Business Payroll Financing product enables small and medium-sized enterprises to obtain 3 months SMEs payroll finance with a finance tenor of 12 months (Revolving limit) up to SAR 2 million in affordable terms, competitive prices, and without the need to submit financial statements.
Financing advantages:
- 3 Months payroll financing up to SAR 2 Million.
- Competitive rates and fees.
- Quick study and financing approval.
- Easy and flexible terms and conditions.
Finance Limits:
- Financing up to 25% of the last 12 months of account transactions with maximum limit of SAR 2,000,000.
- Revolving Limit.
Financing terms and requirements:
- Business age should not be less than one year based on CR.
- Signing Payroll Services Agreement with Alinma bank.
- Eligible for all business types except constrictions contractors.
- 3 Months payrolls from GOSI no more than SAR 2,000,000.
- Current Account statement for the last 12 months with deposits of not less than 300% of the required financing.
- VAT Report for the last 12 Months.
- Eligible for only Green and Platinum level at NITAQAT.
- Business should not be a full benefited of (Kafalah) program.
- Positive SIMAH records for the Business and the owners.
Finance Type:
Bai Al-Ajel
Finance Tenor:
12 Months
Repayments:
Quarterly repayments
Finance Pricing and fees:
It depends on the nature of the financing and varies according to the creditworthiness and the client's relationship with the bank.