Learn about personal financing
Enables consumers to instantly finance their personal needs and repay the amount through flexible repayment solutions. Personal finance programs are available for individuals in public and private sectors up to SR 300,000 and instant smart loans program which enables the customer to avail financing facility up to SR 150,000 without salary transfer or personal guarantor in line with Shari’a principles such as (Tawaruq, Murabaha, Ijarah)
Last updated: 30/7/2023
Financing features
Personal finance starts from SAR 10,000 up to SAR 300,000
Compliant with sharia principles
Payment tenure up to 60 months
Salary transfer, personal sponsor or sector approval is not required
Signing a health declaration form for amounts in excess of 200,000 riyals
Personal finance starts from SAR 10,000 up to SAR 300,000
Compliant with sharia principles
Payment tenure up to 60 months
Salary transfer, personal sponsor or sector approval is not required
Signing a health declaration form for amounts in excess of 200,000 riyals
Tawarroq and Morabaha
There are always personal and family needs, whether there is an intention to have personal finance to meet specific needs, to own a new car or to have new furniture. Nayifat Finance Company provides the possibility of financing them easily with flexible and several financing offers (Tawarooq and Murabaha). The financing service provided by Nayifat company is in compliance with Islamic shariah. It had been created to meet your financial needs and requirements easily and with the least required documents and conditions, in addition to the fast procedures for acceptance and approval. It is also supported by a flexible payment options that help you to pay your installments easily.
Advantages & Benefits
- Compliant with sharia principles
- Personal finance up to SAR 300,000
- Compliant with sharia principles
- Competitive profit margin
Example
Individual financing
| Income | Disburse Amount | FEES + VAT | FEES 1% | Annual Percentage Rate (APR) | Intallment Amount | TENURE |
|---|---|---|---|---|---|---|
| 4,500 | 10,000 | 115 | 100 | 36.42% | 566.67 | 24 |
| 7,656 | 89,400 | 1028.1 | 894 | 32.13% | 2,793.75 | 60 |
| 14,117 | 38,000 | 437 | 380 | 33.06% | 1,204 | 60 |
| 21,480 | 15,000 | 172.5 | 150 | 30.08% | 454.38 | 60 |
| 25,444 | 150,000 | 1,725 | 1,500 | 29.80% | 4,524 | 60 |
| 1,985 | 35,200 | 404.8 | 352 | 14.99% | 819.87 | 60 |
| 1,985 | 10,500 | 120.75 | 105 | 15.56 | 820 | 14 |
| 1,985 | 10,000 | 115 | 100 | 14.99% | 232.92 | 60 |
Regular Loan
| Loan / Finance Amount | Maturity in Years | Annual Percentage Rate (APR) | Monthly Payment Amount |
|---|---|---|---|
| 1,000,000 | 5 | 20.73 | 25,417 |
| 3,000.00 | 3 | 22.20 | 109,584 |
| 5,000.00 | 1 | 24.22 | 458,334 |
SME Loan (Monthly)
| Loan / Finance Amount | Maturity in Years | Annual Percentage Rate (APR) | Monthly Payment Amount |
|---|---|---|---|
| 1,000,000 | 5 | 20.73 | 25,417 |
| 3,000.00 | 3 | 22.20 | 109,584 |
| 5,000.00 | 1 | 24.22 | 458,334 |
SME Loan (Quarterly)
| Loan / Finance Amount | Maturity in Years | Annual Percentage Rate (APR) | Monthly Payment Amount |
|---|---|---|---|
| 1,000,000 | 5 | 21.70 | 77,500 |
| 3,000.00 | 4 | 21.03 | 266,250 |
| 5,000.00 | 2 | 22.25 | 756,250 |
SME Loan (Semi annual)
| Loan / Finance Amount | Maturity in Years | Annual Percentage Rate (APR) | Monthly Payment Amount |
|---|---|---|---|
| 1,000,000 | 5 | 20.64 | 155,000 |
| 3,000.00 | 3 | 21.14 | 655,000 |
| 5,000.00 | 2 | 22.48 | 1,537,500 |
Note: The figures shown are preliminary calculations and are not considered a commitment or an offer made by the company
Documents Required for Finance Individuals
- Fill out the financing application form
- Fill out the client’s declaration and disclosure form of his personal obligations
- Valid identity proof
- National address
- Stamped original account statement for the last salary.
- Bank card or IBAN number
- A work card stating the military rank or job title
- Signing a health declaration form for amounts in excess of 200,000 riyals
