A first-of-its-kind service in the Kingdom from Riyad Bank that enables customers to get a personal finance approval in seconds through Riyad Online.
To get your personal finance through Riyad Online:
- Log in to Riyad Online
- Click “Apply Online” from the main list
- Click “Personal Finance – Tawarruq”
- Complete all required information
- Click “Submit Loan Request”
- Once your request is approved, you will receive an SMS on your mobile informing you to visit the nearest branch to submit a salary certificate letter and a salary transfer letter
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Terms and conditions:
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The applicant should have a Riyad Bank account
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The applicant should transfer his/her salary to Riyad Bank
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Once the request is approved, the applicant must visit the nearest branch to submit a salary certificate letter and a salary transfer letter
An example of finance under the principle of Tawarruq:
A government sector employee with a salary of SAR 10,000 can get finance under the principle of Tawarruq if he/she has no other existing obligations as follows:
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Financing amount: SAR 100,000
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Monthly installment: SAR 1,833
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Administrative fees (for one time only): SAR 1000
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Tawarruq fees: SAR 30
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Annual Percentage Rate: 4.23
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Financing period: 60 months