More than 2.5 million social and productive funds worth nearly 100 billion have been disbursed since its establishment...

The Social Development Bank revealed the number and value of social financing operations disbursed during the first quarter of 2017, where more than 19,700 financing were disbursed, with a total value exceeding one billion and one hundred million riyals.

The Social Development Bank revealed the number and value of social loans disbursed during the first quarter of 2017, as more than 19,700 loans were disbursed, with a total value exceeding one billion and one hundred million riyals.

The bank explained that the social loan program includes a marriage loan, a family loan, and a home renovation loan, in addition to loans made through charitable associations and institutions directed to orphans, prisoners, and needy families.

The bank’s official spokesman, Abdulaziz Al-Nasser, indicated that the bank aims, through social loan programs, to contribute to the stability of the community through marriage loans, as well as other types of loans directed to individuals and families to help meet the necessary needs of life. In this aspect, the bank takes into account the financial situation of the borrower and the size of his financial obligations to determine the value of the installment. suitable for him,

The current agreements concluded between the bank and the customer include several conditions, including the approval of the borrower and the guarantor to include the loan data with the Saudi Credit Information Company, and the guarantor’s commitment to repay the loan in the event that the borrower defaults.

The bank also aims to protect the borrower and not drown him in debt, as it stipulates that granting loans is the ability of the borrower or guarantor to repay and that the total monthly deductions and other credit obligations on the borrower or guarantor do not exceed 33% of the salary.

It is worth noting that the Social Development Bank has disbursed more than 2.5 million loans between social loans and financing for development projects since its establishment, with a total value of approximately 100 billion riyals.