Consider Loan from Bank your last resort: It is not easy to borrow money from your friends as everyone needs it. The other option is to take a personal loan from the bank. Just like any other country, Banks in Saudi Arabia welcome the people who want to obtain a personal loan.
They award loan based upon your gross monthly salary, duration spent with the current employer, your credit ratings updated with Saudi Arabian Monetary Authority and the repute of your employer in the market. If you are looking for a personal loan, following guide can be very useful for you.
Personal Loan for Saudi Government Employee: If you are a government employee (even if you are an expatriate), you can take a loan from any bank as every bank welcomes government employees.
The science of obtaining a personal loan from Saudi Bank is very easy for you as your employer is Saudi Government.
Personal Loan for Private Sector Employee in Saudi Arabia: However, if you are a private employee, you need to go step by step. Private employers range from the big multinational companies to small businesses.
Check with HR: If you want to obtain personal from banks in Saudi Arabia, you should talk to the HR of your company if they have an agreement with some banks in Saudi Arabia. Normally employers have an agreement with banks.
Agreement with the Bank: Let’s say you find out that your company has an agreement with SAMBA Bank to grant personal loans to its employees. Now you need to visit them and fulfill their requirements.
Employment Tenure: Generally, they grant a personal loan to employees who have completed one year with the company. The amount of loan which is granted to employees varies as per the employment term, credit history with SAMA and reputation of the employer.
In case of No Agreement: If your employer explains that they don’t have any agreement with any commercial bank in Saudi Arabia. Now obtaining a personal loan from a bank is difficult but not impossible.
You will have to personally visit all the banks and ask them if your current bank statement qualifies for the personal loan. List of Banks in Saudi Arabia is given in this link.
Please let me know if any bank agrees to give you a personal loan even if your company does not have an agreement with them.
Final Exit before repayment of the Personal loan in Saudi Arabia: You may have to face a situation where your employer is processing your final exit while you still have an unpaid personal loan to bank on your head.
If you have money: It is a difficult situation as you have to repay your entire loan before departing from Saudi Arabia on final exit. If you still have money, repay the entire amount and go back to your country with a relaxed feeling.
If you don't have money: However, if you don’t have money, you are in trouble. Now if you don’t pay the entire amount to the bank, they may register a police complaint against you.
If it is reported in Police, there are chances that you would be detained at Saudi Airport if you try to come to Saudi Arabia again at some other time. I am not a legal authority but I think they cannot stop you from entering any other GCC country.
Transfer of Sponsorship before repayment of a Personal loan in Saudi Arabia: If you have found a better opportunity and transferring your sponsorship to another employer but you have an unpaid personal loan, don’t worry about anything.
Unpaid personal loan to the bank does not affect the process of transferring sponsorship. As far as you are in Saudi Arabia, they do not care about it.
Getting Personal Loan on Interest from Saudi Banks is Halal, or Haram? Well, it is a long debate. All the banks in Saudi Arabia have obtained Fatwas from different Muftis that personal loans on interest are Halal.
I personally believe that it is not true. Receiving and Paying Interest is Haram. I would not go for the personal loan from banks being Muslim.