Personal Finance Buyout

Personal Finance Buyout

Personal Finance Buyout

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 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%

I want to:
 

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.

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 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.

 
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