4 main reasons Saudi women take loans

The bank officials of Saudi Arabia have observed that the trend of taking loans is increasing among Saudi women. According to the officials, there are various reasons behind taking loans by Saudi women.

  1. To buy a new car

Since the time the Saudi government has allowed Saudi women to drive cars, the foremost reason why Saudi women take loans is to buy a new car. They used to pay around SR 2,000 to a domestic driver which they can pay to the bank now as a repayment of the loan and drive a new car.

  1. Financial support to Husband

For instance, a bank branch manager, Naseem Al Kharss revealed that most women take a loan for the sake of their families or to meet a personal requirement. Women are now actively participating in economic activities for the sake of their families.

Al Kharss said that loan applications lodged by women reveal that they need loans to financially support their husbands. They even take a loan to assist their husbands in building a home or renovate it.

The brave women are taking the responsibility of repaying the loan all by themselves. They want to economically support their husbands, parents, and families.

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  1. Spend a vacation

A former bank manager, Nojood Al Bahrani claims that among the various reasons for which women take a loan, few are; purchase of jewels, spend vacations abroad and repay the debt of their parents.

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  1. Investment purpose

Women who take a loan for investment purposes such as salons and parlors are strictly monitored. Al Kharss noted that women tend to stay away from risky investments. Women are unlikely to take a loan for investment purposes. The average amount of loans taken by most Saudi women is SR 300,000 and more.

When surveyed, it revealed that female school teachers are the ones who apply most for the loan. Female nurses are categorized as the second ones to take the most loans.

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Amjad J. who is a school teacher has taken loans multiple times during the past 5 years. She wanted to support her husband to meet the basic needs of the family. She claims that her husband cannot earn enough.

Anfal Salah who is a private sector employee took multiple loans to financially assist her mother. She took a loan to help her mother incur the wedding expenses of her brother’s marriage. She says that it was her duty to fulfill her family needs and she is happy that she is a responsible family member.

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Steve has been living in Saudi Arabia since 2013 and writing about Saudi rules, regulations, guides, and procedures since then.