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SHORT-TERM PERSONAL FINANCING                                  last update: 01-04-2021

Personal Short-Term Financing provides finance to covers your current needs up to 12 months

Features:

  • 0% interest and 0% annual percentage rate for finance maturity for 6 months or less tenure.
  • Shariah compliant.
  • Instant approval.
  • Repayment periods from 3 months up to 12 months.
  • Possibility of early settlement.
  • Possibility of postponing the installment of the month of Ramadan.
  • Insurance coverage in case of death or total disability (God forbid) as per insurance policy terms and conditions.

     

    Terms and conditions:

NationalitySaudis only.
Sectors

Government sector

Big companies
Private sector inducted and non inducted companies

Big Private companies.

Minimum SalarySAR 3,000 Saudis & SAR 4,000 Non-Saudis.
Minimum Months on Job

1 month for Saudis in Government sector.

3 months for Saudis in the big 5 and non-Saudis in the government sectors and big private companies.

1 year for Saudis & Non-Saudis in Private sector.

Minimum Finance amount 5,000 SAR up to 1,500,000 SAR
Minimum Age18 years for Saudis & 22 years for Non-Saudis and must be less than 60 years at the date of last installment, except for retirees 75 years.

 


Terms and conditions applied.
Administrative fees 1% of finance amount or SAR 5,000 (whichever is less).
VAT 15% of Administrative Fees.
Administrative fees are included in Annual Percentage Rate.



Finance Amount

Maturity in Years

*APR

Monthly Payment Amount

20,000 SAR6 Months7.15%3,333  SAR
50,000 SAR9 Months6.85%5,597 SAR
100,000 SAR1 Year5.71%8,333 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


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