| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
SAIB - Loan Buy-Out
|
Minimum Salary: SAR 0 | Salary Transfer: No | Islamic Finance: No | Maximum Term: 5 Years | Flat Rate: 0.0% | Reducing Rate: 0.0% |
This is an Islamic financing product approved by the Bank’s Shariah Committee to finance salaried individual customers who have existing liabilities with other banks. The customer buys a certain quantity of goods owned by the Bank at an agreed upon profit and repayment plan. The customer requests the merchant through the bank to sell the goods and credit the proceeds to his / her account with SAIB. The customer uses a portion from the proceeds to settle his / her outstanding liabilities with the other bank, then he can withdraw the remaining finance amount after obtaining a release letter from the previous bank and submitting a salary assignment letter to SAIB.
Our buyout finance will pay your existing liabilities from other banks with competitive rate, and much more!
Features & Benefits
- Free for life Credit Card
- Payment Period: 6 Months – 60 Months
- Finance Amount: SAR 50,000 – SAR 3,000,0000
- Competitive profit rate
- 50,000 WooW Points
- Refinance (when settling 20% of the finance amount)
- Shari’ah compliant (based on Murabaha)
- Same day disbursement (if documents are completed)
- End-to-End digital application (through mobile application)
- Additional finance (upon salary increase)
*Annual Percentage Rate (APR) starting from 2.49%
Features
- Compatible with the provisions of Islamic Shariah
- Customer can refinance after paying the required financing amount
- Eligibility for additional finance after having an increase in monthly salary
- Debt relief in case of death or permanent disability (God forbids)
- No Sponsor/ Guarantor required
- Financing Amount Disbursement
Documents Required
- Complete SAIB application form.
- Introduction letter from employer, which would typically include salary, allowance details, and date of joining.
- Employer salary transfer commitment letter (3 parties declaration form).
- No objection and debt transfer letter from the existing lending bank.
- Copy of the family card, which will be authenticated against the original one.
- Account statement of the last 3 months. (Showing the last 3 salaries which are verified from the previous bank).
- Copy of a valid customer identity (to be taken after sighting the original).
- Copy of the “Work ID Card” specifying rank/position (to be taken post sighting of the original) - (If available).
- Customer authorization form to deduct instalments due if a delay in effecting a salary transfer.
Eligibility
- Saudi Nationals who are currently employed
- Service period:
- For Government Sector: 1 months with current employer
- For Private Sector: 3 months with current employer
- Minimum age 18 years
- Maximum age of 60 for males and females at time of finance maturity. For armed forces personnel, maximum age would depend on rank / position held
- Retirees.
- Minimum age: 38 years for retirees
- Maximum age of 65 for retirees at maturity
- Working for an employer included in the Bank’s approved list
- Payment of the debt includes loans/consumer finance only and does not include the payment of credit cards. Complete SAIB application form. Introduction letter from employer, which would typically include salary, allowance details, and date of joining. Employer salary transfer commitment letter (3 parties declaration form). No objection and debit transfer letter from the existing lending bank. Copy of the family card, which will be authenticated against the original one. Account statement of the last 3 months. (Showing the last 3 salaries which are verified from the previous bank). Copy of a valid customer identity (to be taken after sighting the original). Copy of the “Work ID Card” specifying rank / position (to be taken post sighting of the original) - (If available). Customer authorization form to deduct installments due if delay in effecting salary transfer.
Additional Information
Eligibility
- For Saudi nationals only
- Age: Minimum is 21 years, Maximum (at maturity) is 65 years
- Customer must have an active SAIB current account
** 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
