|Minimum Salary||Salary Transfer||Islamic Finance||Maximum Term||Flat Rate||Reducing Rate|
|SABB - Personal Finance||Minimum Salary: SAR 3,000||Salary Transfer: Yes||Islamic Finance: Yes||Maximum Term: 5 Years||Flat Rate: 3.12%||Reducing Rate: 5.62%|
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
- Fully Shariah-compliant financing solution
- Instant approval and you can get your finance within 24 hours, if you have provided all required documentation
- Financing of up to SAR 1,500,000
- Waiver of the outstanding finance amount in the event of death or permanent disability (God Forbid)
- Repayment period of up to 5 years (60 months)
- Competitive profit rates
- 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's 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 at most 58 years of year for government employees or 60 years for private sector employees
- The applicant must earn a minimum salary of SAR 3,000 (Saudi nationals) and a minimum salary of SAR 4,000 (non-Saudis)
- The applicant must have been employed for at least 1 month (Saudi nationals), or 3 months (non-Saudis) in his or her current job
Additional InformationAccording to SAMA rules, banks can provide finance of up to 33% of your monthly salary. Please visit any SABB branch to find out the exact finance amount. However, you can get an indication of your maximum finance amount by using the Personal Finance Calculator
** 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 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.