2023-07-23 00:44:13
The Social Development Bank provides a range of various loans and financing to citizens and expatriates within the Kingdom of Saudi Arabia. This bank aims to improve life and support the establishment of small projects. Among the range of finances offered, family finance is one of the most important and most frequently asked by people. In this article, we will look at how to obtain this financing and the most important requirements.
Conditions for obtaining family financing
There are a set of conditions that must be met to obtain family financing, which amounts to 60,000 riyals, without the need for a guarantor or interest. These conditions include:
The age of the applicant should not exceed 70 years. The age of widows and divorcees should be between 25 and 60 years. The applicant must be a government employee or retired employee. The customer’s monthly income should not exceed 14,500 Saudi riyals. Widowed or divorced women have to support children. The woman applying for the loan must be a government employee or retired in the event of abandonment. That there is a valid credit record of the beneficiary. Provide official salary statements. The amount of financing depends on the age of the applicant, as higher financing is granted to those who are younger.
Steps to obtaining family financing
To obtain family financing without a guarantor or interest, the following steps must be followed:
Log in online via The official website of the Social Development Bank. Choose family financing for individuals from the available options. Choose the New Finance icon and complete all required data correctly. Determine the value of the financing amount, fill in all the required data, and submit the necessary documents. A code will be sent to the applicant, which can be used to inquire regarding the loan in the future.
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