|Minimum Salary||Salary Transfer||Islamic Finance||Maximum Term||Flat Rate||Reducing Rate|
|ANB - Personal Finance for Saudies||Minimum Salary: SAR 2,000||Salary Transfer: Yes||Islamic Finance: Yes||Maximum Term: 5 Years||Flat Rate: 1.49%||Reducing Rate: 2.68%|
Arab National Bank is pleased to provide you multiple personal finance options that are Sharia compliant and fulfill your needs of cash liquidity with ease and peace of mind. Al Mubarak Local Tawaroq Finance The customer buys a local commodity owned by the bank then post purchase of the commodity, the customer is entitled to receive commodity ownership certificate, and to take physical possession thereof or to sell it, either in person or through appointment of the bank-approved agent as agent to sell it on his behalf. Al Arabi Local Shares Finance The bank sells a bank-owned local shares to the customer who can either keep the shares or sell them to obtain cash. Al Mubarak Finance It allows the customer to own/obtain the desired goods and services which are purchased by the bank then sold to the customer over installments, with a fixed profit rate known to both parties.
- Easy process
- Skip payment for the first 6 months
- Maximum finance amount upto 1,500,000
- Special profit rate
- The possibility of postponing the first 3 or 6 installments with total tenor of 60 months
- Tenor period up to 60 months
- Waiver of remaining due monthly installments in case of borrower’s death (God forbid)
- Letter of introduction from employer specifying salary details, current position, and number of years in service
- Employer approved salary assignment letter
- Employer approved “SARIE“ salary assignment letter
- Copy of valid ID card/Iqama
- Employees of public and private sectors approved by the bank
- Applicant should be 18 years old or more
** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest flat rate on the product. This is not the 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 on the product plus fees and other costs. The APR is useful when comparing two or more products with different interest rates and fee structures.