  • In the reverse mode, the loan amount is what the installments are worth on the loan date: P = A × (1 − (1 + i)^(−n)) / i, rounded down to the kuruş. The last installment can differ by a few kuruş.
  • Insurance, appraisal, mortgage and notary costs and variable rates are not calculated.
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