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Retirees Personal Finance

Retirees Personal Finance

It’s never too late to enjoy your life, even after your retirement. SAIB Retirees Personal Finance gives you the opportunity to enjoy a luxurious lifestyle, travel for long periods, and fulfill your dreams to the fullest.

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

It’s never too late to enjoy your life, even after your retirement. SAIB Retirees Personal Finance gives you the opportunity to enjoy a luxurious lifestyle, travel for long periods, and fulfill your dreams to the fullest.

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 Retirees Personal Finance, applicant must meet the following criteria:

  • Be a Saudi Citizen
  • Minimum monthly pension transferred to SAIB SAR 12,000
  • Be at least 38 years of age. Maximum age of 65 (at maturity of the finance ).

REQUIRED DOCUMENTS

  • Complete Personal Finance application form
  • Copy of a valid National ID card
  • A bank account statement of the last 3 months showing the last 3 salaries stamped by the other bank*
  • A valid release letter from the previous bank where issue date of the transfer letter is aligned with the validity of the release letter
  •  If you worked in the public sector: an introduction letter from Public Pension Agency that includes pension income for employees**
  • If you worked in the private sector: an introduction letter from the General Organization for Social Insurance that includes pension income for employees**
  • Salary assignment / transfer letter to SAIB that includes salary account number and date of salary transfer

* If the pension salary is not transferred to SAIB
** The Letter must include PPA or GOSI’s logo, be duly stamped and signed, and indicating the names of the signatories

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.

FAQs

Is SAIB’s Retirees Finance consistent with Shariah law?

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

Who is eligible for Retirees finance?

  • Retired Saudi Nationals.
  • Minimum Pension income of SAR 12,000 per month
  • Minimum age 38 years (according to Hijri Date).
  • Maximum age at finance maturity is 65 years.

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 financing amount?

Minimum finance amount is SAR 50,000.

What is the maximum financing amount?

Maximum financing amount is SAR 1,500,000.

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
  • Debt relief case of death - God forbids - or permanent disability.
  • WOOW reward points

Any collateral required?

You do not need any collateral or guarantor to avail to this finance.

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 Personal Finance?

  • Completed application form.
  • Introduction letter from Public.
  • Pension Agency which would include pension income for customers who have retired from the public sector or an Introduction letter from General Organization for Social Insurance which would include pension income for customers who have retired from the private sector, (the letter must include PPA or GOSI’s logo, stamped and signed according to the original forms, indicating the names of the signatories).
  • Pension assignment/transfer letter in favor of SAIB.
  • Copy of Identity Card – this will be verified against the original by our staff.

How do I apply?

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