Debt Buyout
Debt Buyout
It is simply a service that allows you to transfer your current financial obligations and installments from any other bank to STC Bank at a competitive profit rate, with salary transfer. Enjoy a fully digital experience with easy and instant steps through the app!
Who can apply?
Saudi and Expatiriates allowed
Minimum salary
Min. Salary 3,000 for Saudis in Government Sector & 5,000 for Saudis in Private Sector & 8,000 for Expatiriates
Employment
You must work at one of the approved employers, and have completed at least 3 months with your current employer
FAQs
Is Finance Buyout Shari'a-compliant?
The finance is fully approved by the Bank's Shari'a Board, and every aspect of the finance has been thoroughly reviewed to ensure that it is Shari'a-compliant.
Who can apply?
Saudis and non-Saudis
The required age: From 21 to a maximum of 60 years for employees, and the maximum age for retirees is 67 years.
What is the minimum salary?
For Saudis: The minimum salary is 3,000 in the government sector, and 5,000 in the private sector.
For non-Saudis: The minimum salary is 8,000 for non-Saudis.
What’s the required employment?
What is the profit percentage?
|
New Monthly Installment |
Annual Percentage Rate (APR) |
Financing Period |
Additional Funding (Optional) |
Your total current indebtedness |
|
4,430 |
4.10% |
36 months |
0.00 |
150,000 |
|
7,850 |
3.85% |
48 months |
50,000 |
300,000 |
|
18,208 |
3.45% |
60 months |
200,000 |
800,000 |
Do I need to bring a clearance?
Yes, a clearance letter must be submitted by the other bank when applying for Finance Buyout.
Is it necessary to transfer my salary to STC Bank to benefit from the Finance Buyout?
Yes, salary transfer is required to STC Bank to benefit from the Finance Buyout.
What is the maximum finance amount and repayment period?
Maximum finance: Up to 1,500,000 (inclusive of previous buyout and additional finance).
Repayment period: Flexible and up to 60 months (5 years).
How much are the administration fees for Finance Buyout?
The administration fee is calculated at 0.5% of the total new finance amount, not exceeding 2,500 (whichever is lower), as per the instructions of the Saudi Central Bank.
What are the eligibility requirements?
You are eligible to apply for the Finance Buyout if you are an employee of an approved employer and have completed at least 3 months in your current job.
Do I need to bring paper documents?
No, the experience is 100% fully digital as the required documents will be requested to be uploaded through the app, and your current commitments will be verified via a direct link with approved platforms and the SIMAH report.
How to settle the Buyout with the other bank?
Once you review the digital offer and sign for the instant approval via STC Bank app, we automatically repay and liquidate the outstanding buyout directly in favor of the other bank.
