Features:
• Financing period: 6 months to 60 months.
• Financing amount: 50 thousand Saudi riyals to 3000 thousand Saudi riyals.
The Saudi Investment Bank - Car Murabaha Finance :
The SAIB Car Murabaha Finance comes with a complementary salary account with no minimum balance requirements. The account also offers free cheque-book, mada Debit Card from The Saudi Investment Bank and access to SAIB Flexx Click Internet Banking, Flexx Touch Mobile Banking, Flexx Call contact center and SMS Banking facilities.
Flat Rate
Starting from 4.71
Minimum Salary
SAR 0
Monthly Payment
Based on the amount and maturity period .
Fees & Costs:
Administrative fee not exceeding 1% of the amount
of funding or SAR 5,000, whichever is less.
Requirements:
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.
Documents required:
• 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.
Eligibility:
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.
Benefits:
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