| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Samba - Personal Finance For Newly Arrived Expatriates
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Minimum Salary: SAR 5,000 | Salary Transfer: Yes | Islamic Finance: Yes | Maximum Term: 1 Years | Flat Rate: - | Reducing Rate: - |
Samba understands how hard it can be for newly-arrived expats to get settled in Saudi Arabia. To welcome you and get you started, Samba offers a special personal finance package specially tailored for the needs of newly arrived expats. If you have been working in the Kingdom for at least one month, you can avail of it immediately.
Features
- Approved by the Shariah Supervisory Board
- No guarantor required
- Finance amount up to SR 200,000
- Instant approval over the phone
- Repayment period of up to 12 months
- Fixed profit rate for the entire finance period
- Takaful Insurance - In case of death or permanent total medical disability, God forbid, all outstanding amounts will be considered paid subject to terms and conditions of insurance policy
- Samba Credit Card without annual fees for the entire finance period*
- Opportunity to top up your Al Khair finance for extra cash
Documents Required
- Application form
- A photocopy of a valid Iqama
- Certificate of employment stating job title, joining date, monthly income and allowances, if any
- Salary transfer letter from the employer
- Home address
Eligibility
- You should be at least 23 years of age
- Your monthly income should be at least SR 5,000
- You should be employed for at least one month
Additional Information
*Terms and Conditions apply
** 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.
