Asset Financing product enables SME’s to obtain financing of up to SAR 2.75 million to cover their needs of fixed assets such as real estate, machinery and equipment’s for up to 60 months financing period with a rate of 75% of each price offer or invoices in easy and affordable terms and competitive prices, without the need to submit financial statements.
Financing advantages:
- Financing up to SAR 2.75 Million .
- Competitive rates and fees.
- Multiple choices of repayments.
- Quick study and financing approval.
- Financing 75% of the value of each submitted invoice or proposal.
- Easy and flexible terms and conditions.
Finance Limits:
- Financing up to 50% of the last 12 months of account transactions with maximum limit of SAR 2,750,000.
- Non-Revolving Limit.
Financing terms and requirements:
- Business age should not be less than two years based on CR.
- Eligible for only Health, education, industrial, commercial, and services sectors.
- Current Account statement for the last 12 months.
- VAT Report for the last 12 Months.
- Submit a future cash flow report for the debt burden of the business.
- Submitting invoice, quotation not older than 60 days.
- Undertake to install Alinma point of sales devices (if applicable).
- Business should not be a full benefited of (Kafalah) program.
- Positive SIMAH records for the Business and the owners.
Finance Type:
Bai Al-Ajel.
Finance Tenor:
Up to 60 months with grace period up to 6 months.
Repayments:
Multiple repayments (monthly, quarterly).
Finance Pricing and fees:
It depends on the nature of the financing and varies according to the creditworthiness and the client's relationship with the bank.