meem‘s personal finance is created to be simple,
transparent and suitable to our customers needs.
Features
In case of death or permanent total medical disability, god forbid, all outstanding amounts will be considered paid.
Amount of SAR 10,000 to SAR 1,500,000. This product is for Salary transferred and Buyout.
Repayment period from 12 months to 60 months
Our Personal Finance is Shariah Compliant
Competitive Personal Finance offers
Automated and quick process to ensure fast disbursement of personal finance
Customer Eligibility and conditions:
Product | Personal Finance (PF) | |
Nationality | Saudi | Expatriates |
Salary Credit in GIB | Salary assignment mandatory | |
One A/c Held | Yes | Yes |
Minimum Age at Commencement (Years-G) | 18 | 18 |
Maximum Age at Maturity (Years-G) | Retirement Age s.t. max 65 | Retirement Age s.t. max 65 |
Employer Classification | A B C | |
Minimum Salary (SAR) | 5000 | A & B 5000, C 7000 |
Whitelist Employer * | Yes | |
Minimum Period in Employment (Govt Sector) | 1 Month | 1 Month |
Minimum Period in Employment (Pvt Sector) | A & B 3 months, C 1 year | 2 Years |
End Of Service | NA | EOS cover 100 % from the PF loan ** |
Minimum Existing SIMAH History | 12 months for class C only | |
Maximum Credit Limit (SAR) | A: 1500000 | A:500000 |
Maximum Tenure for Loans (Months) | 60 | 36 |
Debt Burden Ratio (DBR) |
|
|
Employed ( Saudis / Expats) | 0.3333 | |
Retired | 0.25 | NO |
Documentation Required |
| |
Employment Certificate | Yes | |
Salary Assignment Letter with | Yes | |
3 Months Bank Account Statement | Yes | |
Murabaha Finance Example:
Loan amount | Tenures | APR | Monthly installment | Admin fee |
SAR 50,000 | 5 Years | 3.58% | SAR 900 | 500 SAR |
The above table is for example, and the annual percentage rate may differ according to the amount, maturity period, and credit score for each customer.
Price or calculation is subject to change depending on the influencing factors such as consumer’s credit records