Details of the debt repayment program from Saudi Bank Albilad

yousef27 April 2022Last Update : 2 years ago
Details of the debt repayment program from Saudi Bank Albilad

The Economy website displays the details of the debt repayment program from Saudi Bank Albilad.

You can now pay your debt with any other bank and join us to benefit from a wide range of services and special programs that meet your aspirations.

Advantages of paying off debts for personal finance from Bank Albilad

Complies with the regulations of the Shariah Committee of Bank Albilad
The possibility of purchasing shares of any company within the list of shares approved by the Shariah Committee and specified by the Bank
Quick completion of all client financing application procedures.
Flexible repayment period of up to 60 months.
The possibility of early repayment at any time based on the controls of the Saudi Central Bank.
The ability to pay in installments commensurate with the customer’s monthly income.
Possibility to postpone a premium every year.
The possibility of obtaining a payment deferment at the beginning of the financing installments.
A sponsor is not required to obtain financing.
Financing up to 2,000,000 SAR.
Possibility to obtain additional financing.
Available to employees of local banks

the conditions

The customer must not be less than 21 years old.
The customer must have a current account with Bank Albilad
The customer must be working in one of the establishments approved by the bank in the public or private sectors
The client’s monthly net income shall not be less than SAR 5,000 for clients in government sectors or based on the classification of the employer.
Transferring the monthly salary to Bank Albilad.

Required Documents

To ensure that your application is completed quickly and smoothly, please make sure to provide the following documents when submitting your application:
Valid customer identification document.
Fill out an acknowledgment and disclosure of the client’s personal obligations.
A copy of the work card for employees of the military sectors.
Fill out the entire “Installment Purchase Request” form.
A definition from the employer, including the monthly salary, the job title, and the start date of joining the work.
Certificate of proof and transfer of indebtedness from the other bank.

The bank finances the purchase of local shares selected by the customer.
The selected shares are placed in an investment portfolio owned by the bank.
The bank sells the shares of this portfolio to the customer at their original price plus a profit margin.
The purchased shares are transferred to an investment portfolio in the name of the client.
The client sells the shares and transfers the amount to the current account.
The bank issues a bank transfer to the other bank to pay off the client’s indebtedness according to the regulations and instructions of the Monetary Agency in this regard.
The customer obtains a party release from the previous bank after paying his debts by Bank Albilad.
The client transfers his salary from his administrative reference to Bank Albilad.
The customer later pays the value of these shares to the bank in the form of monthly installments according to the terms of the contract concluded between him and the bank.

the value of the original financing 100,000 riyals
total financing profit 10,000 riyals
Annual Percentage Rate APR (4.31%)
administrative fees 1% (up to a maximum of 5,000 riyals) of the value of the original financing,
financing period  60 months
the cost of the sale contract  110,000 riyals
monthly installment  1,833.33 riyals

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