|Minimum Salary||Salary Transfer||Islamic Finance||Maximum Term||Flat Rate||Reducing Rate|
|SABB - Personal Finance for retirees||Minimum Salary: SAR 3,000||Salary Transfer: Yes||Islamic Finance: Yes||Maximum Term: 5 Years||Flat Rate: 1.43%||Reducing Rate: 3.2%|
SABB understands that its customers continue to pursue their dreams and aspirations even after they retire. Therefore, SABB offers Shariah-compliant Personal Finance for Retirees under the concepts of “Tawarruq” and “Murabaha” to help retirees realise their wishes and goals.
- Fully Shariah-compliant financing solution
- Financing from SAR 10,000 up to SAR 500,000
- Flexible repayment period from 12 up to 60 months
- No guarantor required
- Competitive profit rates
- Waiver of the outstanding finance amount in the event of death or permanent disability (God forbid)
- Copy of ID (Saudi nationals)/ Passport copy (GCC nationals and expatriates)/ Iqama valid for a minimum of one month (expatriates)
- A Salary Introduction Letter that is less than one month old
- Salary Assignment Letter (signed by an authorised signatory)
- Customer must be between 40 and 65 years of age
- Minimum monthly pension of SAR 3,000
Additional InformationFees & Charges:
- Administrative charges consist of 1% of the finance amount or SAR 5,000, whichever is lower. Early settlement fee is the next three months profit based on payment schedule
- One-Time processing fee: SAR 50
- Credit Limit: SAR 50
- Lost Credit Replacement: SAR 50
** 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.