Car Loan

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İktisatbank Car Loan

Whatever the Make or Model, the Key Is in Your Hand with an İktisatbank Car Loan

You do not need to use up your savings to buy the car of your dreams. With an İktisatbank car loan, you can finance both new and used vehicle purchases with competitive interest rates and high financing options.

Whatever the make of the car you want to own, your Car Loan is ready at İktisatbank. The installment deferral option available with the Personal Car Loan, or the payment holiday option that lets you skip installments in the months you choose, makes your repayments easier.

Car Loan Application Steps

  • Calculate your installment. Use the Loan Calculator to find out your monthly installment based on the amount and term you need.
  • Submit your application. Complete the Loan Application Form on our website or visit your nearest İktisatbank branch to apply.
  • Complete your documents. Our customer representative will contact you and guide you through the required steps.

Before applying, visit our Loan Interest Rates page for the latest rates.
For detailed information, call Telephone Banking at +90(392)444-4444.

Car Loan Calculation Details

  • A one-time loan allocation fee will be charged when the loan is disbursed. This fee is calculated as 2% of the loan amount, plus 3% Banking and Insurance Transactions Tax on the fee.
  • A stamp duty of 0.5% is charged on the total loan amount stated in the loan agreement.
  • Insurance premiums are not included in annual percentage cost calculations. If insurance is arranged, the Consumer Loan Pre-Contract Information Form provided before the loan is used will state the annual percentage cost including insurance.
  • Installments include interest, principal, and taxes. A 3% Banking and Insurance Transactions Tax is charged on the interest amount.
  • If comprehensive motor insurance is arranged, the premium will vary according to the vehicle's price. The Consumer Loan Pre-Contract Information Form provided before the loan is used will state the annual percentage cost including the comprehensive motor insurance premium.
  • The bank reserves the right to assess loan applications and change interest rates.

Frequently Asked Questions About Car Loans

Anyone who is at least 18 years old, can provide proof of income, and resides in the TRNC can apply.
  • Identity card or passport.
  • Proof of residence in the TRNC or a water/electricity bill in your name.
  • Proof of income (payslip, etc.).
  • If the vehicle will be purchased from a dealer: pro forma invoice.
  • If the vehicle will be purchased from an individual: vehicle registration document.
You can use a Car Loan from Kıbrıs İktisat Bankası Ltd. with terms of up to 72 months.
You can use the loan amount you need in Turkish Lira (TL), US Dollars (USD), Pound Sterling (GBP), or Euro (EUR).
  • Through Internet Banking or Mobile Banking,
  • through ATM Banking available in every region of Northern Cyprus,
  • or by visiting your nearest İktisatbank branch.

You can use any of these channels to make your Car Loan payments.

Customers who want their installments to be paid automatically on the due date can set up an automatic payment instruction from their account at a branch.