Features of seasonal financing: 1- Financing limit up to 30,000 2- Financing period up to 18 months 3- Administrative fees not exceeding 2,000 4- Payment method monthly 5- Ability to apply for the seasonal loan after paying off your previous loan from the Development Bank directly and without waiting - What are the conditions for seasonal financing? 1- Saudi nationality 2- The applicant's monthly income does not exceed 20,000 3- Age of the applicant from 21 to 59 (age calculation method in Gregorian) 4- Age of the guarantor from 19 to 54 (age calculation method in Gregorian) - What are the administrative fees? The administrative fee is only 2,000 SAR, deducted before depositing the financing into the beneficiary's account. For social security beneficiaries, only 1,000 is deducted before depositing the financing into the beneficiary's account. - How to calculate the eligible amount if the applicant is a government employee? Multiply the salary by 0.40, subtract your commitments from the resulting number, then multiply the amount by 18 to get the eligible financing amount. The minimum amount for the seasonal loan is 15,300 SAR. How to calculate the eligible amount if the applicant is unemployed or employed in the private sector with a government employee guarantor? Multiply the guarantor's salary by 0.40, subtract the guarantor's commitments from the resulting number, then multiply the amount by 18 to get the eligible financing amount. The minimum amount for the seasonal loan is 15,300 SAR. - No high default in Sama (credit report) for the applicant or guarantor (small amounts in Sama do not affect the loan application). Installments from Tabby, Tamara, or any financing product are also considered commitments, and the guarantor affects the eligibility for the loan. - The applicant has the right to apply for the seasonal financing even if they have an existing loan from the Development Bank. - If there is an applicant and guarantor, who pays the installment? The applicant pays the installments via Sadaad system, and if the applicant delays two months in payment, the installment is deducted from the guarantor's salary. - When does the installment payment start? The installment begins 30 days after the deposit of the financing amount. - What is the minimum and maximum financing amount? The minimum is 15,300 SAR, and the maximum is 30,000 SAR. - What is the repayment period? The repayment period is fixed at 18 months. - How to know the installment amount? Divide the financing amount by 18 months, and you will get the installment amount. - Does a retiree guarantee? No, retirees do not guarantee. - If the guarantor has a loan from the Development Bank, can they guarantee? Yes, they can. If they do not have a loan from the Development Bank, they can guarantee two people. - Contact us to receive applications, not for inquiries. Contact us to receive applications, not for inquiries. Contact us to receive applications, not for inquiries. To contact, click here.
