Apply for car financing from the Social Development Bank

Asset financing from the Social Development Bank

This financing solution supports you in pursuing career paths within the transportation sector, whether through financing delivery vehicles or logistics equipment such as marine transport, refrigerated trucks, or flatbed trucks. It offers financing up to 300,000 with a repayment period of up to 5 years, and no annual fees.

Financing advantages:

• Vehicle financing limit up to 300,000 riyals

• Financing period up to 60 months

• Payment method: monthly.

• The earnest money fee starts at 2,000 riyals depending on the type of vehicle. It is paid after the application has passed the processing stage and is included in the financing amount.

• Administrative fees:

• Directed transport and order delivery route: Administrative fees do not exceed 17,000 and include a seriousness fee starting from 2,000 (paid after approval of the application) and added to the value of the loan.
• Logistics Services Track: Administrative fees do not exceed 9,000 and include a seriousness fee starting from 2,000 (payable after approval of the application) and added to the value of the loan.

Financing terms:

• The applicant for funding must be a Saudi national.

• The age must not be less than 18 Hijri years and not more than 60 years.

• The monthly income of the loan applicant must not exceed 20,000 riyals.

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

• Passing the credit check.

• Possession of a valid driver's license.

• The applicant must not have any traffic violations exceeding 1,000 in value.

• Comprehensive vehicle insurance.

• Register with one of the accredited companies according to the type of track

• The customer must obtain comprehensive vehicle insurance for five years with companies approved by the bank.

• If you are an Aramco or SABIC employee, you need to provide a guarantor who is a government employee.

Guarantee conditions:

• Must be a government employee or a government-owned company in which the state holds more than 50% of the capital.

• That his financial obligations are not high according to the Development Bank's policy

• The person must not be a guarantor for two other loans without having borrowed, or a guarantor for a loan and a beneficiary of one of the Development Bank's loans.

• The guarantor must not have any outstanding payments.

• He must not be older than 55 years of age.

• We do not accept sponsorship from Aramco or SABIC employees.

Funding pathways:

• Guided transport path

• Delivery orders - requires a freelance work permit for the delivery profession -

• Logistics Services Track - Financing logistics equipment such as marine transport, refrigerated transport, or flatbed trucks -

comments:

• Traffic fines must be paid at least 24 hours before requesting the service.

• The Development Bank requires the payment of earnest money fees through the SADAD system after passing the processing stage and obtaining acceptance to complete the application procedures within a period not exceeding 15 working days. Earnest money fees are non-refundable except in the event that the agent apologizes for not delivering the vehicle.

.

For further inquiries, please contact us via WhatsApp at 0533227672