According to the emergency ordinance passed by the Government, the early repayment fee will be capped at 1% of the returned amount, if the loan is due within more than a year.
If the loan is due within less than a year, the early repayment fee will be capped at 0.5%.
All banks will have to make the necessary changes in the loan contracts so as to meet provisions within maximum 90 days since the publication of the emergency ordinance in the Official Gazette.
Banks will also be bound to provide customers with standard forms prior to the conclusion of the contract, in order to compare offers in the market.
After the termination of the contract, the beneficiary will have 14 days available to rescind the contract without additional explanations.
The provisions also apply for the contracts in progress.
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