Top up Financing By Bank Albilad
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Last update on 19-08-2020
Top up Financing, whenever you need it!
As a part of our efforts to provide you with the best solutions, we are happy to provide you with the Top Up financing that allows you to get an additional shares financing based on what you have paid back from your current financing and on the change in your salary. |
What are the key features of Bank Albilad Top up Financing? Here’s what you can expect from our Top up Financing service:
- Sharia-compliant financing service
- Available to Saudi and non-Saudi
- Ability to choose the desired Shariah approved shares from the local market
- Early settlement is available
- Execute your financing day or night through our sales centers
- Financing period up to 5 years
- Available for retired customers
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Terms and Conditions
- Open current account with Bank Albilad
- Customer must be an employee of a public or private sector approved by Bank Albilad.
- Customer's salary should be 3,000 SAR or more for Saudis and 3,500 SAR for non-Saudi
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FAQs What documents do I require to submit for the financing? Customers must have the following documents:
- Valid ID
- ID copy for military employees
- Fill out disclosure form
- Filling "Local Shares Installment Purchase Order" Form
- A letter from the customer's employer indicating: monthly salary (Basic and allowances), job title, date of employment
- A statement of salary transfer from employer
Is there any management fee? The management fee is 1% of the financing amount with cap. of SAR 5,000. How the profit margin is calculated?Here is an example of how the profit margin is calculated: Top up Financing
| | Finance amount | SAR 100,000 | | Total profit margin | SAR 10,000 | | APR | 4.31% | | Management fees | Management fees is 1% of the Financing Amount with Cap. of SAR 5,000 | | Finance duration | 60 months | | Total finance cost | SAR 110,000 | | Monthly installment | SAR 1,833.33 |
APR may differ depending on the amount, maturity period and credit scoring of the customer
TERMS AND CONDITIONS APPLY. |
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