He said those Saudis wishing to avail loans through this new service could apply through the bank's website.
He said the applicants should be Saudi citizens, not less than 21 years of age and not over 60 years. They should along with the applications, provide copies of their original identity card, a general driving license, a permit from the Transport Ministry providing the clearance to do the job, a certificate from the directorate general of traffic that he does not own a truck and also a letter from a guarantor.
The official said the bank would continue its scheme to provide loans to Saudis to buy taxis with the top limit for the loan being fixed at SR80,000 per individual.
He said those who apply for loans to purchase trucks and heavy machinery should change their occupation in their identity cards to drivers. “Citizens can only apply for one loan — either to buy a truck or a taxi. They will not be allowed to apply for both the loans,” he explained.
The official said repayments could be made through monthly installments of SR2,000 for loans amounting to SR200,000, it would be SR3,000 for loans from SR300,000 to SR400,000 and SR5,000 to loans from SR400,000 to SR500,000.
He said the monthly installments for loans taken to buy taxis would be SR2,000.
He warned that the loan application would be canceled if the beneficiary failed to contact the bank within three months to complete the procedures.
The official said the bank has the right to obtain the ownership of the truck or the taxi if the beneficiary failed to pay the installments.
