Common questions

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• Up to 8 years

• Grace period of up to two years

The bank finances invention projects for inventors who have obtained patent certificates from accredited authorities

• The facility must be 100% Saudi according to approved policies.

• A product that targets promising establishments (new ones or those not more than 3 years old) with financing amounting to 4 million riyals, as part of its interest in supporting and enabling specific value-added projects that enhance economic impact.

• 4 million riyals

• All activities except activities that are not funded in accordance with approved policies.

• Payment is made: monthly

• Sponsorship of a natural person: - Deduction from the salary according to the guide of the approved authorities in the bank’s system, provided that the age of the sponsor does not exceed 55 years. 
• A third party, provided that the following specifications are applied: - The bank is provided with a disclosure letter from the sponsor stating the details of its financial solvency, along with the submission of supporting documents proving this, for example but not limited to (real estate bonds/recent stock portfolio report/mortgage of deposits/ Account statements) that he is financially independent and has no relationship with the facility, and the guarantee shall not exceed 20% of the value of the statement
• Real estate mortgage: - It is required to bring a copy of the deed of the property to be mortgaged, and that the property to be mortgaged must not be mortgaged to any other party - The property is required to be evaluated by two offices accredited by the Real Estate Evaluators Authority according to the following conditions: -
• The date of the real estate evaluation must not be more than two months from the date the evaluation was submitted to the administration.
• Financial guarantees: The financial guarantee must have a duration of no less than the bank’s financing period, and the bank is authorized to renew it.
• Guaranteeing legal persons (companies and institutions) submitting recent, audited financial statements for two years. To apply credit acceptance standards, the guarantor in debt, the company and institution, must not sponsor more than 5 customers with the bank. - The company or institution must be Saudi and all its owners are Saudi nationals.
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• Commercial register, if any.
• Memorandum of Association if the legal entity is a “company”.
• Identity copies of the owner or partners if it is a company.
• A copy of the academic qualification, provided that it is not less than a secondary school certificate (except for health activities and industries, a bachelor’s degree is required).
• A copy of the CV.
• Proof of practical experience.
• Economic feasibility study or business plan for the project to be financed and price offers.
• Fill out the guarantee declaration form and provide supporting documents.

• The establishment must be new or not more than 3 years old
• The integrity of the applicant’s credit record
• Provide the required guarantees
• Age from 25 to 55
• The educational qualification is not less than a secondary school completion certificate
• Experience

These are the technological solutions and innovations that contribute to enhancing competitiveness in economic and social life and include a group of technologies such as: Artificial Intelligence - 3D Printing - Internet of Things - Virtual Reality - Cyber Security - Cloud Computing - E-Commerce. And others.

• Yes