Saudi Credit bank eases rules to grant SR1.5bn in loans every month

March 24, 2014 1:49 am

The Saudi Credit and Savings Bank has said it plans to offer its services to a larger number of individuals with low incomes by adopting customer-friendly regulations, Arab News has reported. “Our new regulations will enable the credit bank to issue loans to 25,000 applicants every month for a total value of SR1.5bn,” a bank official said. Under the bank’s amended statutes, which were endorsed by the bank’s board of directors last week, the salary ceiling for social loan eligibility will be raised to SR10,000 and the credit limit for a loan will be increased to SR60,000.