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 Personal Financing - Buyout

 The Buyout program by Bank Albilad

03-12-2024

Set your goals, and we will help you achieve them! 


Do you want to settle your personal financing with any other bank and transfer your salary Bank Albilad? Now you can do that with our personal financing buyout program to enjoy our wide range of exceptional services.  



 

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What are the key features of Bank Albilad buyout financing?

Here's what you can expect from our buyout financing service:
  • Sharia-compliant financing services.
  • Ability to settle and unify one or all obligations against Personal Finance (Auto lease – Credit Card – Personal Finance).
  • Ability to choose the desired Shariah approved shares or commodities.
  • Financing is available to other bank employees with no salary transfer.
  • Early settlement is available.
  • Financing is executed instantly.
  • Financing period up to 5 years
  • Financing amounts up to SAR 2,000,000. 
  • Ability to defer one instalment per year.
  • Available for retired customers.
  • Available with no salary transfer for Banks Employees.

Terms and Conditions 


  • Customer must be 18 years or older.
  • Open current account with Bank Albilad .
  • Customer must be on job.
  • Financing is available up to 70 years old.
  • Customer's salary should be 3,000 SAR or more. 
  • Transfer the salary to Bank Albilad. 
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FAQs

 

 What documents do I require to submit for shares 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:

Buy Out ​
Finance amount
SAR 100,000
Total profit marginSAR 3,500
APR1.84%
Management feesManagement fees is 1% of the Financing Amount with Cap. of SAR 5,000
Finance duration60 months
Total finance costSAR 103,500
Monthly installmentSAR 1,725


APR may differ depending on the amount, maturity period and credit scoring of the customer

TERMS AND CONDITIONS APPLY.



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All Rights Reserved © 2024 Bank Albilad is a Saudi joint stock company, with National Unified No. 7001473102, Head Office: Al Mutamarat 8229, Building No 2, RIYADH 3952 - 12711, KSA. Under monitoring and supervision of Saudi Central Bank and licensed by Royal decree 48/M on 1425/9/21H (4/11/2004 G).


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