The loan is considered like the personal loan meaning that the bank only requires you to repay the loan amount and nothing else. The ceiling of the freelance work loan has been reduced to 100,000 riyals.
Features of the freelance work loan:
1- Financing ceiling up to 100,000 riyals
2- Financing period up to 40 months
3- Administrative fees not exceeding 12,000 riyals
4- Repayment method monthly
5- Possibility to apply for the freelance work loan after paying off your previous loan from the Development Bank directly and without waiting
What are the conditions for the freelance work loan (cash financing)?
1- Saudi nationality
2- The applicant's monthly salary does not exceed 35,000 riyals
3- Age if the applicant is a government employee or retired from the government from 21 to 59 (age calculation method in Gregorian)
4- Age if the applicant is unemployed or employed in the private sector from 21 to 54 (age calculation method in Gregorian)
5- Age of the guarantor from 19 to 54 (age calculation method in Gregorian)
6- The applicant does not need to be married
The administrative fees for the work movement loan have been changed.
What are the administrative fees?
1- Administrative fees (employee - unemployed - student - housewife) if the loan amount is from 60,000 to 72,000, the administrative fee is 11,000, deducted before depositing the loan into the beneficiary's account
If the loan amount is from 76,000 to 100,000, the administrative fee is 11,000, deducted before depositing the loan into the beneficiary's account
2- Administrative fees for retirees are 9,750 riyals, deducted before depositing the loan into the beneficiary's account
3- Administrative fees for the primary beneficiary in social security are 5,500 riyals, deducted before depositing the loan into the beneficiary's account
Who is eligible to obtain the freelance work loan?
1- Unemployed (unemployed or housewife) with the condition of having a government or approved government company guarantor with the bank
2- Private sector employee with the condition of having a government or approved government company guarantor with the bank
3- Government retiree applies in his name without a guarantor
4- Government employee (military or civilian) or an employee in an approved government company without a guarantor
There should be no default in Sima for the applicant or the guarantor.
Installments for Tabeeb or Tamara or any financing product for the applicant or the guarantor are considered part of the obligations.
(If the default in Sima is less than 3,000 riyals, it does not affect the loan application.)
Any financing program like the Easy Installment Program, Maren, calculates the maximum installment, not the current installment.
If the applicant is a government employee, the salary accepted is from 4,000 to 35,000.
If the applicant is unemployed or employed in the private sector, the total salary of the guarantor must be more than 8,000 riyals.
The applicant cannot apply for more than one loan from the Development Bank at the same time.
Does the freelance work loan require a commercial register?
No, the freelance work loan does not require a commercial register.
If the applicant owns a commercial register, is he eligible for the loan?
Yes, if he has a government guarantor, he can apply.
In case there is an applicant and a guarantor, who pays the installment?
The applicant pays the installments via Sadaad system, and if the applicant defaults for two months, the installment is deducted from the guarantor's salary.
When does the financing installment start?
The installment starts 30 days after depositing the financing amount.
What is the minimum and maximum financing amount?
Minimum is 60,000 riyals, and maximum is 100,000 riyals.
What is the financing repayment period?
The repayment period is fixed at 40 months (3 years and 4 months).
How do I know the installment amount?
Divide the financing amount by 40 months to get the installment amount.
Does the retiree act as a guarantor?
No, retirees do not act as guarantors.
If the guarantor has a loan from the Development Bank, can he act as a guarantor?
Yes, he can. If he does not have a loan from the Development Bank, he can guarantee two people.
If the guaranteed person defaults on any Development Bank loan and the deduction begins from the guarantor's salary, can the guarantor apply in his name or guarantee another person?
No, he cannot until the loan is paid off.
The applicant must be inside Saudi Arabia at the time of application.
For receiving applications only, not inquiries.
For receiving applications only, not inquiries.
For receiving applications only, not inquiries.
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