FAQs What documents do I require to submit for Personal financing? - Customers must have the following documents:
- Valid ID
- ID copy for military employees
- Fill out disclosure 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:
Personal Financing
| | Finance amount | SAR 100,000 | | Total profit margin | SAR 8,614 | | APR | 3.86 % | | 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 1810.23
|
Finance amount
| 100,000.00 | | Total profit margin | 15449.99 | | APR | (APR) 6.27% | Management fees
| Management fees is 1% of the Financing Amount with Cap. of SAR 5,000 | | Finance duration | 60 months | | Total finance cost | 115,449.99 | Monthly installment
| 1924.17
|
| Finance amount | 81,000 | | Total profit margin | 9101.81
| APR
| (APR) 6.03% | | Management fees | Management fees is 1% of the Financing Amount with Cap. of SAR 5,000 | | Finance duration | 48months | | Total finance cost | 90,101.81 | | Monthly installment | 1877.12 |
| Finance amount | 40,000 | | Total profit margin | 1981.78 | | APR | (APR) 6.17% | Management fees
| Management fees is 1% of the Financing Amount with Cap. of SAR 5,000 | | Finance duration | 24months | | Total finance cost | 41,981.87 | | Monthly installment | 1749.24 |
APR may differ depending on the amount, maturity period and credit scoring of the customer
TERMS AND CONDITIONS APPLY.
Risk Disclaimer
- In the event that shares were not deposited at the time of signing the contract or was delayed due to circumstances beyond the control of the first party or the Al-Bilad Investment Company, then the First Party or Al-Bilad Investment Company does not bear any responsibility as a result of that delay, especially what is related to the decline in the share price or any technical failures outside First party will.
- In the event the customer delays executing the commodity request within the specified period, the commodity shall be sold based on the customers authorization. in case the customer request to collect the commodity, they shall bear all costs related to shipping, storage, insurance, and any other associated or fees.
- If it appears that the customer has provided incorrect or forged information or data, the bank has the right to cancel the contract and return to the customer with all the damages incurred by the bank.
- Throughout the term of the financing contract, and until the bank has met the full price of the sale subject of the financing contract, the customer is obligated to transfer his monthly salary to the current account / country account opened with the bank and to provide evidence of a currency entity’s commitment to transfer his salary to the bank.
- It is important for the customer to make sure to pay the dues on time, as the customer's credit record is adversely affected in the event of default or late payment.
- In the event of change in the customers financial circumstances such as a salary reduction or early retirement, the financing will be rescheduled in accordance with the approved policies, provided that the required documents are submitted to the bank through the approved channels.
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