Minimum Salary Salary Transfer Islamic Finance Maximum Term Flat Rate Reducing Rate
Al Awwal Bank- Balance Transfer Finance Al Awwal Bank- Balance Transfer Finance Minimum Salary: SAR 8,000 Salary Transfer: No Islamic Finance: Yes Maximum Term: 5 Years Flat Rate: 1.3% Reducing Rate: 2.34%
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Find out what would be your monthly repayments if you transfer your personal loan to us.
  • Shari’ah compliant
  • Instant approval
  • Finance up to S.R. 1,500,000
  • Repayment period up to 5 years*
  • Exemption from remaining repayments in case of death (God forbids)
  • Available after you complete 6 repayments of your current Finance
  • Competitive rate
Documents Required
  • A filled in application form
  • A copy of ID/Iqama (and a copy of passport for expatriates)
  • Employment letter
  • A letter of “Debt certification” from your finance party
  • Account statement for the last 3 months from your bank
Additional Information
*New monthly installment should not exceed a third of the salary
Eligibility: Citizen:
  • Minimum Salary: SR 5,000 (public/Semi-Public/Military Sector), SR 8,000 ( Private Sector)
  • Minimum Current work Experience: Upon Hiring (public/Semi-Public/Military Sector), One Year (Private Sector)
  • Age: 18 to 60 (public/Semi-Public/Military Sector), 25 to 60 (Private Sector)
  • Employer: Approved (Public/Semi-Public/Military Sector/Private Sector)
  • Minimum Salary: SR 10,000 (public/Semi-Public/Military Sector), SR 10,000  (Private Sector)
  • Minimum Current work Experience: One Year (public/Semi-Public/Military Sector/Private Sector)
  • Age: 21 to 60 (public/Semi-Public/Military Sector/Private Sector)
  • Employer: Approved (Public/Semi-Public/Military Sector/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.
Representative Example Calculator
Riyad Bank - Tawarruq
Minimum Salary
SAR 3000
Flat Rate