Look, I’ve been through this mess myself, and I’m going to tell you exactly how it works without the corporate BS. Getting personal finance here isn’t rocket science, but the banks and finance companies don’t make it easy to understand. Here’s everything you actually need to know: Get Personal Finance. The Big Decision: Where’s Your Salary Going? Before you even start looking at numbers, you need to understand this: your salary transfer status is everything. It’s the difference between getting 500,000 SAR at 4% APR or scraping together 200,000 at 12%. No joke. 
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Transfer Your Salary
If you can stomach the hassle of switching banks, this is hands down the best deal. Banks basically roll out the red carpet when your salary hits their account every month through SARIE. They know you’re locked in, and they reward you for it. Saudi National Bank (SNB)
- Need at least 4,000 SAR/month
- Work history: 3 months if you’re government or with a big company, 12 months if you’re at a smaller outfit
- Can get up to 5 million SAR (yes, you read that right)
- Age sweet spot: 22-60
- Real talk: They’re picky about employers. If you work for Saudi Aramco, SABIC, or the government, you’re golden. Random trading company? Good luck.
Al Rajhi Bank
- Minimum 5,000 SAR salary
- Usually want 3-12 months on the job
- Max finance: 1.5 million SAR
- Ages 23-60
- The catch: They’re very Shariah-strict (obviously), so don’t even think about fudging documents. They verify everything twice.
Emirates NBD KSA
- 5,000 SAR if you transfer salary, 8,000 if you don’t (tells you everything, right?)
- 6-12 months usually
- Up to 3 million SAR
- Ages 21-60
- Insider tip: They’re faster than most Saudi banks because they use the UAE’s tech backbone. Application to approval can be 3-4 days instead of 2 weeks.
Alinma Bank
- 3,000-5,000 SAR, depending on which sector you work in
- Service period varies
- Goes up to 7.5 million SAR (highest on the market)
- Ages 18-60
- Warning: Their “sector-dependent” thing means healthcare and education professionals get better rates than hospitality or retail. It’s not fair, but it is what it is.
Riyad Bank
- Government/semi-government: 5,000 SAR minimum
- Private sector: 8,000 SAR (ouch)
- 3-6 months work history
- Max 3 million SAR
- Ages 22-60
- Reality check: They treat government employees like royalty and everyone else like a risk. Two-tier system all the way.
Bank Albilad
- Lowest barrier: 3,500 SAR
- Service period varies
- Up to 2 million SAR
- Ages 18-70 (rare to see 70!)
- Best for: People with lower salaries who still want bank rates, not finance company rates.
What you’ll actually pay: APR ranges from 3% to 5% if you’re working for a major employer. I’ve seen people at Aramco get 3.2% flat. Small company employees? More like 5.5-7%. Still beats finance companies by a mile. Get Personal Finance.
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No Salary Transfer
Sometimes you can’t wait. Maybe you need money for an emergency, or you just started a new job and can’t switch banks yet, or your current bank messed up your salary transfer, and you’re stuck. That’s when finance companies come in. Tasheel Finance
- 4,500 SAR minimum
- Need 12 months of work history (they’re strict here)
- Max 250,000 SAR
- Speed: 48 hours if your SIMAH is clean
- Real experience: Applied on Sunday night, had money Wednesday morning. But the APR was 11.5%. Brutal.
National Finance House (NFH)
- 4,000 SAR salary
- 6 months for private sector folks
- Up to 300,000 SAR
- Fully digital, super fast
- The app is actually decent – none of that “upload failed” garbage you get with banks.
Saudi Awwal Bank (SAB) Non-Transfer
- Starts around 4,000+ but profile-dependent
- Everything varies – use their calculator
- The max amount varies
- Speed varies
- Honestly? Their calculator is the most honest tool out there. Plug in your numbers, and it tells you straight up if you qualify.
Arib (Comparison Platform)
- They compare multiple lenders
- 4,000+ SAR
- Can find up to 1 million SAR offers
- Instant comparison
- Pro tip: Use this FIRST before applying anywhere. Multiple applications tank your SIMAH score.
The brutal truth about APR: You’re looking at 8% minimum, often 12-15% if your credit isn’t spotless. On 100,000 SAR over 5 years, that’s the difference between paying 116,000 total (at 5% bank rate) versus 135,000 (at 12% finance company rate). Almost 20,000 SAR down the drain. Get Personal Finance. 
The Rules Nobody Explains Properly
Age Limits
Minimum is usually 21-22. Maximum is where it gets interesting: 60 years at the END of your finance, not when you apply. So if you’re 57 and want a 5-year loan? Denied. You need to finish paying before 60. Some banks count it differently – they look at your Iqama expiry. If your Iqama expires before the loan ends, no deal unless you can prove you’ll renew.
The 33.33% Rule
SAMA says your total monthly debt payments can’t exceed 33.33% of your NET salary. Not gross – net. After GOSI, after everything. Example: You make 10,000 SAR gross. After GOSI (9%), you’re at 9,100 net. 33.33% of that is 3,033 SAR. If you already have a car lease at 1,500 and a credit card you’re paying 500 minimum on, you can only get a personal loan with installments up to 1,033 SAR. That’s maybe 50,000 SAR over 5 years. Not the 200,000 you were dreaming about. This kills more applications than bad credit.
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Employer List Problem
Every bank has an “Approved Employer List.” You won’t see it published anywhere. Here’s the hierarchy: Tier 1 (Golden Ticket):
- Government ministries
- Saudi Aramco, SABIC, Ma’aden
- Major banks
- Large multinationals with decades in KSA
Tier 2 (Solid):
- Mid-size established companies
- Universities and hospitals
- Well-known private companies
- Listed companies on Tadawul
Tier 3 (Tough):
- Small private companies
- New companies (less than 5 years)
- Family businesses
- Anything in retail/hospitality
Tier 3? You’re probably looking at finance companies, not banks. Or much higher rates.
The Actual Application Process
 Check Your SIMAH Score First
Don’t even think about applying until you pull your SIMAH report. It’s free once a month from their website. You need:
- Score above 650 (minimum, but realistically 700+)
- No delayed payments in the last 12 months
- DBR under 33%
One late credit card payment from 6 months ago? That’ll cost you 2-3% extra on your APR or just get you declined.
 Gather Documents
You need:
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- Valid Iqama (duh)
- Salary certificate – must be recent (within 30 days), signed, stamped, showing basic salary and allowances separately
- GOSI certificate – print it from their portal, needs your employer’s stamp
- National address proof – from the Absher app
- Bank statements – 3-6 months, ESPECIALLY if not transferring salary
Pro tips:
- Get 5 copies of your salary certificate. Banks lose documents like it’s a sport.
- Make sure your GOSI shows continuous payments. Gap months = red flags.
- Your salary certificate needs to match your bank statements EXACTLY. 100 SAR difference? They’ll ask questions.
 Apply (Digital, But Not Really)
Yeah, it’s all “digital” now. Except when it isn’t.
- Fill out the online form – takes 10 minutes
- Upload documents – takes 30 minutes because the upload keeps failing
- Wait for “instant” pre-approval – actually takes 24-48 hours
- Get a call from some guy asking for the same documents again
- Re-upload everything through WhatsApp
- Wait some more
Speed reality check:
- Banks: 5-14 days from application to money
- Finance companies: 2-5 days
 NAFATH (The Electronic Promissory Note)
This is where it gets legal. The Ministry of Justice sends you an SMS with a link. You’ll see the exact amount, terms, and payment schedule. Read it. Actually read it – I know nobody does, but you should. Signs it digitally through their portal. Don’t ignore this SMS. Application expires if you don’t sign within the timeframe (usually 48-72 hours).
 Money Hits Your Account
Bank transfer happens within 24 hours to 2 business days after NAFATH signing. It goes to your bank account (the one on file). Can’t change it at the last minute.
Cost Breakdown
Let’s say you want 100,000 SAR for 5 years (60 months): Bank with Salary Transfer (5% APR):
- Monthly payment: 1,887 SAR
- Total repayment: 113,220 SAR
- Admin fee: 1,000 SAR (1% of 100k)
- VAT on admin: 150 SAR
- Total cost: 14,370 SAR
Finance Company (12% APR):
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- Monthly payment: 2,224 SAR
- Total repayment: 133,440 SAR
- Admin fee: 1,000 SAR
- VAT: 150 SAR
- Total cost: 34,590 SAR
That’s 20,220 SAR more. For the same money. For the same term.
The Fees They Don’t Highlight
Administrative Fee: 1% of the finance amount, capped at 5,000 SAR, plus 15% VAT. Non-negotiable. Due upfront or added to principal. Late Payment Fee: Usually 5% of the overdue installment or 500 SAR, whichever is less. Miss two payments and you’re looking at default proceedings. Early Settlement Fee: Most banks charge 1-2% of the remaining principal if you pay off early. Read your contract. Some waive it after 12 months.
Common Mistakes
- Applying to multiple banks at once – Each application hits your SIMAH. Five applications in one week, thanks to your score.
- Not checking employer status – Spent 2 weeks on an application only to find out my company wasn’t on their approved list.
- Forgetting about existing debt – Had a car lease I forgot about. DBR calculation killed my application.
- Ignoring the 60-month deadline vs age – Almost got declined because the finance would end after my 60th birthday.
- Assuming digital means fast – “Digital” banks still take 10 days sometimes.
My Honest Recommendation
If you can wait and your employer is decent, transfer your salary to SNB, Alinma, or Emirates NBD. Eat the 2-3 week setup time. Save yourself thousands. If you need cash urgently, use Arib to compare, then go with whoever offers the lowest APR among finance companies. Tasheel and NFH are solid. Pay it back ASAP. If you’re not sure: Check your SIMAH, calculate your DBR, then use bank calculators. Don’t waste applications on fantasies.
Red Flags to Watch For
- Any lender asking for upfront cash before approval
- APR over 18% (report them to SAMA)
- Missing SAMA license info on their website
- Pressure to sign documents without reading
- Promises of approval regardless of SIMAH
Bottom Line
This isn’t Western banking. Everything revolves around your employer, your salary transfer, and SAMA’s rules. The system favors government workers and big company employees. If you’re not in that club, expect to pay more or get less. But once you understand the game, you can play it. Get your documents ready, check your SIMAH, know your DBR, and be realistic about what you qualify for. Get Personal Finance. And whatever you do, don’t take finance for a vacation or a wedding. Take it for something that’ll improve your income or save you money long-term. Otherwise, you’re just buying expensive money. Need links to apply? Want me to find current rates for a specific bank? Or have questions about your specific situation? Just ask.
