iz Microfinance Features
- Sharia-compliant.
- 100% digita.
- Competitive profit rate.
- A financing period up to 12 months.
- Financing up to SAR 30,000.
- No salary transfer required (Saudi nationals only)
Microfinancing Application Process
- Go to “Finance”, then tap “Apply Now.”
- Choose your employer sector and select your employer.
- Enter the required information.
- Select dependents and monthly expenses.
- Once submitted, your personal financing request will be reviewed for approval.
- Upon approval, review and accept the offer.
- Approve the promissory note under “Request Status,” then follow the link sent via SMS from NAFITH (Ministry of Justice) to confirm the Promissory Note.
- Agree to the financing contract within the app.
- Enter the activation code received via SMS and tap “Continue.”
- The ownership of the commodity will be transferred to you, and once alinma sells it on your behalf to a third party, the funds will be deposited into your account.
Microfinancing Application Channels
You can submit your application through the following channels:
- iz app
- Alinma Phone: 8001208008.
- Alinma branches.
Microfinance Terms and Conditions (Approved Entities)
- Minimum age is 18 for Saudis and 22 for non-Saudis.
- Minimum salary SAR 1,500.
- Minimum finance amount is SAR 1,000
- Minimum length of service is 1 month (may change depending on the sector)
- Salary transfer is required non-Saudis.
- *Administrative fees are 0.5% of the financed amount or SAR 2,500, whichever is less.
- APR starting at 7.77 %.
|
Microfinance |
|||
|---|---|---|---|
|
Finance amount |
Tenor |
APR |
Monthly instalment |
|
SAR 30,000 |
12 Months |
4.20 % |
SAR 2,605 |
|
*Any information or rates mentioned are for illustrative purposes only. The approval and provision of any financial product or service are subject to Alinma’s credit policies. |
|||
* Subject to administrative fees and value-added tax (VAT).
Microfinance Terms and Conditions (Non-Approved Entities)
- Minimum age is 18 for Saudis and 22 for non-Saudis.
- Minimum salary of SAR 1,500.
- Minimum finance amount is SAR 1,000.
- Customer’s length of service should be minimum 6 months for Saudis and 12 months minimum for non-Saudis.
- Salary transfer is required for non-Saudis only.
- A credit history with SIMAH for a minimum period of 12 months is mandatory.
- Employer details will be verified through "SIMAT”.
- Terms and conditions apply