The Saudi British Bank Personal Loan - for retirees
|Minimum Salary needed||Minimum monthly pension requirement of SAR 3,000|
|Maximum amount available||SAR 500,000|
|Length of Loan||5 years|
|Profit Rate||Not mentioned|
|Upfront Fees ( if any )||Administrative charges is 1% of the finance amount or SAR 5,000/- whichever is less|
|Eligibility||Age 40 to 65 years; Salary Assignment Letter, signed by an authorised signatory; banks can provide finance of up to 33% of your monthly salary; you must transfer your salary to a SABB account.|
|Main Features||Fully Shariah-compliant; No guarantor required; Covers the outstanding financing amount in the event of death (God forbid), thereby protecting your family from unforeseen liability|
The Saudi Arabia British Bank-Riyadh
SABB is one of the local banking powerhouses in Saudi Arabia. It is a Saudi Joint Stock Company with a rich heritage that dates back to 1978.
It was established on 12 January 1978, and it took over the operations of The British Bank of the Middle East Saudi Arabia.
The bank is an Associated Company of the renowned HSBC Group, one of the world’s largest banking and financial services organizations boasting of more than 10,000 offices in 83 countries!
SABB has a paid-up capital of SAR 10,000 million, 60% of which is owned by Saudis and the remaining 40% by an HSCB-owned company .SABB has a network of 80 branches, including 24 exclusive Ladies’ sections.
Riyadh, a city with a name that means The Gardens, is the capital and largest city of the Saudi Arabian kingdom. Just like other principal and heavily populated Arabian cities such as Jeddah and Dammam, Riyadh is the home of 5.7 million inhabitants, and is the main urban centre of a region with a population of close to 7.3 million.
The city is divided into 15 municipal districts that are managed by Riyadh Municipality, which is headed by the mayor of Riyadh. Riyadh also has the largest all-female university in the world.
Throughout many an age, Riyadh was a sleeping giant with no special national or regional preeminence. It is only after the 1940’s that it begun mushrooming into the modern cosmopolitan that it is today.
Personal Finance for Retirees
Personal Finance for retirees is a customized Islamic personal finance from SABB, intended to offer sustainable credit to retirees in order to meet and fulfill their financial needs. It is based on Tawarruq concept of providing Islamic finance that is Shariah-compliant.
Core features and benefits:
- Finance available from 10,000 SAR - SAR 500,000;
- Repay in monthly installments ranging from 12 to 60 months;
- No guarantor required; and
- Covers your outstanding financing amount in the event of death hence protecting your family from such unforeseen debt contingency.
Eligibility and requirements:
- Be of age between 40 and 65 years;
- Earn a minimum monthly pension of SAR 3,000.