There are times in our lives when we may need extra help with finances. Getting married, buying a new car, enrolling a child in college, and planning a family vacation, to name a few. During these times, a bank loan can certainly help us in reaching our life goals!
In this article, we have compiled a list of the best banks in Saudi Arabia that offer loans, including personal loans and refinancing programs. These loans are available not only to Saudi citizens, but also to expats or residents — in public as well as in private sectors.
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Top Loans in Saudi Arabia for Expats
Whether you are planning a wedding, renovating your home, or supporting your children’s college education, these banks can help provide financial support in the form of loans. For each bank, we have included eligibility criteria, requirements, and other details.
1. Alinma Bank
Alinma Bank was founded in 2006 through a Royal Decree. It offers personal financing, corporate financing, savings accounts, auto financing, and many other services. The bank caters to individuals and corporations, along with small-and-medium enterprises (SMEs).
Alinma Bank also provides financing of up to SAR 7.5 million, with repayment periods of up to 5 years or 6 months. Moreover, its personal financing options are available for Saudi citizens and expats alike.
Eligibility
To qualify for a personal loan with Alinma Bank, applicants must:
- Be at least 18 years old (for Saudi nationals);
- Have a maximum age of 75 years old (for retirees); and
- Have a minimum salary of SAR 5,000 (depending on the sector).
To know more about these loans, go ahead and see Alinma Bank’s official website.
2. Al Rajhi Bank
Established in 1957, Al Rajhi Bank has more than 60 years of experience in the banking and trading industries. It is among the largest banks not only in Saudi Arabia and the Middle East, but around the world!
Al Rajhi Bank offers financing of up to SAR 2.5 million, with up to 5 years or 60 months repayment period for Saudi nationals, and 3 years or 36 months repayment period for expat residents. It also provides financing options for retired customers, along with those who are just about to retire. To avail of personal financing, a guarantor is not necessary. Early repayment or full payment of the loan at any time is also possible.
Eligibility
To qualify for a personal loan with Al Rajhi Bank, applicants must:
- Be a Saudi citizen or an expat resident;
- Be at least 18 years old (for Saudis) or 23 years old (for expats);
- Be currently employed or retired;
- Be an employee of one of the bank’s approved companies;
- Have a maximum age of 60 years old (for employees) or 75 years old (for retirees) upon payment of the last installment; and
- Have a minimum salary of SAR 1,900 (for retirees), SAR 2,000 (for Saudi citizens), or SAR 5,000 (for expat residents).
Requirements
Loan applicants of Al Rajhi Bank need to prepare:
- National identity card (for Saudi citizens);
- Residency card (for expat residents);
- Salary definition;
- Salary fixation; and
- Financing application form.
To learn more about Al Rajhi Bank’s personal loan, check out the bank’s official website.
3. Bank AlJazira
Bank AlJazira is known as one of the fastest-growing and leading financial institutions in the Kingdom of Saudi Arabia. Among its products is “personal finance by commodity,” a type of financing that enables applicants to meet their needs and daily expenses.
This particular loan features financing of up to SAR 3 million. In case of death or total disability, the free “Takaful” insurance shall cover the remaining debt amount. Loans for retirees are also available.
Eligibility
To qualify for the bank’s personal finance, applicants should:
- Be 20 to 60 years old;
- Have good credit history;
- Have a minimum salary of SAR 5,000;
- Be employed for at least 3 months in the government sector, or at least 6 months in the private sector; and
- Have his/her salary transferred to Bank AlJazira.
For more details about Bank AlJazira’s personal finance, check out the official website.
4. Arab National Bank
Established in 1979, Arab National Bank is one of the biggest banks in the Middle East. Its headquarters are based in Riyadh, with regional offices in Khobar and Jeddah, plus multiple branches across the Kingdom of Saudi Arabia. It also has an international branch in London, United Kingdom.
Arab National Bank’s personal finance products are Shariah-compliant. Processing is fast and easy, with repayment periods of up to 5 years or 60 months. It also offers the possibility to postpone the first 3 installment payments.
To check your eligibility, you’ll need to provide your financing amount, monthly salary, repayment period, and other details through the official website of Arab National Bank.
5. Banque Saudi Fransi
Banque Saudi Fransi was established in 1977. It is affiliated with Crédit Agricole Corporate and Investment Bank, which is a member of the Crédit Agricole Group, France’s second largest bank. In Saudi Arabia, the bank has more than 120 branches and over 3,000 staff!
For expat residents, Banque Saudi Fransi offers Shariah-compliant financing of up to SAR 2.5 million. The repayment period is up to 5 years, and salary transfer is necessary.
Requirements
To apply for the bank’s personal loan, you’ll need to prepare:
- Original ID;
- Salary certificate;
- Salary assignment letter;
- Bank statement; and
- Banque Saudi Fransi current account.
Visit the official website of Banque Saudi Fransi for more details.
6. First Abu Dhabi Bank
First Abu Dhabi Bank happens to be the largest bank in the United Arab Emirates (UAE); it is also one of the biggest banking institutions in the world! In fact, its global network spans 5 continents, with headquarters in Abu Dhabi.
First Abu Dhabi Bank offers personal financing of up to SAR 2 million at competitive rates. Minimal documentation is required, and loans are usually approved quickly.
Eligibility
To qualify for a personal loan, an applicant must:
- Be at least 21 years old;
- Have a minimum income of SAR 9,000 per month; and
- Be employed in the government, semi-government, or private sector.
Requirements
Be sure to prepare these documents when applying for a loan at First Abu Dhabi Bank:
- Filled-up fund form;
- Copy of valid ID;
- Bank statement for the past 6 months; and
- Salary statement and guarantee letter of salary from employer.
To know more about this loan, please visit the official website of First Abu Dhabi Bank.
7. Gulf International Bank
Established in 1975, Gulf International Bank is a pan-GCC universal bank, regulated by the Central Bank of Bahrain. It offers financial products and services across the Gulf Cooperation Council (GCC) countries, Europe, and North America.
In Saudi Arabia, Gulf International Bank is headquartered in Al Khobar, with branches in Riyadh and Jeddah. Notably, in 2014, the bank launched “meem,” which is the bank’s retail banking arm.
Through meem, Gulf International Bank provides Shariah-compliant financial services, with loan amounts of up to SAR 1.5 million. Digital application is possible, and repayment periods are up to 5 years or 60 months.
Check out the Gulf International Bank’s official website for more information.
8. Riyad Bank
Riyad Bank is one of the leading banks in the Kingdom, offering not just one, but several personal finance programs for expats. Let’s take a look at each program!
Personal Finance Program for Employees in the Governmental Sector
As the name says, this program is designed for those who are employed in the government sector.
Eligibility and Requirements
To be eligible for this program, applicants should:
- Be 22 years old and above;
- Have a minimum salary of SAR 5,000;
- Have worked for at least 6 months with the current employer;
- Have his/her salary transferred to Riyad Bank via SARIE system; and
- Submit a letter from the employer, confirming salary assignment to Riyad Bank.
NOTE: The Saudi Arabian Riyal Interbank Express (SARIE) is a state-of-the-art payment and settlement system connects all of the banks in the Kingdom.
Personal Finance Program for Large Corporations Employees
This program caters to those who are employed by large corporations, with financing amount up to SAR 300,000.
Eligibility and Requirements
To qualify for this program, applicants must:
- Be 22 years old and above;
- Have a minimum salary of SAR 5,000;
- Have worked for at least 3 months with the current employer (for those with salaries between SAR 5,000 – SAR 14,999); and
- Have his/her salary transferred to Riyad Bank via SARIE system.
NOTE: For applicants with salaries above SAR 15,000, period of service is not required.
Personal Finance Program for Private Sector and Large Corporations Employees
This program applies to employees in the private sector and large corporations, with financing amount up to SAR 300,000.
To be eligible for this program, applicants must:
- Be 22 years old and above;
- Have a minimum salary of SAR 8,000;
- Have worked for at least 6 months with the current employer (for those with salaries between SAR 8,000 – SAR 14,999);
- Have worked for at least 3 months with the current employer (for those with salaries above SAR 15,000); and
- Have his/her salary transferred to Riyad Bank via SARIE system.
Personal Finance Program for Professionals
As the term says, this program is designed for expat professionals, including engineers, executive managers, health specialists, lawyers, and pharmacists, among others.
To qualify for this program, applicants should:
- Have a minimum salary of SAR 8,000;
- Have worked for at least 6 months with the current employer;
- Have his/her salary transferred to Riyad Bank via SARIE system.
- Submit a letter from the employer, confirming salary assignment to Riyad Bank.
For more details about these programs, please visit the official website of Riyad Bank.
9. Saudi Awwal Bank
Saudi Awwal Bank has been around for more than 90 years, and is one of the largest banks in the Kingdom. It provides financial services such as private banking, corporate banking, investment, and treasury.
The bank offers personal financing of up to SAR 2 million, with a repayment period of up to 5 years or 60 months. As soon as you have submitted all the necessary documents, you can expect fast loan approval.
Eligibility
To qualify for Saudi Awwal Bank’s personal loans, applicants should:
- Be at least 21 years of age;
- Have a maximum age of 58 years old (for government) or 60 years old (for private) sector employees;
- Have a minimum basic salary of SAR 3,000 (both Saudi nationals and expats);
- Have a minimum total salary of SAR 4,000 (for Saudi nationals) and SAR 7,000 (for expats); and
- Have worked for at least 1 month (for Saudi nationals) or 3 months (for expats) with the current employer.
Requirements
Loan applicants need to submit the following documents:
- Copy of ID (for Saudi nationals);
- Copy of passport and Iqama (for expats);
- Salary introduction letter (less than 1 month old); and
- Salary assignment letter signed by authorized signatory.
For more information about the bank’s personal loans, check out the official website of Saudi Awwal Bank.
10. Saudi Investment Bank
Saudi Investment Bank was established in 1976. It offers traditional retail, wholesale, and commercial banking products. It is also involved in trading and facilitation of imports and exports.
For expats, the bank’s personal finance products include “refinancing.” Basically, this is a product that enables customers with existing loans to repay their outstanding finance. Provided that all the required documents are complete, applicants can expect to receive financing on the same day — no guarantor or sponsor required.
Eligibility
To qualify for Saudi Investment Bank’s refinancing program, applicants must:
- Be a Saudi national or an expat;
- Have a salary account and outstanding finance;
- Be a current employee, or a retiree from a government or private sector company that is listed with the bank;
- Have worked with the current employer for at least 1 month (for government sector), 3 months (for private sector), or 1 year (for expats);
- Be at least 18 years old (for employed), 23 years old (for expats), or 38 years old (for retirees); and
- Have a maximum age of 60 years old (for male retirees) or 65 years old (for female retirees) at the time of finance maturity.
Please visit the Saudi Investment Bank’s official website for more details about its refinancing program and other personal finance services.
The Bottom Line
As you can see, there are many options to choose from when it comes to getting a personal loan in Saudi Arabia. Whether you’re a Saudi national, a GCC national, or an expat resident, you can expect to avail of a personal loan, depending on your financial needs.
Indeed, we hope that the above information can help you decide which bank — and personal loan product — fits your financial situation and preferences. Please do not hesitate to visit the banks’ official websites to learn more or to inquire about their products and services.
Meanwhile, if you are a Filipino based in Saudi Arabia, please check out this guide on how you can apply for a loan in the Kingdom.
