Features:
Refinance is an Islamic product approved by SAIB’s Shariah Committee. It aims to give the chance to our customers with an existing Murabaha finance at SAIB to repay their outstanding finance, wherein the bank sells to the customer a certain amount of goods that are owned by the bank at an agreed profit and repayment plan. The customer authorizes the merchant to sell the goods on his/her behalf and credit the proceeds into the customer’s account, and then uses a part of the proceeds to repay the current outstanding. The customer may have the rest of the proceeds to benefit and fulfill his/her needs.
The Saudi Investment Bank - Refinance :
Flat Rate
Starting from 4.93
Minimum Salary
SAR 0
Monthly Payment
Based on the amount and maturity period.
Salary Transfer
Yes
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
and 1 year for expats.
The minimum applicant age must be 18 years old
for employed customers, 23 years for expats and 38 years for retirees.
Maximum age is 60 for male and females, and 65
for retirees at time of finance maturity.
Debt Burden Ratio: Not to exceed 33% for employed
customers & 25% for retirees.
Documents required:
Introduction letter from employer, which would typically include salary, allowance details, and joining date.
Eligibility:
• For Saudis and Expatriates.
• Customer must have a salary account and outstanding finance.
• Customers are not allowed to refinance, unless they pay at least 20% of their current finance amount.
• Customer must be either a current employee or a retiree from private or government sector that is listed in the SAIB approved list.
Benefits:
Compatible with the provisions of Islamic Shariah
Approved by the Bank's Shariah Committee.
Additional Finance
Eligibility for an additional finance after
having an increase in monthly salary.
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