Administrative fee not exceeding 1% of the amount of funding or SAR 5,000, whichever is less.

Service period:

For Government Sector: 1 months with current employer

For Private Sector: 3 months with current employer

Kindly note that all Car Murabaha Finance facilities are subject to SAIB credit approval and SIMAH (Saudi Credit Bureau) verification.

• Complete SAIB application form. 

• Quotation (3 copies), for car value, from approved dealers addressed to the Bank. 

• Introduction letter from your employer which includes your salary, allowance details, and the date of start of employment. 

• Salary assignment letter in favor of SAIB. 

• Acknowledgment form signed upon receipt of the car. 

• Valid identity card.

To apply for SAIB Car Murabaha Finance you must meet the following eligibility criteria:

• Be a Saudi Citizen. 

• Be at least 18 years of age. 

• Maximum age at maturity of 60 for males and females.. 

• Work for an employer included in the Bank’s approved list. 

• Transfer salary, supported by salary assignment letter from your employer, to your account with SAIB.

• Financing period: 6 months to 60 months. 

• Financing amount: 50 thousand Saudi riyals to 3000 thousand Saudi riyals.

Compatible with the provisions of Islamic Shariah

Approved by the Bank's Shariah Committee.

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