We buy out your debt and more .. for less!

We buyout your loan.. and more!

We buyout your loan.. and more!

Our buyout finance (through goods) will pay your existing liabilities from other banks with competitive rate and more advantages!

Features & Benefits

Payment Period: 6 Months – 60 Months

Finance Amount: SAR 50,000 – SAR 1,500,0000

Competitive rate 

50,000 WooW Points

50% off administration fee

Refinance (when settling 20% of the finance amount)

Shari’ah compliant (based on Murabaha)

Same day disbursement (if documents are completed)

End-to-End digital application (through mobile application)

Additional finance (upon salary increase)

Free for life Credit Card*

Issuance free Travel Card*

Minimum basic salary requirement 5,000 SAR

Eligibility

To apply for SAIB (Loan buy-out) you must meet the following eligibility criteria:

  • For Saudi nationals only
  • Age: Minimum is 21 years, Maximum (at maturity) is 65 years

Minimum Salary

  • Government, Semi Government and Military Sectors: Gross salary SAR 6,000 – Basic salary SAR 5,000
  • Private Sector: Gross salary SAR 8,000 – Basic salary SAR 5,000

Service period

  • Government, Semi-Government and Military (Officers)
    Sector: 1 Month
  • Military (Soldiers) Sector: 12 Months
  • Private Sector: 3 Months
 

* Terms and conditions apply.

Documents required

  • Valid ID Copy
  • Introduction letter from employer which includes salary, allowance details, and date of joining
  • Employer’s salary transfer certificate
  • No objection and debit transfer letter from the existing lending bank
  • Account statement of last 3 months (showing last 3 salaries which are verified from the previous bank)
  • Copy of the work ID card specifying rank or position

For more information please call our toll free number at 800 124 8000.

Estimated example

An example of information that will be obtained when applying for a product

Finance amount (SAR) SAR 100,000
Tenor 5 Years
Annual Percentage Rate (APR) 3%
Installment amount (SAR) SAR 1,774.30

*The Annual Percentage Rate (APR) may differ based on the amount and maturity period.

Financial calculator

The calculator provides estimates only and shall not be considered an approval for the financing application.

Result
=
00,000
Your Age
 
18 Years
Your Salary
SAR
Employer Sector
Finance Tenor
Months
 
PLEASE NOTE THAT THESE ARE SIMULATED AMOUNTS REPRESENTING APPROXIMATE NUMBERS ONLY, WITHOUT TAKING INTO ACCOUNT YOUR MONTHLY OBLIGATIONS AND CREDIT BUREAU RESULTS.
For exact figures, please contact Flexx Call Phone Banking at 800-124-8000

or visit the nearest SAIB Branch. SAIB Branch.
All personal financing are subject to credit approval.

Fees:

  • Administration Fee: 1% of finance amount or SAR 5,000 (whichever is less)
  • Wakala Fee: SAR 500

FAQs

Is this product Shari’ah compliant?

Yes, this is a Shariah compliant financing product approved by SAIB’s Shariah Committee.

What is the minimum financing amount?

Minimum amount is SAR 50,000.

How long does it take to get the finance?

SAIB guarantees disbursement of the finance amount in the same day (subject to complete documentation).

What is the maximum financing amount?

Maximum financing amount is SAR 1,500,000.

 
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Terms and Conditions

  • The offer of special buyout profit rate and free credit cards is valid for 3 months from announcement date
  • The offer of free issuance of Travel Cards is valid for 4 months from announcement date
  • Travel Card issuance fees will be refunded to the customer at the end of the Gregorian month where he/she issued the card
  • The buyout finance must be availed in order to benefit from the other complementary offers

To view the Personal Finance product risks, click here

FAQs

Is SAIB’s Balance Transfer Product consistent with Shariah law/?

Yes, this is a Shariah compliant financing product approved by SAIB’s Shariah Committee.

Who is eligible for Balance Transfer?

  • Saudi Nationals only.
  • Customer must have a salary account with SAIB and outstanding consumer finance in other bank.
  • Customer must be either a current employee or a retiree from private or government sector that is listed in SAIB’s approved employers list.
  • The length of service must be at least of 3 months with current employer.
  • The minimum applicant age must be 18 years old for employed customers and 38 years for the retirees.
  • Maximum age of 60 years for males and females and 65 years old for retirees at the time of finance maturity.
  • Debt Burden Ratio not to exceed 33% for employed customers & 25% for the retirees

How long does it take to get the finance?

SAIB guarantees disbursement of the finance amount in the same day (subject to complete documentation).

When can I benefit from the remaining amount after settling my previous loan?

SAIB must receive the first salary, before releasing the hold on the remaining amount.

What is the minimum financing amount?

Minimum amount is SAR 50,000.

What is the maximum financing amount?

Maximum financing amount is SAR 1,000,000.

What profit rate do I pay?

Our profit rate is highly competitive and is fixed for the entire tenor of the Murabaha finance. For our current profit rate, or to enquire about special promotions, please call our Flexx Call contact center at 800 124 8000.

Would I get any special benefits?

You automatically qualify for a host of free benefits:

  • Sharia compliant Salary Account with no minimum balance requirement.
  • Mada Debit Card
  • Debt relief case of death - God forbids - or permanent disability.
  • WOOW reward points

Any collateral required?

No collateral or guarantor required to avail to this finance.
However, a guarantor for the customer must be available with the same conditions of the customer, in order to be exempted from providing Three-Party Salary Assignment Letter of undertaking (Available only for certain employers).

What is the difference between the outstanding loan amount with the pervious bank and finance amount from SAIB ?

The requested finance amount must cover the outstanding of the previous bank, along with the administration and Wakala fee.

What are the documents required to apply for Balance Transfer?

  • Employer’s salary transfer commitment letter ( Three-Party Salary Assignment Letter of undertaking ), signed by the previous employer on the commitment to transfer salary following the release letter (Some sectors / companies are excluded).
  • Indebtedness letter (letter of no objection) from the previous bank that does not include any existing credit cards at the same bank balance.
  • Account statement of last 3 months. (Showing last 3 salaries which are verified from the previous bank).
  • Copy of the “Work ID Card” specifying rank / position (to be taken post sighting of the original) – this is for military personnel
  • Customer authorization form to deduct installments due if delay in effecting salary transfer
  • Wakala* signature (mandatory, the customer may request to examine the goods but cannot take them).

In case the employer is part of the employers (which are not required to provide salary transfer commitment letter, Three-Party Salary Assignment Letter of undertaking , and settle for only the guarantor) what are the required documents for the guarantor?

  • A valid Identity Card.
  • Guarantee letter form for the continuous joint liability or responsibility which is Irrevocable.
  • Open a salary account with SAIB
  • Salary Introduction letter, which includes basic and total salary and allowance details, making sure that the client is working in the same city where the application has been submitted.
  • Account statement of the last 3 months. (Showing last 3 salaries which are verified from the previous bank).

How do I apply?

Please click here or contact our Flexx Call contact center at 800 124 8000 or visit any of our branches.