| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Alawwal Bank - Top Up Finance
|
Minimum Salary: SAR 3,000 | Salary Transfer: Yes | Islamic Finance: Yes | Maximum Term: 5 Years | Flat Rate: 3.79% | Reducing Rate: 6.82% |
Topping up your finance has never been easier. Find out how much you can borrow and apply for your finance in only five minutes!
Features
- Shari’ah compliant
- Instant approval
- Available upon repayment of 20% of your existing finance
- Finance up to S.R. 1,500,000
- Repayment period up to 5 years
- Settlement of your existing finance is required
- Exemption from remaining repayments in case of death (God forbids)
Documents Required
- A filled in application form
- A copy of ID/Iqama (and a copy of passport for expatriates)
- Employment letter
Additional Information
Eligibility:
Citizen:
- Minimum Salary: SR 3,000 (public/Semi-Public/Military Sector), SR 5,000 ( Private Sector), SR 3,000 (Retired)
- Minimum Current work Experience: Upon Hiring (public/Semi-Public/Military Sector), One Year (Private Sector), When retirement starts (Retired)
- Age: 18 to 60 (public/Semi-Public/Military Sector), 25 to 60 (Private Sector), 35 to 70 (Retired)
- Employer: Approved (Public/Semi-Public/Military Sector/Private Sector/Retired)
- Minimum Salary: SR 3,500 (public/Semi-Public/Military Sector/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), 21 to 60 (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
