| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
The Saudi Investment Bank - Expatriates Personal Finance
|
Minimum Salary: SAR 8,000 | Salary Transfer: Yes | Islamic Finance: Yes | Maximum Term: 5 Years | Flat Rate: 0.0% | Reducing Rate: 0.0% |
Whether you want to buy a car, pay for your children’s education or just get extra cash to help you with life’s matters, SAIB Expatriates Personal Finance program is the right solution for you.
The features you need to know:
Compatible with the provisions of Islamic Shariah
Approved by the Bank's Shariah Committee
Refinance
Customer can refinance after paying the required Financing amount
Additional Finance
Eligibility for an additional finance after having an increase in monthly salary
Debt Relief
Debt relief in case of death or permanent disability (God forbids).
Sponsor/Guarantor
No Sponsor/ Guarantor required.
Financing Amount Disbursement
Get the finance on the same day*
*In case all applicant documents are complete
Features
- Compatible with the provisions of Islamic Shariah
- Customer can refinance after paying the required rate
- Additional Finance
- Debt relief in case of death - God forbids or permanent disability
- No Sponsor/ Guarantor required
- Get the finance on the same day*
Documents Required
- Complete application form for Expatriates Personal Finance
- A valid (Iqama) with a valid passport stamped and signed by the customer to be verified by the employee*
- Official introduction letter from employer*, which includes the following elements:
- Basic salary
- Allowances
- Date of joining
- End of Service amount
- Introduction letter’s date
- Official salary assignment / transfer letter addresses to SAIB, which includes the following elements:**
- All financial allowances
- End of Service amount
- Salary account number
- Date of salary transfer
- Job classification in the Ministry of labor (MOL) in “Nitaqat” program
- Stamp and signature consistent to the bank’s pre-approved list
- Account statement for the past 3 months including the past 3 salaries and stamped from the previous bank
- A valid Release Letter from the previous bank**
Eligibility
- Expats who reside in Saudi Arabia
- Minimum monthly basic salary transferred to SAIB SAR 8,000 and SAR 10,000 gross salary
- Minimum employment period of 1 year with current employer
- Age: 23 – 60 years for males and females
Additional Information
*In case all applicant documents are complete
- A completed Personal Finance for Expatriates application form
- A valid (Iqama) with a valid passport stamped and signed by the customer to be verified by the employee*
- Official introduction letter from employer*, which includes the following elements:
- Basic salary
- Allowances
- Date of joining
- End of Service amount
- Introduction letter’s date
- Official salary assignment / transfer letter in favor of SAIB, which includes the following elements:**
- All financial allowances
- End of Service amount
- Salary account number
- Date of salary transfer
- Job classification in the Ministry of labor (MOL) in “Nitaqat” program
- Stamp and signature consistent to the bank’s pre-approved list
- Account statement for the past 3 months including the past 3 salaries stamped from the previous bank
- A valid Release Letter from the previous bank**
Representative Example
If you borrow SAR 10,000 over 3 years at a Representative APR of 4.6% fixed and an annual interest rate of 4.6% you would pay:
Payment per month – SAR 297.50 | Total charge for credit – SAR 710 | Total amount you repay – SAR 10,710
Please note, the actual rate applied to your loan will depend on your circumstances.
** 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.
