Riyad Bank provides a short term financing program against “Point Of Sale” collections with the amount of SAR 1 million, using the latest technologies when it comes to safety and efficiency to meet SMEs needs.
Conditions:
-
Meeting the minimum credit/risk acceptance criteria of Riyad Bank
-
Minimum business age is one year, and have a permanent location/outlet
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Presenting a bank account statement of one year
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Finishing a minimum POS subscription period of 6 months
-
Terms and conditions apply
Rates & Fees:
| Product |
Annual Percentage Rate (APR) |
Administrative fees |
Administrative fees Min or Max Limit |
| POS Financing Program - Short-term |
2% to 15% |
0% to 5% |
- |
* The above table is an example, and the annual percentage rate varies according to the amount and the credit evaluation of the activity in addition to the period and method of payment.
The method of calculating the finance cost:
Example (1):
| Finance Amount |
SAR 100,000 |
| Payment Method |
Monthly Installments |
| Payment Period |
6 Months |
| Annual Profit Rate |
2% |
| Finance Amount |
Installment Amount |
Total Bank Profit |
Finance Amount including Profits |
| SAR 100,000 |
SAR 16,765 |
SAR 588 |
SAR 100,588 |
Example (2):
| Finance Amount |
SAR 100,000 |
| Payment Method |
Monthly Installments |
| Payment Period |
6 Months |
| Annual Profit Rate |
13% |
| Finance Amount |
Installment Amount |
Total Bank Profit |
Finance Amount including Profits |
| SAR 100,000 |
SAR 17,318 |
SAR 3,905 |
SAR 103,905 |
Example (3):
| Finance Amount |
SAR 100,000 |
| Payment Method |
Monthly Installments |
| Payment Period |
6 Months |
| Annual Profit Rate |
15% |
| Finance Amount |
Installment Amount |
Total Bank Profit |
Finance Amount including Profits |
| SAR 100,000 |
SAR 17,419 |
SAR 4,512 |
SAR 104,512 |
Please fill the application and our team will contact you.