Whether you want to buy a car, pay for your children’s education or just get extra cash to help you with life’s matters, SAIB Expatriates Personal Finance program is the right solution for you.
- Compatible with the provisions of Islamic Shariah
- Customer can refinance after paying the required rate
- Additional Finance
- Debt relief in case of death - God forbids or permanent disability
- No Sponsor/ Guarantor required
- Get the finance on the same day*
- Expats whom reside in Saudi Arabia
- Minimum monthly basic salary transferred to SAIB SR 8,000 and 10,000 gross salary
- Minimum employment period 12 months
- Age: 23 – 60 years old for males, 23 – 58 years old for females
*In case all applicant documents are complete
- A completed Personal Finance for Expatriates application form
- A valid (Iqama) with a valid passport stamped and signed by the customer to be verified by the employee*
- Official introduction letter from employer*, which includes the following elements:
- Basic salary
- Date of joining
- End of Service amount
- Introduction letter’s date
- Official salary assignment / transfer letter in favor of SAIB, which includes the following elements:**
- All financial allowances
- End of Service amount
- Salary account number
- Date of salary transfer
- Job classification in the Ministry of labor (MOL) in “Nitaqat” program
- Stamp and signature consistent to the bank’s pre-approved list
- Account statement for the past 3 months including the past 3 salaries stamped from the previous bank
- A valid Release Letter from the previous bank**
** 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.