What are the conditions for applying for tawarruq financing?
Personal Finance Product (Tawarruq):
– This product is for Saudis only, includes currently employed and retired
– The age of the applicant must be between 21 and 65 years by the end of the contract
– Minimum salary is 3,500 riyals
– Minimum financing amount is no less than 2,500 Saudi riyals
– Financing amount without a guarantor up to 100,000 Saudi riyals
– The service period is at least 6 months for the private sector
– The period of service is at least 3 months for the governmental / semi-governmental sector
– The repayment period is within a maximum period of 60 months only
How long does it take for the amount of tawarruq financing to be deposited into the customer’s account?
It takes 3 business days for the amount of tawarruq to be deposited into the customer’s account after completing the documents and signing the contract.
What are the documents required to apply for tawarruq financing?
Documents required to apply for tawarruq financing:
– Employees of a company: A certificate of periods and wages is provided.
– Workers in an organization: A salary definition and a bank statement for the last 3 months are provided, and a copy of the wage extension certificate is provided.
– Workers in the government sector: a salary definition and a bank statement for the last 3 months are provided.
What is the maximum and minimum amount for tawarruq financing?
The minimum financing amount is 10 thousand riyals, and the maximum financing amount varies according to the credit status and reaches 500 thousand riyals.
What is the maximum and minimum amount for tawarruq financing?
Yes, financing is available for retirees, provided that the age of the applicant does not exceed 65 years at the end of the financing contract.
Is cash financing available for residents?
No, cash financing is available to citizens only at present.
Are the administrative fees fixed?
Administrative fees may be 5,000 riyals or 1% of the financing amount, the lesser of which is chosen. The administrative fee is 1%, with a maximum of 5,000 riyals
Are financing products legit?
All financing products are approved by the Sharia Committee.
Where can I apply for funding?
The financing application is submitted digitally through the website or by visiting the nearest branch of Tamweel Aloula Company
What is the allowed age for financing?
The permissible age for financing is 20 years as a minimum, provided that the period of service at work is one year, and the maximum age is 60 years in the event that the applicant is employed, and in the event that he is retired, the maximum age is 65 years.
Is car selection limited to certain agencies?
No, funding is not limited to certain agencies. Funding is accepted from all exhibitions and agencies.
What are the conditions for applying for car financing?
You can view the terms:
https://www.tamweel-aloula.com/en/leasing_finance/
What is the Murabaha rate?
Murabaha rate is not fixed, it varies according to prevailing market conditions.
What are the required documents?
You can view the required documents:
https://www.tamweel-aloula.com/en/leasing_finance/
What are the procedures for transferring the transaction or assignment?
The presence of both parties to the nearest branch of the Tamweel Aloula branch to have the vehicle assigned. Both parties are required to:
– By the actual customer: assignment is made to the person to whom the assignment is made and the required documents are signed.
– On the part of the assignee client: He must be of financial suitability and a sound credit record.
The assignment application form shall be filled in for study with approval or rejection. In case of approval, the client to whom the transfer is made will sign the new contract
Ownership is transferred to the assignee and added as an actual user.
note :
1- Fees of 2025 riyals are paid (assignment fees + transfer fees and adding a user + tax).
2- The value of the actual premium may change according to the credit assessment of the assignee and the insurance price.
What are the procedures for transferring ownership?
Ensure that there is an examination and insurance for the vehicle after paying the fines and violations, if any, and paying the ownership transfer fee of 500 riyals. In the event of assignment, the assignee must attend.
What are the post-accident procedures?
Documents required for the accident: Najm report – a valid license – a letter from the insurance company for comprehensive insurance or a third party.
Comprehensive insurance option: The claim is filed with the comprehensive insurance company, and after accepting the claim, the customer will be directed to the repair center approved in the insurance policy.
Third party insurance option: Notification of the transfer from the insurance company and the attachment of the customer’s IBAN. If the transfer from the insurance company is less than 5,000 riyals, the amount will be transferred to the customer. In the event that the transferred amount is more than 5,000 riyals, the vehicle will be repaired and confirmed after reviewing the nearest branch. Transfer the compensation amount after deducting the arrears, if any.
Is there financing for used cars?
Yes, used car financing is available, provided that it is from one of the showrooms or agencies, in addition to the date of manufacture not exceeding 10 years from the date of closing the transaction.
Who is responsible for the periodic vehicle inspection?
The customer or renter is the person responsible for the periodic inspection of the vehicle.
What is required to transfer ownership?
– A copy of the valid periodic examination.
– A copy of the valid vehicle insurance (in the name of the person in whose name the vehicle is requested to be transferred).
– A copy of the national ID and a valid driver’s license.
– A copy of the vehicle ownership transfer fee payment.
– A copy of the payment of the excess insurance amount in the event of termination of the contract and the client’s delay in transferring ownership.
– Ensure that all installments and financial dues are paid to the customer, so that ownership is transferred to the nearest branch of Tamweel Aloula Company.
What is required to renew the form?
Verify the validity of the periodic examination, and go to the nearest branch of the first financing company to request renewal of the form to pay the required fees and pay the delay fine, if any, while making sure that there are no violations recorded on the actual user.
There is no expiry date on the form, is the form open?
No, recent forms do not have an expiry date. For inquiries, contact the service number 8003040104.
Is it necessary to pay fines to transfer ownership?
Yes, to transfer ownership, fines must be paid according to the traffic system.
Is there a fine in case of delay in transferring the vehicle ownership?
Yes, the lessee is required to transfer the ownership immediately after closing the payment to the last installment or early payment, and daily rent for the vehicle will be calculated as a late fine according to the system.
I want to travel by car, what is required?
Ensure that the insurance covers the country to which you want to travel and add the geographical expansion, and then go to the nearest branch of Tamweel Aloula to request the service.
The license plate is not clear/damaged, what is the procedure?
Visit the nearest branch of Tamweel Aloula to request a traffic letter to issue a new plate.
There are no branches of the First Finance Company in my area, how is the vehicle ownership transferred?
Contact customer service at 800-304-0104 to request the service.
I want to return the vehicle, what are the procedures?
The vehicle cannot be returned. The available options are: Assignment of the vehicle or early payment (early payment to a third party “Muba’a”).
The vehicle does not meet the specifications, do I want to return it?
The vehicle cannot be returned if the contract has been approved and the vehicle has been received.
What is required for internal delegation?
Go to the nearest branch of Tamweel Aloula to pay the internal authorization fees, and add the additional driver with the insurance policy.
What is required for external authorization?
Pay the geographical expansion fees according to the insurance and visit the nearest branch of Tamweel Aloula to issue the external authorization.
Is it necessary to pay the fines to issue the authorization?
Yes, the customer is required to pay the fines according to the traffic system in order to issue an authorization to drive.
What is required to add an additional driver?
To add an additional driver, it is provided by visiting the branch or through direct communication with the insurance.
How can I obtain a copy of the insurance?
You can request a copy of the insurance by visiting the nearest branch of the company, or by calling the toll-free number 8003040104.
What are the procedures for submitting an insurance claim?
To apply for your comprehensive insurance, you can communicate directly with the insurance, and to apply for a third party, you can contact the telephone customer service to request a no-objection claim.
What are the procedures in the event of an accident?
Request Najm or traffic accident report and contact the insurance company to file a claim.
What is the type of vehicle insurance?
full insurance.
What is meant by partial damage?
The vehicle must be repairable and the damage did not exceed 65%-70% of the insurance value.
The compensation has been transferred from the insurance, when will it be paid to me?
The insurance compensation is paid after deducting the late amounts, and disbursing the surplus if the compensation is less than 5 thousand.
I would like to plead to court for damages, what is the procedure?
Submit your application through one of the branches with the required documents below:
– Incident report.
– Verfied pricing.
– required form.
– Traffic report refusing compensation.
Is it necessary to repair the vehicle to pay the compensation?
Yes, if the compensation is more than 5,000, the amount will be disbursed after informing one of the branches of the Tamweel Aloula to repair the vehicle, so that the compensation amount will be disbursed.
The vehicle was estimated to be damaged by the insurance, what are the procedures?
Notifying the company of this to start settling the total loss and closing the transaction.
Who is the competent authority to assess vehicle damage?
The damage decision is estimated and approved only by insurance companies.
What is meant by total loss settlement?
Settlement of the financing contract to deduct the remaining installments owed by the customer after deducting the insurance compensation, according to the regulations of the Central Bank.
The vehicle was certified damaged, is the transaction waived for me?
The contract is closed as per the insurance settlement.
Who is responsible for the regular maintenance of the vehicle?
Responsible for the regular maintenance of the vehicle is the lessee.
Is it possible to request a replacement car when the vehicle is damaged?
You can request the additional benefit and pay the insurance fees, or through the broker, during the policy period, and it is not possible to request the benefit after the vehicle has been damaged.
Is the choice of insurance company available?
The insurance company is selected annually according to the lowest price by the company, according to the customer’s choice of the type of repair and the amount of the deductible upon signing the contract.
Who is the beneficiary of the insurance compensation?
The beneficiary is the lessee, after deducting the due installments, if any, and repairing the vehicle.
What is meant by insurance benefit?
Insurance benefits include replacement vehicle, additional driver and geographical expansion.
Are there fees to bear in the event of an accident?
Yes, you will be charged the deductible amount in the event that you are responsible for a percentage of the accident and the percentage of the vehicle’s depreciation.
Who is responsible for renewing the form?
The tenant is responsible for renewing the form.
Can I cancel the insurance?
Insurance can only be canceled in the event of transfer of ownership.
Does insurance cover fires and natural disasters?
Yes, unless there is negligence on the part of the tenant.
Will I receive a message with payment details after payment?
No, but the customer can request an account statement showing payment details from the company.
Is payment for more than one installment during one month available?
Yes, you can pay more than one installment during one month, after signing a special payment form, and it will be credited to you with the excess balance until it becomes due.
The amount of the installment has been transferred, and my case is still late in SIMAH?
You must notify the company to ensure that the amount is added to your account in the contract, and your data in Sama will be updated periodically.
The bank did not deduct the financing amount, what is the payment method?
It must be ensured that there is sufficient balance on the due date of the order, as the order is for 24 hours only, and in the event that the installment is not deducted, the installment needs to be transferred to the company’s bank account and the bank checks to ensure the validity of the order. the permanent.
What are the company’s bank accounts available for payment?
You must notify the company of the transferred amount to update your payment. The company’s bank accounts are shown to you through the link:
https://www.tamweel-aloula.com/en/payments/
What are the available payment methods?
The available methods for paying installments are: bank deduction, bank transfer, and SADAD bill.
What is the delay period in installments that requires an execution order to be lifted?
An order must be issued by the company for the client’s delay in payment for five intermittent months or three consecutive months, according to the regulations.
I am unemployed and would like to postpone the installments temporarily, what are the procedures?
do not apply
I am retired and I want to reduce the value of the installment and reschedule the installments, what is the procedure?
It does not apply, and a mechanism must be established according to regulations and instructions
Does the debt fall in the event of death?
All loans are insured in the event of death in accordance with terms and conditions, the heirs must notify the company within a period not exceeding one month from the date of death.
What happens in the event of the death of the client, God forbid?
The heirs must visit the company and provide them with the death certificate and the medical report of the cause of death to be submitted to the insurance company.
Is there a fine in case of late payment?
Yes for corporate loans
Who is responsible in case of default?
The owner of the transaction, the guarantor, or the person charged with paying on behalf.
Does the company maintain the confidentiality of customer data?
Yes, the confidentiality of customer information is maintained in accordance with regulations and instructions related to information confidentiality.
What is required of the customer to lift the suspension of services?
To lift the suspension of services, the customer must pay the due installments and 2 installments in advance.
The legal action was lifted and the bank accounts were not opened, what is the procedure?
The procedure is carried out by the company electronically through the portal of the Ministry of Justice represented by the court, and accordingly the client must review the court.
When is the suspension lifted after payment?
Within 24 working hours, the request to postpone the implementation and stop the procedures is submitted after ensuring that the client has paid the required amounts, the execution period should not exceed 48 hours according to the Ministry of Justice .
I want early repayment, what is the method?
Go to the nearest branch of the company, fill out the required forms and pay the due, indicating the source of funds.
Is it necessary to clarify the source of funds in early repayment?
Yes, according to the circulars of the Central Bank, the customer must disclose the source of funds.
How much is deducted from the early repayment financing percentage?
The profits of 3 months are retained and the remainder of the profits are deducted from the entire contract, as the amounts due and paid are not included in the deduction.
How is the clearance received and the monthly installment deducted?
The request for clearance and stopping the deduction is made by one of the company’s branches or via the toll-free phone.
Can I change the deduction to another bank?
Yes, but the deduction must be from the salary account only and proof that the salary has been debited to the same account. The deduction is carried out and then the company is reviewed and requested to stop the deduction from the previous account.
Can I get a proof of indebtedness letter (no objection)?
Yes, a letter of proof of indebtedness can be obtained provided that it is addressed to banks, banks and financing companies licensed by the Central Bank of Saudi Arabia only.
The car is a total loss. I would like a letter of clearance from the procedure
Clearance letters for total loss cars are done after settling all amounts due from the total loss, and the letter request is received from the credit services department only.
What is the mechanism for requesting clearance?
By visiting one of the branches of Tamweel Aloula after closing the transaction and transferring the ownership of the vehicle for leasing financing contracts.
When is the vehicle withdrawn for non-payment? And what is the procedure after that?
The vehicle is recovered according to a withdrawal request issued by the official authorities after the customer fails to pay 3 consecutive or 5 intermittent installments, after which the customer is notified to review and pay the arrears in addition to 3 advance installments and the certificate and withdrawal fees are 1250 riyals. In the event that the customer does not respond, it will be put up for auction.
What happens after selling the vehicle?
The customer is required to pay the remaining amount for early payment from the date the company received the vehicle.
I do not want the car and I want to return it. What is the procedure?
(Assignment of the vehicle to another person – obtaining a buyer and paying the early payment value).
The installment has been transferred and the installment has been deducted. What is the procedure?
The excess installment is transferred in the absence of amounts due to the client and in the absence of a judicial order against him by the company, and the implementation takes place within 10 days after providing the required documents (copy of the transfer + IBAN + identity).
An amount has been deducted from the court. What is the procedure?
In the event that a higher amount is deducted and covers the arrears and two advance installments, a promissory note is created due to the deduction of the value of the transferred amount from the value of the promissory note with the court, and in the event that the total value of the complaint is deducted, an early payment settlement is made for the customer to cancel the promissory note with the court.
When is the clearance issued?
The clearance is issued within 5 working days and is delivered through the branch.
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