More than 2.5 million social and productive funding has been disbursed for nearly 100 billion since its inception.

Tuesday-2017-05-09

The Bank for Social Development disclosed the number and value of social financing operations spent during the first quarter of 2017, with more than 19700 funds disbursed, totalling over 1 billion and 100 million rials.

The Bank for Social Development disclosed the number and value of social loans disbursed during the first quarter of 2017, with over 19700 loans, totalling over 1 billion and 100 million rials.

The Bank explained that the social loans programme included the loan for marriage, family loan and home restoration loan, as well as loans made through charities and foundations for orphans, prisoners and needy families.

The spokesman of the Bank, Abdulaziz Al-Nasser, noted that the Bank, through social loan programmes, was aiming to contribute to the stability of the marriage loans as well as other types of loans intended for individuals and families to help with the necessary lifebears. In this regard, the Bank takes into account the financial position of the borrower and the size of its financial obligations to determine the value of the appropriate premium.

The current agreements between the Bank and the client include several conditions, including the consent of the borrower and the sponsor to include loan data with the Saudi company for credit information, and the obligation of the sponsor to pay the loan in case the borrower fails.

The Bank is also aimed at protecting the borrower and not dumping it in debt, as loans require the borrower ' s ability to pay or the total monthly cuts and other credit obligations to the borrower or to the sponsor no more than 33% of the salary.

It should be noted that the Bank for Social Development has spent more than 2.5 million loans between social loans and financing for development projects since its establishment with a total value of approximately R$ 100 billion.