Getting a loan for an expat is a big commitment. As a foreigner, you have to believe that you will be able to pay for it. Given that there are severe consequences for non-performing loans in the country, it is essential to find the right loan from bank.
There are several things to keep in mind when deciding which loan is best for you. One of the most important is the payment term. In general, the more time you take, the more interest there will be.
When it comes to fees, you should look at what costs the bank already charges, as well as penalties for missed payments. Another thing to consider is the initial settlement fee, as it can be high. For example, some banks ask for 35% of the remaining profit if you choose to repay your loan early, and other banks may ask you to pay 100% of your outstanding profit.
To apply for Expats personal Finance, the applicant must meet the following criteria.
- Foreigners residing in Saudi Arabia.
- You should have a minimum of a 1-year tenure with your current employer.
- Age: 23- 60 years for men and women.
Document Required To Acquire A Loan
Complete application form for EXPATS Personal Finance.
- A valid IQAMA (residence) which has a valid passport stamped by the SPONSOR and verified by the employee
Employer’s official cover letter, which includes the following elements
- Basic salary
- Join date
- The amount on service expiration.
- Introduction date
Government Salary Assignment / Transfer Letter Address to SAIB, which includes the following elements:
- All financial allowances
- End of Service amount
- Salary account number
- Date of salary transfer
- Job classification in the Ministry of Labour (MOL) in the “Nitaqat” “program
- Stamps and signatures as per the pre-approved list of the bank.
- Account statement of last three months which should get stamped with prior three salaries and previous bank.
- A valid release letter from the previous bank
How To Get Loans Between 10,000 Sar To 50,000 Sar
Look for people who do not have a low or initial settlement fee for a lower loan amount. Some banks may not want to make small payments because it reduces their interest on interest, so they extend payments over a more extended period, usually 48 to 60 months.
You may also be able to get a credit card with a higher borrowing limit. Although the interest rate will probably be higher, it will allow you to repay the loan in a month or two.
If there is a particular reason behind your loan requirement, you can take a designed loan, such as education or a car.
How To Get Loans Between 100,000 Sar To 500,000 Sar
For larger loans, consider shorter term and lower interest rates. In general, loans with a fixed loan term work best for foreigners who know what is getting done in their bank accounts monthly.
Don’t forget to take an advance fee into account. These fees are usually between SAR 1500 and 2,000 but may vary depending on your bank.
How To Get Loans Over 500,000 Sar
If you want to get a loan of a very significant amount, it is essential to find the right bank. When it comes to this type of large loan, the initial settlement fee should be one of your main concerns. Because the amount is so high, the fines will be too high. The last thing you want is for the bank to pay a profit on your loan for the rest of the year, even if you can pay it off quickly.