Apply for car financing from the Social Development Bank

One of the self-employment financing products that targets citizens who wish to benefit from the car financing process to increase their monthly income through easy and quick procedures.

Financing features:

• Vehicle financing ceiling of up to 300 thousand riyals

• Financing period of up to 60 months

• Administrative fees:

Administrative fees do not exceed 17 thousand riyals and are calculated from the value of the assets of the routes (directed transportation, delivery of orders).

Administrative fees do not exceed 9 thousand and are calculated from the value of the assets of the logistics services path

• Payment method on a monthly basis..

Financing terms:

• The financing applicant must be of Saudi nationality.

• The age must not be less than 18 Hijri years and not more than 65 years.

• The monthly income of the financing applicant must not exceed 20 thousand riyals.

• The financing applicant must provide a guarantee in exchange for the financing (personal guarantee for a government employee - a guarantor for the unemployed or a private sector employee).

• Pass a credit check.

• Having a valid driving license.

• No traffic violations.

• Comprehensive vehicle insurance.

• Registration in one of the approved companies according to the type of path

• Vehicle insurance.

• If you are an Aramco or SABIC employee, you must provide a government employee sponsor.

Warranty conditions:

• He must be a government employee or a government company in which the state contributes more than 50% of the capital

• That its financial obligations are not high according to the Development Bank’s policy

• He must not be a guarantor of two other loans without borrowing, or a guarantor of a loan and a beneficiary of one of the Development Bank loans.

• There are no arrears on the sponsor

• He must not be more than 55 years old

• Aramco or SABIC employees do not accept sponsorship.

Financing paths:

• Directed transport path

• Delivery of orders - requires a freelance work document in the profession of delivering orders -

• Surface path and vehicle towing

comments:

• Traffic fines must be paid a minimum of 24 hours before requesting the service

For more inquiries, please contact us on WhatsApp 0533227672