Learn about the payment program from Saudi Riyad Bank

yousef7 May 2022Last Update : 2 years ago
Learn about the payment program from Saudi Riyad Bank

The Economy website offers a payment program from Saudi Riyad Bank.

Riyad Bank offers “Dafat” program to install services and products through the personal finance product without administrative fees and without a profit margin. The “Dofaat” program allows you to purchase products with amounts ranging from 5000 riyals to 200,000 riyals, and then pay them in installments with flexible payment plans.

Sharia compliant

without profit margin
Without administrative fees
Quick and easy procedures
Flexible repayment period starting from 6 months to 36 months (according to the agreement with the entity)
The amount of financing starts from 5,000 riyals up to a maximum of 200,000 riyals (according to the agreement with the entity)
Exempting the heirs from the amounts due in the event of death

the conditions

Available to customers who qualify for personal financing (new financing or additional financing)
The age of the customer should not be less than 18 years for Saudis
The age of the customer should not be less than 22 years for non-Saudis
The net amount transferred is 5,000 riyals with a minimum
Depositing salary with Riyad Bank through the “SARIE” system
The client should be affiliated with the government/military/semi-governmental sector/or one of the companies approved by the bank from the private sector, in addition to the retired clients

How to submit your application

The form that was previously sent to all partners in the “Dafat” program is filled out by the merchant with the customer’s information and the amount of the product and stamped with the company’s approved seal at Riyad Bank
The form is submitted after the company fills in the customer’s data by the customer to the Riyad Bank branch
In the branch, the customer’s eligibility for personal finance is ascertained, the discount rate, the amount of financing and the financing period available to the customer (based on the agreement signed with the merchant), the completion of the financing procedures with the customer, and the deposit of the amount to the merchant’s account directly
The customer receives a copy of his form and delivers it to the same branch of the company and receives his own products

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