Our buyout finance will pay your existing liabilities from other banks with competitive rate, and much more!
Features & Benefits
Free for life Credit Card
Payment Period: 6 Months – 60 Months
Finance Amount: SAR 50,000 – SAR 3,000,0000
Competitive profit rate
50,000 WooW Points
Refinance (when settling 20% of the finance amount)
Shari’ah compliant (based on Commodity Murabaha)
Same day disbursement (if documents are completed)
End-to-End digital application (through mobile application)
Additional finance (upon salary increase)
*Annual Percentage Rate (APR) starting from 2.49%
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
- Customer must have an active SAIB current account
Minimum Salary
- Government, Semi Government Sectors: Net salary SAR 6,000
- Military Sector: Net salary SAR 9,000
- Private Sector: Net salary SAR 8,000
- Retirees: Net SAR 5,000
Service period
- Government, Semi-Government and Military (Officers)
Sector: 1 Month - Military (Soldiers) Sector: 12 Months
- Private Sector: 3 Months
Documents required
- Valid ID
- 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 8001000102.
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.
For exact figures, please contact Flexx Call Phone Banking at 8001000102
or visit the nearest SAIB Branch. SAIB Branch.
All personal financing are subject to credit approval.
Fees
- 1% of the finance amount up to a maximum of SAR 5,000
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 3,000,000.
