Car
Financing

One of the self-employment financing products. It targets citizens who wish to benefit from the car financing track to increase their monthly income with easy and fast procedures.
Product's Video - with Sign Language

  1. Vehicle financing ceiling up to 300 thousand riyals
  2. Financing period up to 60 months
  3. Administrative fees not exceeding 7,500 riyals
  4. Payment method on a monthly basis

  • The age of the applicant is from 18 to 65 years
  • Integrity of the credit history
  • The applicant for financing should provide a guarantee against financing
  • The monthly income of the applicant should not exceed 20,000 riyals
  • Valid driver's license
  • No traffic violations
  • Registration in one of the accredited companies according to the type of track
  • Vehicle insurance​

  • National ID
  • National address
  • Bank account number (IBAN) for the applicant
  • Phone number registered in the Absher platform 
  • Driver's license
  • Driver's license (for car financing)

  • The amount of the incentive should not exceed the value of the administrative fees deducted from the original financing before disbursing it to the customer.
  • The incentive is calculated automatically in the banking system based on the performance recorded in the approved freelance platforms.
Target Audience
Citizens
Beneficiaries
135K
Service Fees
Does not exceed 6000 SAR
Response Time:
24/7
Submission channels:
 
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Submission language:
Arabic
User's guide:
Sponsor Documentation
Service application start date
    2018  114-200.png    2022   m-icon2.png       
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Internal Strategic Engagement

 

Nafath's product is linked to one of the Bank's strategic objectives: facilitating access to financing products for self-employment and productive families.

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International strategic link

The cash product intersects with the ninth goal of the United Nations' sustainable development goals. You can find it here

Product Features


Funding Ceiling
Up to 300k SAR

Loan Duration
Up to 4 years

Payment Method
Monthly

Administrative Fees

Does Not Exceed 6K SAR

Exemption according to the insurance policy

Upon death or total disability

Customer Journey


Submit Application

Eligibility Check

Processing

Deposit

Incentives
Program

  • Product Features
    Freelancing incentives It is a program dedicated to supporting self-employment practitioners who benefit from an Nafath product, which works to motivate self-employment practitioners to motivate them for professional stability and ensure their continuity in work.

  • What are the incentives?
    Incentives are cash amounts that are disbursed as a reward for those who prove their practice of the funded self-employment in one of the platforms approved by the Bank. The evaluation is carried out continuously throughout the financing period and is disbursed annually at the end of each Gregorian year.

    The time period for the incentive deposit
    The deposit is immediate in the customer’s bank account approved by the bank at the end of each calendar year, according to what each customer is entitled to as a result of evaluating his performance during the calendar year.

    The upper and lower limit of the incentive
    The incentive does not exceed the maximum value of the fees deducted from the customer at the time of financing disbursement, and there is no minimum

  • Evaluation of the client to benefit from incentives

    Evaluation is done according to the track as follows:
    The evaluation is based on the number of trips and working hours implemented on the (Wasl, Tawseel) platform.
     

  • How is performance monitored?

    Registration is required in one of the self-employment platforms accredited by the Bank to monitor and evaluate performance
     

  • Is registration in the self-employment incentive program mandatory?
    Registration in the program is not mandatory, but it allows the customer to benefit from benefits and services after financing such as: incentives - financing
    Additional - non-financial services.

    Supported platforms for performance platforms:
    The renewable list is announced on the bank's social media and the electronic portal, for example (Bahr - Wasl - Tawseel - PTWAY - Passioneurs)

  • The mechanism of registration in the incentive program
    Through the Social Development Bank electronic portal and completing the following requirements:
    1- That the client has an existing self-employment finance.
    2- The lapse of one year since the disbursement of the financing to the customer, and he must be regular in paying the due installments.
    3- Registration in the incentive program

    Incentive calculation mechanism
    The amount of the incentive should not exceed the value of the administrative fees deducted from the original financing before disbursing it to the customer.
    The incentive is calculated automatically in the banking system based on the performance recorded in the approved freelance platforms.

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Do you have any inquiries? 

If you have any questions regarding the Car Loan, please see the Frequently Asked Questions.

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