Minimum Salary Salary Transfer Islamic Finance Maximum Term Flat Rate Reducing Rate
The Saudi Investment Bank - Expatriates Personal Finance The Saudi Investment Bank - Expatriates Personal Finance Minimum Salary: SAR 8,000 Salary Transfer: Yes Islamic Finance: Yes Maximum Term: 5 Years Flat Rate: 0.0% Reducing Rate: 0.0%
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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.
Features
  • 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*
Documents Required
  • Complete application form for Expatriates Personal Finance
  • 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
  • Allowances
  • Date of joining
  • End of Service amount
  • Introduction ‎letter’s date
  • Official salary assignment / transfer letter addresses to 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 and stamped from the ‎previous bank
  • A valid Release Letter from the previous bank**
Eligibility
  • Expats who reside in Saudi Arabia
  • Minimum monthly basic salary transferred to SAIB SAR 8,000 and SAR 10,000 gross salary
  • Minimum employment period of 1 year with current employer
  • Age: 23 – 60 years for males and females
Additional Information
*In case all applicant documents are complete
Documents Required:
  • 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:
  1. Basic salary
  2. Allowances
  3. Date of joining
  4. End of Service amount
  5. Introduction ‎letter’s date
  • Official salary assignment / transfer letter in favor of SAIB, which includes the following elements:**
  1. All financial ‎allowances
  2. End of Service amount
  3. Salary account number
  4. Date of salary ‎transfer
  5. Job classification in the Ministry of labor (MOL) in “Nitaqat” program
  6. 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**
* Must be sure that the guarantor’s name in “Iqama” is consistent to the guarantor’s name in the Introduction letter. The customer must be on the same Sponsorship which issued the Introduction letter. ** Making sure that the issue date of the ‎transfer letter is the same as the validity date of the release letter
** 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.
Representative Example Calculator
Riyad Bank - Tawarruq
Minimum Salary
SAR 3000
Flat Rate
1.32%