Finance Transfer Program UPDATE 12 Oct 2022
Now you can make your financial commitments (Personal finance/Lease finance/Credit card) in one personal finance installments at a competitive annual percentage rate through the debt Transfer Program from other banks.
- Cash liquidity.
- Get the benefits of SNB services and products.
- Process to be executed in record timing.
- Shariah-compliant program.
- Instant approval.
- Repayment periods up to 60 months.
- Monthly Payments will defer for 2 months as per the features of Balance Transfer Program.
- Possibility of postponing the installment of the month of Ramadan.
- Possibility of early settlement.
- Insurance coverage in case of death or total disability (God forbid) as per insurance policy terms and conditions.
Terms and Conditions:
|Sectors||All Government sectors and Private inducted companies|
|Minimum Salary||4,000 SAR and it's differ from sector to another.|
|Minimum Month on Job|
- 1 month for government sector
- 3 months for big companies
- 1 year for inducated private sectors
|Minimum Finance amount ||SAR 5,000 up to 2,500,000 SAR.|
|Maximum Age||18 years old till 60 except for retirees till 75 years old|
Required Documents & Procedures:
- Recent no-objection letter of no less than 10 days to transfer the finance (including finance amount and other bank's IBAN number).
- Salary certificate from the company.
- Bank statement from the other bank including:
- 3-month statement on the bank's letterhead including last 3 salaries.
- Other bank's stamp on all statement pages if the statement is without the bank’s logo.
- Statement pages must be numbered in order.
Terms and conditions apply.
Administrative fee is 1% of the amount of financing or (5,000 SAR) whichever is lower.
|Finance Amount||Maturity in Years||*APR||Monthly Payment Amount|
|100,000 SAR||5 Years||3.50%||1,775 SAR|
|200,000 SAR||5 Years||3.10%||3,517 SAR|
|350,000 SAR||5 Years||2.89%||6,122 SAR |
The above table is for example purposes as APR may differ depending on the finance amount, salary amount, employer and maturity period and subject to credit scoring of each customer.
For more information, please contact SNB Customer Service (Sales Unit) in Phone Banking on 8002441005