Can I obtain personal financing if I have a loan in Saudi Arabia? This is one of the questions that is asked by many people in the Kingdom of Saudi Arabia, as some are unable to obtain another loan, but we will show whether this is possible below.
Can I get personal financing if I have a loan in Saudi Arabia?
The question of obtaining a second loan in Saudi Arabia is one of the most frequently asked questions, and the answer is yes, as there are several conditions in the agreement concluded between the bank and the customer, including the customer’s approval to include the personal loan data in his credit record with the Saudi Credit Information Company.
Read also: What are the steps to obtain compensation for car accidents in Saudi Arabia 1445 How can I reach the Saudi Royal Court to request assistance What is the best site for selling used cars in Saudi Arabia 1445 What are the cases in which it is permissible to transfer sponsorship without the sponsor’s approval?
Regarding the question: Does a customer who has a personal loan from the bank have the right to request a new loan from the bank? The customer has the right to request a new or supplementary personal loan from the bank if the lending conditions apply to him, as stipulated by the Saudi Monetary Agency.
Banks that offer a second loan in Saudi Arabia
There are many banks that provide the second or supplementary loan service, including the following:
1- A supplementary loan from Al Rajhi
Al Rajhi Bank, like other banks operating in the Kingdom, offers many diverse financing programs. Al Rajhi Bank is distinguished from other banks by its easy transactions, all of which are in accordance with the provisions of Islamic Sharia, according to the following conditions:
the applicant must be Saudi. Holders of a resident ID, if they are under regular and official work, can apply for financing. He must not be more than 55 years old for non-citizens, and not more than 60 years old for citizens at the time of submitting the application. He must not be less than 18 years old if he is a citizen, but if he is a resident, i.e. a non-Saudi, he must not be less than 23 years old at the moment of application. He must have completed at least a quarter of the installments of the withdrawn loan, and in many cases it is possible to skip payment of less than a quarter so that the percentage is not less than 20%. One full year has passed since the withdrawal of the previous personal loan. The salary must be transferred to the financing party, which is Al Rajhi Bank. His monthly salary should not be less than 4,000 riyals. The employer must be one of the entities accredited by the bank. Advantages of financing supplementary debt repayment from Al Rajhi
There are many advantages provided by Al Rajhi Supplementary Financing, which are evident in the following:
A repayment period of up to 60 months for citizens, and a period not exceeding 3 years for residents. With a competitive annual profit margin starting from 1.43%. Speed of completion of procedures. The additional financing amounts to 2.5 million riyals. Postponing the payment of the first two installments of the supplementary financing. Exemption from debt in the event of death or proven health disability.
2- Taking a second loan from the credit bank
The Credit Bank provides some facilities to citizens who wish to obtain loans of various types, whether family loans, marriage loans, or renovation loans, if the following are available:
To be of Saudi nationality. He must be over 21 years old and not more than 70 years old at most. The loan does not have any financing project. The monthly income must be less than 2000 Saudi riyals. To submit the required papers and documents. There must be a guarantor or guarantor of Saudi origin.
Many banks in the Kingdom of Saudi Arabia provide financing and loan services, in addition to obtaining a second loan in accordance with many conditions and controls set by the Monetary Agency and the banks from which the loan is taken.
Read also
2023-11-01 06:15:00
#obtain #personal #financing #loan #Saudi #Arabia
