Financing
Question 1: I currently have a loan from SAB. When can I apply for an additional loan?
If you received the loan before the 16 September 2014, you can make a request for an additional loan after paying the first 6 instalments. If you received the loan on 16 September 2014 or later, you can apply for an additional loan after paying at least 20% of the loan amount in instalments.
Question 2: I received my loan from SAB and I would like to know how to address a letter to prove indebtedness?
You can receive a letter to prove indebtedness by visiting any of SAB branches and filling in the form for proving indebtedness.
Question 3: I have a home loan and wish to receive copies of the house lease and authorisation from the Bank?
You can receive these documents by visiting any SAB branch.
Question 4: How can I pay my loan early?
You can request early payment of the loan by visiting any SAB branch.
Question 5: Can I request a personal loan and a home loan together?
Yes, you can request a personal loan and a home loan together, provided that the total premiums do not exceed your maximum monthly payment rate.
Question 6: Can I find out the remaining amount due, including the profit margin, on my personal loan?
Yes, you can inquire via SAB Online, by calling customer service, or by visiting any SAB branch.
Question 7: Can I request a home loan from SAB as a joint-account?
Yes, you can receive a loan from SAB as a joint-account with spouses or any first-degree relative (such as father, mother or siblings).
Question 8: Is the loan’s profit margin fixed?
Yes, the profit margin is fixed until the end of the loan period.
Question 9: What is the annual percentage rate (APR)?
It is the true annual rate across the entire loan term - calculated by dividing the gross profit by the the original average balance during the period of repayment. And it is determined on an annual basis and represents the actual cost of the loan. Profits are calculated on a daily basis starting from the date of the transaction.
Question 10: Do I have to transfer my salary to my account at SAB?
Yes, you must transfer your salary to your account at SAB.
Question 11: What is the amount Ican receive as a loan? How much are the monthly instalments? And what are the available repayment periods?
Based on the the regulations of The Saudi Arabian Monetary Agency, banks can offer you loans with repayments of up 33% of your monthly salary. You can visit any SAB branch to find out the amount of the loan you can get, or learn the approximate amount of your loan by using the personal financing calculator.
Question 12: Do I have to present guarantees for loans?
No, you do not have to present any guarantees of warranties to receive a loan.
Question 13: what will happen in the event of my death (God forbid)? How can my heirs get exemption from the debt?
SAB understands their customers’ need for personal loans to improve their family situation or achieve their families’ aspirations. In the event of the client’s death (God forbid), SAB can exempt the client and the heirs from all remaining instalments and discharge the debt. To be eligible, the client must have provided true and complete information in the medical questionnaire when taking out the loan. (For more details, please read the instalment agreement.)
Question 14: What will happen in the case of total disability (God forbid)? How can a client get exemption from the debt?
SAB can exempt a client from all of the remaining instalments in his debt, if he becomes totally and permanently disabled (God forbid), or in the event of continued disability for at least six months from the date of the event (accident or illness) that has caused the disability. To be eligible, the client must have provided true and complete information in the medical questionnaire when taking out the loan. (For more details, please read the instalment agreement.)