Investment Account Finance LAST UPDATE 20 Sept 2023
Make your investments work. Now you can get uncomplicated financing by applying for a personal finance guaranteed by fund's account / investment portfolios.
Guarantee accounts: more than one account can be accepted provided that the funds belong to one account.
Variety of payment methods based on the contract signed between the customer and the bank.
Possibility of early settlement.
Insurance coverage in case of death or total disability (God forbid) as per insurance policy terms and conditions.
Terms & Conditions:
|Nationality||Saudis & Non-Saudis.|
|Age||Not less than 18 years, and there is no maximum age.|
|Finance Maturity||Minimum 3 months & Maximum of 60 months.|
|Finance Amount||Minimum 15,000 SAR & Maximum 5,000,000 SAR.|
|Type of Guarantee||Pledge of fund accounts/investment portfolios in SNB, or SNB Capital|
|Amount of Guarantee||Pledge on an amount from funds account / investment portfolios depending on the quality of the account and the amount of the Loan. Pledged amount must cover the total financing value (financing amount + rate).|
|Payment mechanism||Automatic debiting from the customer's account is mandatory.|
|Installments Payment||Monthly - Quarterly - Semi-annual - Annually - 2 years after maturity - 3 years after maturity - 4 years after maturity- 5 years after maturity|
Early repayment is performed at the customer's request and the source of repayment amount is as follows:
·Liquidate the Fund's account / portfolios on which funding has been granted.
· From the customer's current account if it covers the required amount.
Allows the customer to change the guarantee account under the following conditions:
That the fund account / new investment portfolios, which he wants to be the funding guarantee, are from the approved list.
That the amounts of balance in the fund account / new investment portfolios cover the total amount of remaining funding.
Terms and conditions apply.
Administrative fee is 1% of the amount of financing or (5,000 SAR) whichever is lower.
|Finance Amount||Maturity in Years||*APR||Monthly Payment Amount|
|3,000,000 SAR||1 payment for 3 Years||4.31%||3,413,100 SAR|
|1,000,000 SAR||Each Quarter for 2 Years||4.18%||130,975 SAR|
|500,000 SAR||5 Years Monthly||4.28%||9,271 SAR|
Note: Payments will be monthly, quarterly, semiannually, annually, every two years and 3 - 4 - 5 years or at the end of the loan period based on the contract signed between the customer and the bank.
The above table is for example purposes as APR may differ depending on the finance amount, salary amount, employer and maturity period and subject to credit scoring of each customer.
For more information, please contact SNB Customer Service (Sales Unit) in Phone Banking on 8002441005