Point of sale financing - Short term
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Point of sale financing - Short term
Finance
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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:
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Meeting the minimum credit/risk acceptance criteria of Riyad Bank
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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
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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):Title 1
Title 2
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):
Title 1
Title 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):
Title 1
Title 2
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
Credit Faciliation
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