2024-01-29 16:48:01
The Social Development Bank is the only refuge for poor families in need of assistance, unemployed youth seeking work, or owners of small projects, as the bank provides them with financing worth up to 100 thousand riyals, to help them meet their needs and achieve a decent life for them.
Credit Bank Family Loan How much?
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The loan amount granted to the beneficiary is determined according to his age and the repayment period as follows:
Borrower’s age
Financing amount
Date of payment of the last installment
Under 60 years old
100 thousand riyals
Before the borrower reaches 60 years of age
It ranges between 60 to 65 years
30 thousand riyals
Before the borrower reaches 65 years of age
It ranges between 65 to 70 years
18 thousand riyals
Before the borrower reaches 70 years of age
Family loan conditions
There are some conditions that must be met by the applicant to obtain a family loan. The following are the conditions for a family loan from the Social Development Bank:
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The applicant must possess Saudi citizenship.
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He must be a permanent resident of the Kingdom.
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The age of the applicant for the loan must not be less than 24 years.
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The applicant’s age must be between 25 to 70 years.
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The family’s monthly salary should not exceed 14,500 riyals.
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The loan is granted to a woman if she is a widow, divorced, or abandoned, supports children, and does not have a source of income, with the necessity of submitting all official documents proving this.
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If the applicant is 55 years old; The interest rate is reduced to facilitate the process of repaying the loan amount before reaching the age of 60.
Steps to apply for a family loan
An application can be submitted for a family loan from the Credit Bank by following the following instructions:
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Enter the official portal of the Social Development Bank directly.”from here“.
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Fill out the electronic application form and enter all necessary personal information.
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Verify the validity of the recorded data.
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Read and agree to the terms and conditions.
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Click on the “Send Request” button.
Family loan How long does the credit bank take?
The Credit and Savings Bank management has determined the period required to grant financing to the applicant. This period ranges between 7 to 10 days. This period is calculated from the date of attaching the official documents and documents required to prove the applicant’s eligibility for financing.
How much is the family loan installment of 60,000?
The Social Development Bank revealed the amount of the monthly installment required to be paid in the event of borrowing 60,000 riyals, and the value of the installment is determined according to the repayment period, as stated in the following table:
The value of the monthly loan installment
Loan repayment period in months
1000 riyals
60 cities
1200 riyals
50 riyals
2000 riyals
30 riyals
3333 riyals
18 riyals
Documents required to obtain a family loan from the Credit Bank
There are some documents required to be submitted to obtain family financing from the Credit Bank, which are as follows:
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Bank account number.
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Bank statement for the last 3 months.
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The phone number registered in the Absher system.
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A copy of the national ID card.
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Valid national address.
Marriage loan from the Credit Bank 60 thousand
If you want to obtain financing worth 60 thousand from the Marriage Credit Bank; The following conditions must be met:
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The applicant and his wife must possess Saudi citizenship.
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The borrowed monthly salary must not exceed 12,500 riyals.
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This must be the applicant’s first marriage.
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The loan repayment period is calculated from the date of submission of the application.
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The age of the applicant must not exceed 70 years, and the age of the sponsor must not exceed 55 years.
Social Development Bank Family Loan Calculator
You can calculate the loan value, monthly installment amount, and number of installments using the estimated calculator by following the following points:
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Visit the official website of the Social Development Bank “from here“.
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Click on the “Family Loan Program” option.
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Click on the “Estimation Calculator” box.
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Determine the family’s monthly salary.
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Add the number of followers.
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Enter the required loan value.
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Click on the “Calculate” icon.
Conditions for exemption from repayment of a family loan
The Social Development Bank in Saudi Arabia announced the conditions for exemption from payment of the financing amount, and these conditions are as follows:
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The borrower’s age should not be less than 25 years, and not more than 55 years.
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The applicant must hold Saudi citizenship.
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Submitting documents supporting the exemption request, such as (medical report, separation from work, etc.).
Credit bank without a guarantor
There are some categories of people allowed to obtain a loan from the Credit Bank without a guarantor, and these categories are as follows:
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Currently retired employees of government agencies.
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Abandoned women who work in the public sector.
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Widows and divorced women working in government institutions.
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Employees working in public sectors.
Family loan conditions for workers in the private and government sectors
The Social Development Bank clarified the conditions that must be met by an employee working in the public or private sector to obtain a family loan, and these conditions are as follows:
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The applicant must not be more than 70 years old.
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The sponsor’s age should not exceed 55 years.
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The applicant’s monthly salary must not exceed 12,500 riyals.
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The share of each family member must not exceed 2,000 riyals.
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An employee girl, a married woman, or a son over the age of 24 are not counted as family members.
Ways to communicate with the credit bank
There are several ways to communicate with the Credit Bank, the most important of which are the following:
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The unified toll-free number of the Credit Bank: 199099
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Twitter account: “from here“.
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Official Website: “from here“.
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