| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
The Saudi Investment Bank - Retirees Personal Finance
|
Minimum Salary: SAR 4,000 | Salary Transfer: No | Islamic Finance: Yes | Maximum Term: 5 Years | Flat Rate: 0.0% | Reducing Rate: 0.0% |
It’s never too late to enjoy your life, even after your retirement. SAIB Retirees Personal Finance gives you the opportunity to enjoy a luxurious lifestyle, travel for long periods, and fulfill your dreams to the fullest.
The features you need to know:
Compatible with the provisions of Islamic Shariah
Approved by the Bank's Shariah Committee
Refinance
Customer can refinance after paying the required Financing amount
Additional Finance
Eligibility for an additional finance after having an increase in monthly salary
Debt Relief
Debt relief in case of death or permanent disability (God forbids).
Sponsor/Guarantor
No Sponsor/ Guarantor required.
Financing Amount Disbursement
Get the finance on the same day*
*In case all applicant documents are complete
Features
- Compatible with the provisions of Islamic Shariah
- Customer can refinance after paying the required rate
- Additional Finance
- Debt Relief
- No Sponsor/ Guarantor required
- Get the finance on the same day*
Documents Required
- Complete Personal Finance application form
- Copy of a valid National ID card
- A bank account statement of the last 3 months showing the last 3 salaries stamped by the other bank*
- A valid release letter from the previous bank where issue date of the transfer letter is aligned with the validity of the release letter
- If you worked in the public sector: an introduction letter from Public Pension Agency that includes pension income for employees**
- If you worked in the private sector: an introduction letter from the General Organization for Social Insurance that includes pension income for employees**
- Salary assignment / transfer letter to SAIB that includes salary account number and date of salary transfer
Eligibility
- Be a Saudi Citizen
- Minimum monthly pension transferred to SAIB SR 4,000*
- Be at least 38 years of age. Maximum age ( as at maturity of the finance ) of 65
Additional Information
*In case all applicant documents are complete
*For balance transfer customers, a minimum pension salary to be transferred will be SR 6,000
* If the pension salary is not transferred to SAIB
** The Letter must include PPA or GOSI’s logo, stamped and signed according to the original forms, indicating the names of the signatories
** 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
