Ofuq
Product

A product specialized in financing companies and institutions whose number of operating years is not less than 3 or more, and whose sales start from 3 million riyals per year to a maximum of 40 million riyals per year.
Product's Video - with Sign Language

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  1. Financing starts from 500,000 riyals to 10 million riyals
  2. Financing period up to 5 years
  3. Grace period up to 12 months
  4. Payment method on a monthly, quarterly, semi-annual basis
  5. Administrative fees of 5%, with the possibility of deducting fees from the original financing
  6. 5% annual service fee

  • The establishment is at least 3 years old
  • Its revenues should not be less than 3 million riyals and not exceed 40 million riyals
  • Integrity of the credit record of the company and the owner from any defaults
  • Guarantees: A fine and solidarity guarantee / real estate guarantee

  • Commercial register
  • Memorandum of Association and its appendices in case the legal entity is a “company”
  • Identity copies of the owner or partners in case the legal entity is a "company"
  • Audited budget for the last three years
  • Tax return for 12 months
  • Additional documents are requested based on the status of the client's request

Industry, education, quality of life (entertainment, tourism), emerging technology or any sectors that the Bank considers feasible to finance.
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Target Audience
Small Entities
Beneficiaries
New
Service Fees
Administrative fee 5%
Annual service fee 5%
Response Time:
24/7
Submission channels:
 
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Submission language:
Arabic
User's guide:
User's Guide
Service application start date
   2019  114-200.png         
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Internal Strategic Engagement

The intersection of financing the “Ofuq” product with one of the bank’s strategic objectives: Facilitate and provide financing and products for small and emerging enterprises

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International strategic link

Ofuq funding intersects with Goal 9 of the United Nations Sustainable Development Goals. It can be viewed here

Product Features

Funding Ceiling
Up to 10M SAR

Loan Duration
Up to 5 years

Payment Method
Monthly, Quarterly, Half yearly

Administrative Fees
Administrative fee 5%
Annual service fee 5%

Grace Period
12 Months

Customer Journey

Submit Application

Eligibility Check

Processing

Deposit

...
Do you have any inquiries? 

If you have any questions regarding the Ofuq Prodcut, please see the Frequently Asked Questions.

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Comments

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Result

3.2 (From 3634 Ratings)
 
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