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Yes, the Profit rate is fixed for the finance period.

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APR is the actual Profit rate charged over the term of the facility and is quoted on an annualised basis. This is the true cost of the finance. It is calculated through a formula that is derived from dividing the Profit paid by the average principal outstanding, over the life of the facility. The profit will be calculated on a daily basis, commencing on the transaction is executed.

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Yes, you must transfer your salary to a SABB account.

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According to SAMA rules, banks can provide finance of up to 33% of your monthly salary. You should visit any SABB branch to check the exact finance amount. However, you can get an indication of your maximum finance amount by using the Personal Finance Calculator.

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No, you are not required to provide any collateral or guarantee to obtain Finance.

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Under a Murabaha Sale contract, the sale price and payment period is fixed at the time of Finance. However, SABB allows you to settle your finance, in part or full, before the maturity date. Though the sale price is fixed, the

Bank may at its discretion waive all or part of the future uncollected Profit.

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Yes, SABB allows Re-financing of existing Finance, provided you have paid at least 6 instalments of your existing Finance and the amount outstanding is at least SAR 10,000.

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SABB understands your need for Personal Finance to improve your family circumstances or meet family needs. In the unfortunate event of your death (God forbid), SABB will waive the remaining finance amount to help prevent hardship for your heirs.

However, to enjoy this benefit, you are required to provide full and correct information on completing the Medical Questionnaire when you apply for the Finance. (For more details, please see the Instalment agreement.)

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SABB will waive the outstanding finance amount, should you become totally and permanently disabled (God forbid), provided such total and permanent disability continues for at least six months from the date of event (accident or illness) that has caused such disability.

However, to enjoy this benefit, you are required to provide full and correct information on completing the Medical Questionnaire when you apply for the Finance. (For more details, please see the Instalment agreement.)

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Category: Finance

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