Details and conditions for obtaining loans without a sponsor from Saudi banks

yousef6 August 2022Last Update : 2 years ago
Details and conditions for obtaining loans without a sponsor from Saudi banks

What is personal finance without a sponsor and according to the provisions of Islamic Sharia? This is an important question, especially in light of the economic crises the world is facing in terms of high prices and inflation, and in light of these circumstances, the Kingdom of Saudi Arabia launched an initiative to try to ease the burdens of the global economic crisis on its citizens.

It has decided to provide personal finance services without a guarantor and without salary transfer and in accordance with the rulings of Islamic Sharia to try to encourage young people to start small and medium projects to run the wheel of the economy; Therefore, there are many banks that provide loan services without a guarantor or guarantor, which we will review in this article.

Al Rajhi Bank personal loan in installments and without a guarantor:

The amount of the loan is up to 50,000 riyals.

The loan grants 30 times the salaries of the public sector.
It provides 25 times the salary to the private sector.
Depends on selling stock and goods to customer.
Offers lifetime takaful insurance.
The bank offers these loans without a guarantor and a guarantor also to residents of
Saudi Arabia.

Alinma Bank loan – without a guarantor:

It is possible to borrow from Alinma Bank without a guarantor and in accordance with Shariah rules and regulations.

Transfer of salary to Alinma Bank.
The bank provides financing by selling goods or by barter method.
The borrowing amount is up to SAR 5.7 million.
Financing up to 60 months is granted
In the event of death, the heirs are exempted from the remaining debt amount.
The bank offers these loans to Saudis and residents in Saudi Arabia.

Bank Al-Jazira loan – a non-traditional personal loan without a guarantor and in accordance with the provisions of Islamic Sharia:

The amount of the loan is up to SAR 500,000, according to the minimum salary.

The loan can be obtained without salary transfer.
Refinancing is possible upon repayment of the previous loan.
Exemption from paying the rest of the loan amount in the event of death or total disability is done through
Takaful insurance provided by Bank Al Jazira.
The administrative fee is equivalent to 1% of the loan amount.

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