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Expatriates Personal Finance

Expatriates Personal Finance

Whether you want to buy a car, pay for your children’s education or just get extra cash to help you with life’s matters, SAIB Expatriates Personal Finance program is the right solution for you.

The features you need to know:

Compatible with the provisions of Islamic Shariah

Approved by the Bank's Shariah Committee

Refinance

Customer can refinance after paying the required Financing amount 

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

Whether you want to buy a car, pay for your children’s education or just get extra cash to help you with life’s matters, SAIB Expatriates Personal Finance program is the right solution for you.

Option to transfer

Option to transfer your debt / finance from another bank to SAIB

Financing period

Financing period up to
5 years

Finance amount

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Please make sure you have the following requirements:

ELIGIBILITY CRITERIA

To apply for Expatriates Personal Finance, applicant must meet the following criteria:

  • Expats who reside in Saudi Arabia
  • Minimum employment period of 1 year with current employer
  • Age:
    23 – 60 years for males and females

REQUIRED DOCUMENTS

  • Complete application form for Expatriates Personal Finance
  • A valid (Iqama) with a valid passport‎ stamped and signed by the customer to be verified by the employee*
  • Official introduction letter from employer*, which includes the following elements:
    1. Basic salary
    2. Allowances
    3. Date of joining
    4. End of Service amount
    5. Introduction ‎letter’s date
  • Official salary assignment / transfer letter addresses to SAIB, which includes the following elements:**
    1. All financial ‎allowances
    2. End of Service amount
    3. Salary account number
    4. Date of salary ‎transfer
    5. Job classification in the Ministry of labor (MOL) in “Nitaqat” program
    6. Stamp and signature consistent to the bank’s pre-approved list
  • Account statement for the past 3 months including the past 3 salaries and stamped from the ‎previous bank
  • A valid Release Letter from the previous bank**

* Must be sure that the sponsor’s name in “Iqama” is consistent to the sponsor’s name in the Introduction letter. The customer must be on the same Sponsorship which issued the Introduction letter.
** Making sure that the issue date of the ‎transfer letter is the same as the validity date of the release letter

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

Finance amount (SAR) 100,000
Tenor (Years) 5
APR % Starting from 4.71
Installment amount (SAR) 1,849.79

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

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.
FAQs

Is SAIB’s Expatriates Finance consistent with Shariah law?

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

Who is eligible for Expatriates Finance?

  • For Non-Saudi Residents
  • The customer must open a Salary Account with Saudi Investment Bank.
  • Work for an employer which is included in the bank’s approved list.
  • Minimum age requirement is 23 years old.
  • Maximum age requirement at maturity of the finance is 60 years for males and females.
  • Debt Burden Ratio (DBR) should not exceed 33% of the salary
  • Applications are not accepted unless making sure that the last 3 salaries have been credited to the customer’s account at one of the local banks.
  • First salary must be credited into customer’s SAIB account, before providing the finance amount to the customer.
  • The customer’s employer classification in the ministry of labor in “Nitaqat” program must be in green color or above.

How long does it take to get the finance?

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

What is the minimum finance amount?

Minimum finance amount is SAR 50,000

What is the maximum finance amount?

Maximum finance amount is SAR 200,000.

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 rates 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 from The Saudi Investment Bank
  • Access to re-financing products.
  • Debt relief in case of death or permanent disability (God forbids).
  • WOOW reward points

I have a loan with another bank, am I able to transfer the debt?

Yes we can buy-out your existing debt.

What are the documents required to apply for SAIB’s Expatriates Finance?

  • Valid Iqama
  • Introduction letter from employer, which would typically include the basic salary, allowances, date of joining, End of Service amount and the introduction letter’s date (must be ensured that the guarantor’s name in “Iqama” is consistent), the customer must be on the same sponsorship which issued the introduction letter.
  • Official salary assignment letter in favor of SAIB, which includes all financial allowances, End of Service amount, salary account number and date of salary transfer, job classification in the Ministry of labor (MOL) in “Nitaqat” program (stamp and signature consistent with the bank’s record).
  • A valid Release Letter from the previous bank. (Making sure that the issue date of the transfer letter is aligned with the validity of the release letter).
  • Account statement for the past 3 months showing past 3 salaries stamped from the previous bank.

How do I apply?

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