meem Buyout (debt transfer) facility, offers customers the opportunity to transfer their existing Personal Finance financial debts to meem with better rates
Last update on 19/9/2023
Get more for less with meem.
Get more for less with meem
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100% digital and Shariah compliant product including e-Signatory and e-Promissory notes
Competitive profit rates
Financing up to SAR 1.5 million
Installment schedules up to 60 months repayment period
Quick and automated disbursement of funds
| Product | Buyout |
|---|---|
| Nationality |
Saudi |
| Salary Credit in meem by GIB |
Salary assignment mandatory |
| OnePack a/c held |
Mandatory |
| Minimum age at commencement |
18 Years |
| Maximum Age at maturity |
60 Years |
| Minimum salary (SAR) |
Starting from: 4,000 |
| Whitelist employer |
Not Necessarily |
| Maximum finance Amount (SAR) |
Up to 1,500,000 |
| Minimum current employment period (Govt sector) |
1 Month |
| Minimum current employment period (Private sector) |
Employer classes A, B&C: 6 months |
| End of service |
N/A |
| Minimum existing SIMAH history |
No minimum existing SIMAH history |
| Maximum tenor (months) |
60 |
| Debt Burden Ratio (DBR) | |
| Employed |
0.3333 % |
Documentation required:
Recent no-objection letter of no less than 10 days to transfer the finance (including finance amount and other bank's IBAN number).
Salary letter
3-month statement on the bank's letterhead including last 3 salaries
Payslips of the last 3 months
Management fees
Monthly installment amount
Annual Percentage Rate
Maturity in years
Finance amount
4,080 SAR
8330 SAR
8.29%
5 Years
408,000 SAR
The above table is an example and the Annual Percentage Rate (APR) may vary according to the amount, maturity period and credit score of each customer.
Note: This calculation is approximate and not final
There is no hidden cost or surprises. With our real time calculator you can know all you need about the plan you have chosen.
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meem Buyout (debt transfer) facility, offers customers the opportunity to transfer their existing Personal Finance financial debts to meem with better rates
Yes, all meem products are 100% Shariah compliant. meem buyout (debt transfer) product is based on the principles of Murabaha, for more information call 8001166336
No, our aim is to make your life easier. With meem, you can apply and receive your finance digitally through our app
The eligible income starts from SAR 4,000 depending on customer profile and employer classification
An estimate amount can be checked through the online finance calculator on meem's website
Yes, for more information call 8001166336
We offer 24-hour disbursement if all your documentation is submitted and complete, and your salary has been assigned to meem.
GIB-Saudi Arabia, Commercial registration No. (2052001920) Unified No: (7001399042), licensed by the Saudi Central Bank under number 2007, and operating under the Saudi Central Bank’s control and supervision, unit number 54 – Al Khobar 34721 – 8208 Kingdom of Saudi Arabia.
Local Tel.: 8001166336, International Tel.: +966920026336
