Personal Finance Arab National Bank
The bank offers two types of personal finance to the Saudis, one of which is Tawarruq financing, in which the customer buys a commodity that the bank owns, then the customer authorizes the bank to sell on his behalf, and the other personal finance is financing with local shares, and in it the bank sells to the customer shares that the bank owns, leaving the customer with several options: either He keeps it, sells it to get cash, or delegates the bank to sell it to a third party, and the customer gets the money.
Features Arab Bank loans to residents and Saudis
- Ease of procedures and immediate approval of funding.
- It allows obtaining the highest amount of financing, with a distinguished profit margin.
- The customer can installments up to five years.
- The customer can get a refinance after paying 20% of the outstanding finance.
- The heirs are exempt from the remaining installments due in the event of the customer’s death.
- Compatible with the provisions and regulations of Islamic law.
- The ability to postpone the first 3 or 6 installments.
Conditions for extracting a loan from the Arab Bank
- Obtaining this financing requires transferring the customer’s salary, which should not be less than 2000 Saudi riyals.
- The client must have a salary identification letter from the employer, which includes the salary details and the number of years of service for the client.
- A letter from the employer must be presented confirming the approval of the salary transfer through the “SARIE” system.
- A copy of the valid national identity card.
- The employer must be approved by the bank, if the customer works in the private sector.
- The customer applying for financing must not be less than 18 years old.
- The amount of financing reaches one and a half million Saudi riyals.
- The customer chooses to pay 1% of the financing amount as the cost of the administration fee, or SAR 5,000.
- Early Repayment Fee is calculated at a cost of 3 months, on a reducing interest basis
- The annual variable profit margin starts from 1.49%, depending on profit rate, amount and financing period.