Whatever your financial needs are, SABB has the right solution for you.No matter whether you would like to:
- Get married or plan a family vacation
- Enroll your loved ones in schools and universities
- Buy a new car
- Or with any other financial requirement
Tawarruq Concept – “MAL”:
- Fully Shariah-compliant financing solution
- Instant approval and you can get your finance within 3 hours, if you have provided all required documentation
- Financing of up to SAR 2,000,000
- In case of death or permanent disability (God Forbid), outstanding finance amount will be waived after providing the required documents.
- Repayment period of up to 5 years (60 months)
- Option to pay off existing debts with other banks (Switch Program)
- Additional personal finance (top up) is possible after paying off a minimum of 20% from you current finance principle amount
- Copy of ID (Saudi nationals), or passport copy (GCC nationals and expatriates) with 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)
- The applicant must be at least 21 years of age and maximum 58 years for government or 60 years for private sector.
- A minimum basic salary of SAR 3,000 (Saudi & Non-Saudi)
- A Minimum total salary starts from (SAR 4,000) for Saudi nationals and (SAR 5,000) for non-Saudi.
- The applicant must be employed for at least one month for (Saudi nationals) and 3 months for (non-Saudis) in his/her current job
** 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.