Anyone have ANY experience with Saudi Banks? (Riyadh)
Nearly all the big banks here have what they are calling "Personal Loans for Expats". The Islamic approved loans have an extremely attractive interest rate (1 to 3%) and only require 2k-5k a month to qualify, and can loan to Protected content . And can be used to by a car or whatever purpose you desire. Your typical westerner in KSA by far exceeds the financial requirements to repay. Of course you will need an Iqama, someone who has been in the Kingdom for at least 1 year and has plenty of time on their contract. (I am on 3 of a 5 year contract). However, the major problem is that banks seem to require that you work for a Saudi company that has a direct guarantee with the bank.In other words even if you work for a multi Billion dollar United States fortune Protected content , they ONLY seem to allow loans for people who work directly for Saudi owned Companies. At least that's what I have found so far. Was wondering if anyone have heard of any banks that will be willing to work with expats who work with US companies? I'd love to know.