Requirements and required documentation
Before we see a Tawaruq Personal Finance simulation, which helps many people understand how the amounts may impact finances over the loan period, let us verify something equally important: the requirements and required documentation.
To apply for the financing, the customer must have an active current account at BSF and be willing to carry out the mandatory salary transfer. The eligibility criteria are:
✔️ minimum income of 3,500 SAR for Saudi citizens and 5,000 SAR for residents (Expats);
✔️ presentation of original ID (Iqama), salary certificate, salary assignment letter, and bank statement.
Tawaruq Personal Finance simulation
Now, we arrive at the Tawaruq Personal Finance simulation, but it is worth mentioning that on the official website (see button at the end of the page), you will have access to other simulations. The conditions, however, may vary slightly depending on criteria such as credit history, income, requested amount, and even the repayment term.
Even so, this Tawaruq Personal Finance simulation already helps us understand future scenarios. The example below is for a medium-sized financing, that is, without very high amounts, but it is possible to check simulations with more robust amounts, as mentioned above.
✔️ Customer salary: 15,000 SAR.
✔️ Financing amount (Drawdown): 150,000 SAR.
✔️ Term: 60 months (5 years).
✔️ Annual rate (APR): 3.96%.
✔️ Monthly installment: 2,715 SAR.
✔️ Administrative fee: 1,500 SAR (1% of the amount, according to the rule of being less than 5,000 SAR).
Refinancing and debt consolidation
BSF is a flexible partner. If you already have financing and need more breathing room, the bank allows increasing the outstanding balance (refinancing) once you have paid 20% of the original amount. In addition, if you have debts spread across other banks, you can use BSF as a Debt consolidation loan Saudi Arabia, transferring your commitment to a single installment and taking advantage of the institution’s Tawarruq conditions.
Advice for you!
Now that you have seen a Tawaruq Personal Finance simulation close to what may actually be practiced, our recommendation is that you research different financing options to have a comparison base that helps you make the best decision.
But if there is one piece of advice we cannot overlook, it is that it is extremely important to create a very detailed financial plan so that you do not become indebted and fail to pay your installments on time. Your budget must consider all other fixed and variable expenses so that you can manage your spending without headaches.
How to apply for your credit at BSF?
The first step is to open your current account at Banque Saudi Fransi and arrange your salary documentation with your employer. In any case, we encourage you to click the button below to be redirected to the official BSF website, check the Tawaruq Personal Finance simulation that best fits your profile, and start your application online today.
