Financing and Savings products
Descriptive Examples Showing the APR based on the Credit Card limit
Last update in 05/08/2024
Infinite Credit Card
| Example | Due Amount | APR | Finance APR | Minimum Payment Amount % | Months Until Balance Repaid |
|---|---|---|---|---|---|
| 1 | SAR 10,000 | 44.61% | 26.40% | 5% | 12 Months |
| 2 | SAR 100,000 | 27.98% | 26.40% | 5% | 12 Months |
Signature and SELECTIVE Credit Cards
| Example | Due Amount | APR | Finance APR | Minimum Payment Amount % | Months Until Balance Repaid |
|---|---|---|---|---|---|
| 1 | SAR 10,000 | 40.94% | 26.40% | 5% | 12 Months |
| 2 |
SAR 50,000 |
29.11% | 26.40% | 5% | 12 Months |
Platinum Credit Card
| Example | Due Amount | APR | Finance APR | Minimum Payment Amount % | Months Until Balance Repaid |
|---|---|---|---|---|---|
| 1 | SAR 10,000 | 35.37% | 26.40% | 5% | 12 Months |
| 2 | SAR 50,000 | 27.96% | 26.40% | 5% | 12 Months |
Al-Fursan infinite Credit Card
| Example | Due Amount | APR | Finance APR | Minimum Payment Amount % | Months Until Balance Repaid |
|---|---|---|---|---|---|
| 1 | SAR 10,000 | 44.79% | 26.40% | 5% | 12 Months |
| 2 | SAR 100,000 | 28.00% | 26.40% | 5% | 12 Months |
Al-Fursan Platinum Credit Card
| Example | Due Amount | APR | Finance APR | Minimum Payment Amount % | Months Until Balance Repaid |
|---|---|---|---|---|---|
| 1 | SAR 10,000 | 44.79% | 26.40% | 5% | 12 Months |
| 2 | SAR 50,000 | 28.00% | 26.40% | 5% | 12 Months |
Flynas Signature Credit Card
| Example | Due Amount | APR | Finance APR | Minimum Payment Amount % | Months Until Balance Repaid |
|---|---|---|---|---|---|
| 1 | SAR 10,000 | 31.80% | 26.40% | 5% | 12 Months |
| 2 | SAR 50,000 | 26.66% | 26.40% | 5% | 12 Months |
Cashback Plus Signature Credit Card
| Example | Due Amount | APR | Finance APR | Minimum Payment Amount % | Months Until Balance Repaid |
|---|---|---|---|---|---|
| 1 | SAR 10,000 | 34.63% | 26.40% | 5% | 12 Months |
| 2 | SAR 50,000 | 27.81% | 26.40% | 5% | 12 Months |
Cashback Plus Platinum Credit Card
| Example | Due Amount |
APR | Minimum Payment Amount % | Minimum Payment Amount % | Months Until Balance Repaid |
|---|---|---|---|---|---|
| 1 | SAR 10,000 | 30.86% | 26.40% | 5% | 12 Months |
| 2 | SAR 50,000 | 27.04% | 26.40% | 5% | 12 Months |
*If the minimum payment amount made every month, it will take almost the months that appeared for each product in table to repay the full amount, keeping in view compounded interest added each month.
*(APR) may change based on the change in the financing amount and due date.
The Future Account
| Saving Type | Monthly deduction | Duration | AER* | Value of expected profit by end of period |
Total savings plus expected profit |
Profit Sharing Rate |
|---|---|---|---|---|---|---|
| Short Term | SAR 1,500 | 12 Months | 2.23% | SAR 218 | SAR 18,218 | 60% |
| Long Term | SAR 1,000 | 60 Months | 4.77% | SAR 7,756 | SAR 67,756 |
*If the minimum payment amount made every month, it will take almost the months that appeared for each product in table to repay the full amount, keeping in view compounded interest added each month.
*APR may change based on the change in the financing amount and due date.
The Future Account
| Saving Type | Monthly deduction | Duration | AER* | Value of expected profit by end of period |
Total savings plus expected profit |
Profit Sharing Rate |
|---|---|---|---|---|---|---|
| Short Term | SAR 1,500 | 12 Months | 2.23% | SAR 218 | SAR 18,218 | 60% |
| Long Term | SAR 1,000 | 60 Months | 4.77% | SAR 7,756 | SAR 67,756 |
AER: is an Annual Equivalent Rate, is a figure which shows what the profit rate on an account would be if profit was paid for a full year and compounded.
*AER may differ depending on the period different form the above example. which is changeable and non-fixed return that is regularly announced to customers on the bank's eChannel’s.
Hassad Account
Hassad Minimum Account “Monthly Distribution”
| Minimum Profitable Limit | AER* | Tenor | Allowed Withdrawals during a month | Profit Sharing Rate |
|---|---|---|---|---|
| 5,000 SAR to 99,999 SAR | 2.40% / Year | One month | Unlimited | 60% |
| 100,000 SAR - 299,999 SAR | 2.70% / Year | One month | Unlimited | |
| 300,000 SAR - 499,999 SAR | 3.00% / Year | One month | Unlimited | |
| 500,000 SAR - 1,999,999 SAR | 3.20% / Year | One month | Unlimited | |
| 2,000,000 SAR - 4,999,999 SAR | 3.50% / Year | One month | Unlimited | |
| 5,000,000 SAR and above | 3.60% / Year | One month | Unlimited |
Hassad Account
Hassad Daily Account “Monthly Distribution”
| Minimum Profitable Limit | AER* | Tenor | Allowed Withdrawals during a month | Profit Sharing Rate |
|---|---|---|---|---|
| 5,000 SAR - 499,999 SAR | 2.20% / Year | One month | Unlimited | 60% |
| 500,000 SAR - 1,999,999 SAR | 2.50% / Year | One month | Unlimited | |
| 2,000,000 SAR and above | 3.00% / Year | One month | Unlimited |
Hassad Daily Distribution Account “Daily Distribution”
| Minimum Profitable Limit | AER* | Tenor | Allowed Withdrawals during a month | Profit Sharing Rate |
|---|---|---|---|---|
| 5,000 SAR - 499,999 SAR | 2.00% / Year | One month | Unlimited | 60% |
| 500,000 SAR - 1,999,999 SAR | 2.20% / Year | One month | Unlimited | |
| 2,000,000 SAR and above | 2.80% / Year | One month | Unlimited |
AER: is an Annual Equivalent Rate, is a figure which shows what the profit rate on an account would be if profit was paid for a full year.
*AER may differ depending on the period different form the above example. which is changeable and non-fixed return that is regularly announced to customers on the bank's eChannel’s.
Saving Million Account:
Minimum Profitable Limit |
AER* | Tenor |
Allowed Withdrawals during a month |
Profit sharing rate | |
|---|---|---|---|---|---|
| 1,000 SAR and above |
0.05% | One month | Unlimited | 60% | |
AER:is an Annual Equivalent Rate, is a figure which shows what the profit rate on an account would be if profit was paid for a full year.
*AER may differ depending on the period different form the above example. which is changeable and non-fixed return that is regularly announced to customers on the bank's eChannel’s.
Awaed Account
| Tenor | AER* At maturity |
AER* Monthly |
AER* Profit in Advance |
Minimum Investment Balance |
|---|---|---|---|---|
| 3 Months | 5.10% | - | - | SAR 50,000 |
| 6 Months | 5.05% | 4.30% | 4.15% | |
| 9 Months | 5.02% | 4.45% | 4.20% | |
| 12 Months | 5.00% | 4.75% | 4.55% |
AER: is an Annual Equivalent Rate, is a figure which shows what the profit rate on an account would be if profit was paid for a full year.
*AER may differ depending on the period different form the above example. which is changeable and non-fixed return that is regularly announced to customers on the bank's eChannel’s.
Auto Finance
Illustration1:
| Asset Type | Loan/Finance Amount |
Maturity in Years | Down payment | APR | Monthly Repayment Amount |
|
|---|---|---|---|---|---|---|
| Individuals | 100,000 SAR | 5 Years | 0% | 8.93% | 1,364 SAR | |
Illustration 2:
| Asset Type | Loan/Finance Amount |
Maturity in Years | Down payment | APR | Monthly Repayment Amount |
|
|---|---|---|---|---|---|---|
| Individuals | 100,000 SAR | 5 Years | 0% | 11.44% | 1,503 SAR | |
Illustration 3:
| Asset Type | Loan/Finance Amount |
Maturity in Years | Down payment | APR | Monthly Repayment Amount |
|
|---|---|---|---|---|---|---|
| Individuals | 100,000 SAR | 5 Years | 5% | 10.67% |
1,290 SAR | |
*APR may differ depending on the amount and the maturity period different from above and subject to credit scoring of each customer.
Disclosures & Definitions
|
The Annual Percentage Rate APR): |
It is the discount rate at which the present value of all payments and installments that are due from the Borrower, representing the Total Amount Payable by the Borrower, equals the present value of all payments of the Amount of Financing available to the Borrower on the date on which the Financing amount or the first payment thereof is available to the Borrower. |
| Finance Amount: | The contract stipulates the amount of financing you will receive in addition to the period of repayment of the installments, stating their value and the maturity date of these installments. The data also include the cost of obtaining funding in terms of knowing the fixed term cost rate and management fees. |
| Matrity In Years: |
The duration of the contract agreed upon between the parties, which shall indicate the date and expiry of the contract with the parties' with the terms of the contract |
| Monthly repayment amount: |
These payments are recognized in the contract, and the lessee is obliged to pay them on the due dates. The contract shall also include a schedule of repayment installments, in which the value of the asset's rent and the value of the right of ownership shall be shown separately, provided that the premium for any period shall not be less than the principal's rent for that period in the contract. |
| Residual Value: |
The last payment is usually up to 50% of the car price which you decide to pay at the end of the lease. It makes the monthly rentals that you pay less, but you have to be ready to make a large payment at the end of the lease |
Home Finance
Illustration:
| Property Value |
Loan to Value Ratio |
Fixed or Variable Rate ** |
APR* | Maturity in Years |
Payment Type *** |
Monthly Repayment Amount |
Early Payment Charges |
|---|---|---|---|---|---|---|---|
| 500,000 | 90% | Fixed | 8.03% | 10 years | Principle and Interest / profit |
6,000.00 | Profit of future 3 installments |
| 750,000 | 90% | Fixed | 8.14% | 15 years | Principle and Interest / profit |
7,104.17 | Profit of future 3 installments |
| 1,000,000 | 90% | Fixed | 8.21% | 20 years | Principle and Interest / profit |
8,316.67 | Profit of future 3 installments |
Admin Fees is 1% of Finance amount or SAR 5,000, whichever is less (without VAT)
*APR may differ depending on the amount and the maturity period different from above and subject to credit scoring of each customer.
Disclosures & Definitions:
| The Annual Percentage Rate (APR): | It is the discount rate at which the present value of all payments and installments that are due from the Borrower, representing the Total Amount Payable by the Borrower, equals the present value of all payments of the Amount of Financing available to the Borrower on the date on which the Financing amount or the first payment thereof is available to the Borrower. This is defined as per Article 81 of Implementing Regulations of the Finance Companies Control Law. In simple terms, APR is computed by adding all the upfront fees, charges and commissions charged from the customers and calculated on an annualized basis. The APR must be calculated and expressed in percentage points with a minimum of two basis points, rounding half basis points to the nearest full basis points. |
| Loan/Finance Amount : | The amount of, on balance sheet loan granted to the customer. |
| Maturity In Years: |
The contractual maturity of the on-balance sheet Loans/ Financing Products given to the customer. This is the final payment date of a Loan/Finance products at which point the principal (and all remaining interest/profit) is due to be paid. |
| Monthly Payment Amount: |
Installment amount the customer is obliged to pay to the bank or finance company each month until the debt is fully repaid. |
| Property Market Value |
Price negotiated between a willing buyer and a willing seller in an arm’s length transaction after fulfilling valuation criteria set by the banks . The value may not be the current listing price or the amount of the most recent offer on the property. |
| Loan to Value Ratio |
Ratio of a loan provided by the Bank or Finance Company to the value of property purchased and determined as property market value . |
| Payment type |
Interest only payment or , both principle and interest payment or else. |
| Early Payment Charge |
A fee customer will be required to pay to a lender if the customer pays off a mortgage early and before the scheduled maturity term of the credit facility , also sometimes referred to as a Redemption Penalty. |
Personal Finance
Illustration:
| Finance Amount | Maturity in years | APR | Monthly Payment Amount |
| 100,000 SAR | 5 years | 5.5% | 1,901 |
Illustration:
| Finance Amount | Maturity in years | APR | Monthly Payment Amount |
| 90,000 SAR | 4 years | 5.47% | 2,063 |
Illustration:
| Finance Amount | Maturity in years | APR | Monthly Payment Amount |
| 150,000 SAR | 3 years | 5.67% | 4,479 |
Documents
| Document Type | Fee Amount |
|---|---|
| No Objection Certificate For Buyout | 100 SAR |
| Liability / Debit Certificate | 100 SAR |
*The above mentioned Fees are applicable for the second request.
Disclosures & Definitions:
| Annual Percentage Rate | It is the discount rate at which the present value of all payments and installments that are due from the borrower representing the total amount payable by the borrower, equals the present value of all payments of the amount of financing available to the borrower on the date on which the financing amount or the first payment thereof is available to the borrower. |
| Finance Amount | The amount of, on balance sheet, finance granted to the customer |
| Maturity | The contractual maturity of the on-balance sheet financing products given to the customer. This is the final payment date of financing products at which point the principal (and all remaining profit) is due to be paid. |
| Monthly Repayment Amount | The installment amount the customer is obliged to pay to the bank each month until the debt is paid off. |