Cash Financing - FAQs

Cancellation can be done by the client in the following cases:
1. Before uploading documents and approval of the request, through the “Financing Data” icon.
2. After the request is approved and processed, through rejecting the financing contract.
Currently, no fees are applied for cancellation.

Example: Mohamed works as a correspondent at the Transport Authority with a salary not exceeding 5,000 SAR and has a hobby in photography and video editing. He needs equipment to develop his hobby to earn extra income. He will benefit as follows:
1. Obtain a Freelance Work Certificate online (the certificate must be at least 12 months old).
2. Submit a financing request to the Social Development Bank.
3. Pass the eligibility check.
4. Receive the financing.

• Rural development professions
• Real estate professions
• Handicraft professions
• Order delivery
• Accounting professions
• Specialized services professions

• Disbursement of the first installment.
• Absence of a financing sufficiency request submitted by the customer.
• Absence of an accepted or in-progress second installment disbursement request.
• A minimum of 9 months and a maximum of 11 months must have elapsed from the disbursement date of the first installment.
• Absence of repayment arrears for the first installment.
• Availability of an acceptable performance evaluation or tracked proof of performance on the Freelance Incentives Platform.

It means that the customer bears full financial responsibility for repayment without the need for another person's guarantee. In other words, the entity where the customer works has a partnership with the bank, allowing us to deduct the installment amount directly from that entity.

The grace period is 3 months.

Within 28 business days from the financing approval date.

From after the ninth month up until the completion of 11 months from the deposit date of the first installment amount, subject to the specified terms and criteria. The customer can apply through the bank's portal.

The employee's monthly salary, including fixed allowances approved in the freelance work policy.

By registering on one of the freelance platforms approved by the bank to follow up on evaluation and performance.

Go to one of the following products:

• Seasonal Financing
• Freelance Cards
• Asset Financing

The cash financing conditions have been updated to be restricted to customers whose entities are approved by the bank and who hold a freelance certificate older than 12 months. In case the customer's certificate is less than 12 months old or they have a guarantor, they will be directed to other financing products.

• The disbursement of the first installment will be deemed sufficient, and the second installment will be automatically canceled, or a sufficiency request will be requested from the customer.
• The financing duration will be shortened without altering the monthly installment amount, taking into account the possibility of adjusting the final installment value based on the total financing amount.

• Fine art painting / Plastic arts
• Animation and cartoon drawing
• Graphic design
• Clothes tailoring
• Fashion design
• Fashion design
• Logo designer
• Graphic design
• Photography
• Cinematic and television cinematography
• Caricature drawing
• Restoration of artworks
• Sculptor

If you do not meet one of the product's conditions—such as having a guarantor or holding a certificate with a duration less than required—you will be directed to alternative products, such as: 'Seasonal Financing', 'Freelance Cards', or 'Asset Financing'.

All freelance financing products.

The updated list is announced on the bank's social media channels and electronic portal. The current ones are:

• Wassel (Ride-hailing): Uber, Careem, Bolt ... and others.
• Tawseel (Delivery): Jahez, Mrsool, HungerStation ... and others

Incentives are cash and in-kind amounts paid as a reward to beneficiaries who prove they are practicing the financed freelance work through one of the bank's approved platforms. Evaluation is conducted continuously throughout the financing period, and incentives are disbursed on an annual basis

It is done through the freelance platform.

Registration is completed automatically immediately upon receiving the financing.

There is no specific period obligating the bank to disburse the amount – Vehicle delivery

All Saudi banks are mandated by the Saudi Central Bank (SAMA) to open a freelance account.

The customer is eligible to apply for cash financing after 12 months have passed from the issue date of the freelance certificate.

Registration in the program is optional (not mandatory); however, it allows the customer to benefit from post-financing advantages and services, such as:

• Incentives
• Additional financing
• Non-financial services

No, the current update only applies to the cash financing product, while other products remain subject to their own specific terms and conditions.

The employee's monthly salary includes the fixed allowances approved in the self-employment policy.

Incentives are provided annually throughout the entire financing period.

Yes, it is available to both public and private sector employees, provided that the monthly income does not exceed SAR 35,000, including fixed allowances approved in the freelance work policy.

It is a product directed at self-employment practitioners. It was developed in conjunction with the launch of the self-employment platform by the Ministry of Human Resources. Its aim is to support the category of self-employed workers, to spread the culture of self-employment and stimulate it, and to shift from financing for consumer purposes to development financing.
The Nafath product supports the following paths:

All tracks are available except for specialized services and the delivery service track (temporarily unavailable).

No, if the specified financing period in the contract is exceeded, the incentives will be discontinued.

Yes, under the 'Requirements and Conditions' list, a freelance bank account is required.

The incentive does not exceed, at its maximum, the value of the fees deducted from the customer at the time of financing disbursement, and there is no minimum limit.

Cash financing of up to 120,000 ♦ for those licensed by the freelancing platform in the Ministry of Human Resources and Social Development and the repayment period is 40 months.

Yes, according to the policies of the Social Development Bank

No annual lending fees. Only a fixed administrative fee is charged once and is as follows:-

An individual client who has a commercial registration can obtain self-employment financing.

No, cash financing is exclusively for self-guaranteed customers, and having a guarantor is not accepted under the terms of this product.

Yes, in cash financing, a self-employment document is required, while in asset financing, the self-employment document is required for delivering orders only, while directed transportation does not require a document

The activities included in the self-employment platform on the Ministry of Human Resources electronic portal and have been identified as follows: