Personal Loans for Expatriates in Saudi Arabia: A Comprehensive Guide

If you’re an expat living and working in Saudi Arabia, you might sometimes need extra money for unexpected costs or to reach your goals. Personal loans can be a simple way to get the cash you need without having to put up any assets as security. In this article, we will look at important details about personal loans for expats in Saudi Arabia, such as who can apply, how to apply, any fees involved, and the best loan options available.

Eligibility criteria for personal loans for expatriates in Saudi Arabia

To qualify for a personal loan in Saudi Arabia, expats usually need to meet these basic requirements:

• Valid Iqama
• National Address Registration
• Nafath Account
• Minimum monthly salary of SAR 5,000
• Employed for at least one year
• A Good Credit Score
• Minimum age of 21 years (with end-of-service benefit assignment) or 23 years (without end-of-service benefit assignment)
• Salary transfer to bank account (most financial institutions require salary transfer to a bank account)

How to apply for a personal loan as an expatriate in Saudi Arabia

Applying for a personal loan in Saudi Arabia is quite simple. You can fill out your application online on the bank’s website or app, or you can visit one of their branches in person. Here are the usual steps:

• Fill out the application form with your personal and financial details
• Submit the required documents (e.g., Iqama, employment certificate, salary transfer letter)
• Receive an instant decision on your application
• Sign the contract online or at the branch
• Get the funds in your bank account within 48 hours

Fees and Charges

Personal loans in Saudi Arabia typically come with the following fees and charges:

• Interest rate (flat rate or reducing rate), ranging from 5% to 9%
• Late payment fees if you miss an installment
• Takaful (Islamic insurance) in case of death or permanent total medical disability

It’s important to compare the interest rates and fees from different banks so you can find the best option for you.

Loan Duration and Amount

Personal loans in Saudi Arabia usually have a maximum repayment period of 60 months (5 years). The loan amount can vary depending on the bank and your salary, but it can be up to 8 times your monthly salary.

Top banks offering personal loans for expatriates

Some of the best personal loan options for expatriates in Saudi Arabia include:

• Al Rajhi Bank Personal Finance: Offers up to 1.5 million riyals for expatriates with a annual rate starting from 3.07%.
• SAB Personal Finance: Offering up to SAR 300,000 with APR 6.28%.
• Riyad Bank Personal Finance: Tailored for non-Saudi professionals such as executive managers, engineers, lawyers, and health specialists
• Tasheel Personal Financing: Easy online application, instant approval, funds in your account within 48 hours

When choosing a personal loan, consider factors such as APR, fees, repayment terms, and the lender’s reputation and customer service.

Personal loans can be really helpful for expats in Saudi Arabia when they need money. To choose the right loan for you, it’s important to know the requirements to qualify, how to apply, any fees involved, and the different options available. This way, you can find a personal loan that works for your needs and fits your budget.

Also read:

• How to Apply for a Credit Card in Saudi Arabia
• How to Open a Bank Account in Saudi Arabia
• Buying a Car on Lease in Saudi Arabia