Personal Finance Rescheduling FAQs - For Government Sectors

  • Who is eligible for restructuring his/her personal finance? 
  • All government employees whose salary got reduce in line with Royal Decree and due to such salary decrease the current instalment exceed 33.33% of salary.

  • If my salary did not get effected do I need to reschedule?
  • No, if your installment did not exceed 33.33% of your monthly salary, you are not eligible for reschedule.

  • What are the requirement for a government employees to avail reschedule?
  • The customer is required to provide latest salary letter issued after 1 Muharram 1438H. After getting his new salary letter, the customer should fill out the E-form that has been sent to customer by SMS or it can be found in SABB.com under FAQs to start processing his/her loan reschedule.

  • What profit rate will be applied on rescheduled finance?
  • The Annual Percentage Rate used for existing finance will be applied on reschedule finance.

  • Will total profit amount increase due to reschedule?
  • There are chances that total profit amount will increase if new finance period exceed significantly. However, you will come to know the new profit amount when you visit branch for signing new documents.

  • Will the finance term exceed five years?
  • The finance period may exceed 5 years if new installment after calculating 33.33% is not sufficient to pay-off the finance within 5 years.

  • Will any extra fees be added for restructuring?
  • No, there won’t be any extra fees added to the cost nor to the monthly instalment amount, however if you have uncollected administration fee from your existing finance then same will be collected with rescheduled finance.

  • Can I exceed the 33.33% Debit Burden Ratio?
  • No, in case of restructuring the instalment won’t exceed 33.33%

  • Do I need to pay 20% out of the original finance amount to avail reschedule?
  • The customers are not required to pay minimum 20% out of the original finance amount to avail reschedule.

  • Can the customer get additional amount in addition to his current outstanding finance balance?
  • Yes, the customer can get additional finance amount providing his/her new salary that accommodate such amount. However, please note that existing personal finance criteria should apply such as maximum finance period 5 years, new profit rate, management fee and all other required criteria.

  • Will the credit card limit effects on my finance amount?
  • Yes, As per SAMA regulation your SABB credit card limit will be considered in calculating 33.33% Debit Burden Ratio.

  • If a customer has both SABB and non-SABB obligations and with salary reduction he seek help/advice to restructure his finance, Can SABB assist him?
  • SABB aims to serve its customer and meet their needs and expectation. If a customer needs financial counselling then he/she can contact Credit Advisors team by calling 920000124.

  • In case the customer did not provide the new salary letter before next salary date?
  • SABB has announced personal finance instalment deferral for the month of Muharram 1438H which is sufficient for a customer to avail new salary letter and if salary is reduced apply for reschedule. In case, the customer cannot obtain new salary letter before next salary date, he/she should call SABB call center on 920007222 for further guidance.

  • How many deferrals will happen?
  • SABB has allowed one instalment deferral and believes it gives sufficient time to customers to provide the bank with the new salary amount to restructure his/her finance.

  • Does this deferred instalment mean that it has been waived and treated as a holiday instalment?
  • No, this installment will be included in the rescheduled loan, however in case the customer did not reschedule the finance then deferred instalment will be added at the end of the finance period.

  • Do retired customers include instalment deferral and finance rescheduling?
  • No, Instalment will not be deferred for retirees nor rescheduling

  • Do defaulted customers gets reschedule on their finance?
  • Yes, their finance will be rescheduled with considering all of their defaulted amounts.

  • Is it required to fill-out the E-form before visiting the branch?
  • Yes, it is required to fill-out the E-form before visiting the branch to avoid any inconvenience, where SABB will start the loan reschedule process and the customer will be communicated to visit the branch to sign the required documents.

  • What are the required fields to be filled-out in the E-form?
  • Basic salary, housing allowance (if any), transportation allowance (if any), other allowances.