| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Alawwal Bank - Personal Finance
|
Minimum Salary: SAR 5,000 | Salary Transfer: Yes | Islamic Finance: Yes | Maximum Term: 5 Years | Flat Rate: 3.79% | Reducing Rate: 2.5% |
No matter what your goals are, from managing school fees or buying a new car to investing your money, we’ll help you get there with Alawwal Bank Personal Finance.
Features
- Shari’ah compliant
- Instant approval
- Top up after repayment 20% of your existing finance
- Finance up to S.R. 1,500,000
- Repayment period up to 5 years
- Exemption from remaining repayments in case of death (God forbids)
- Option to defer the first 6 payments
Documents Required
- A filled in application form
- A copy of ID/Iqama (and a copy of passport for expatriates)
- Employment letter
- Salary transfer form
Additional Information
Applicant Eligibility: Citizen:
- Minimum Salary S.R 3,000 (public/semi public/ Military Sector)
- Minimum Salary S.R 8,000 (Private Sector)
- Age: 18-60 (public/semi public/ Military Sector/Retired) & 21-60 (Private Sector), 35-70 (Retired)
- Minimum Salary S.R 3,500 (public/semi public/ Military Sector/Retired)
- Minimum Salary S.R 3,000 (Private Sector)
- Age: 21-60 (public/semi public/ Military Sector) & 25-60 (Private Sector)
** Calculator Definitions
Amount:
The total amount of money borrowed, also referred to as the principal amount.
Rate (%):
This is the annual interest rate on the product which is equivalent to APR, which is going to be calculated in this example.
Years:
This is the original term or length of the product, stated in years.
Effective Monthly Payment:
This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%):
The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.
