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Product Description
Our payroll financing product offers short-term finance options and aims to provide businesses with financing so they can pay their employees' salaries.
Benefits:
Payroll Finance
| Category | Finance amount | Facility Type | Annual Percentage Rate | MGT Fees | Minimum (or) Maximum for Management Fees | Finance Tenor | Finance Product |
| Payroll Finance | 100K SAR to 6M SAR |
Short term |
SIBOR + 3% to 10% |
1% to 5% |
N/A | Max 6 months | Loans |
*Terms & Conditions applies
*The above table is an example, and the annual percentage rate (APR) may differ depending on the amount, the maturity period, and credit scoring of each customer.
Financing Terms and Requirements:
- The business entity must be classified as a small or medium-sized enterprise (SME) with annual sales not exceeding SAR 200 million.
- The business entity must have been operational for at least two years.
- A positive credit history.
- Audited financial statements or ZATCA report .
- At least 12 months of banking transactions.
- No outstanding enforcement proceedings.
The business entity may be required to contribute to the financing depending on the type of application.
Additional terms and conditions apply for each application.
