Marriage loans increased to SR60,000

(MENAFN-Arab News) marriage loans will be increased to sr60,000 under a new scheme approved by the saudi credit and savings bank


The new scheme also includes lowering the age requirement for applicants for family loans. in addition, these loans will be made available for employees who earn up to sr10,000 instead of the previous sr8,000 cap


“the main amendments to the regulations include raising the limit of marriage loans from sr45,000 to sr60,000 and allowing salary earners of up to sr10,000 to benefit from the scheme,” said ibrahim al-hanichl, general manager at the bank


The said the company’s board of directors approved cancelling the age requirement for family loans and instead adopting a new criteria that takes into account the applicant’s income and the number of dependents he is obliged to support


“according to the new criteria, each family member’s share averages to about sr2,000,” he said


He said applicants are eligible for a marriage loan within a year of getting married


In addition, applicants can now seek a second loan within a year of acquiring an initial loan instead of the previous three year-period


The bank has offered more than 600,000 loans during the past three years worth over sr27 billion. that translates to 18,000 loans and sr800 million in loans per month.