1. Executive Summary & Objective
This policy outlines the operational framework, eligibility criteria, payment schedules, and terms and conditions for providing vehicles on installments in the Kingdom of Saudi Arabia (KSA). All operations must comply with Saudi Central Bank (SAMA) regulations, the Saudi Labor Law (for corporate clients), and local consumer protection laws.
2. Target Market & Eligibility Criteria
To qualify for installment-based vehicle financing, applicants must meet the following requirements:
Nationality/Residency: Saudi citizens or valid Iqama holders (Expats).
Age Limit: Minimum 21 years and maximum 60 years (at the time of the final installment).
Employment Status:
Government or semi-government employees.
Private sector employees working in approved/listed companies.
Self-employed individuals with active commercial registers (CR) and audited financial statements.
Minimum Income:
Saudis: Minimum SAR 5,000/month.
Expats: Minimum SAR 7,000/month.
Credit History: Clean credit record with SIMAH (Saudi Credit Bureau) with no major defaults or active legal cases.
Driving License: Valid Saudi or GCC driving license.
3. Financial Terms & Down Payment Structure
