Tamweel Aloula Frequently Asked Questions

Frequently Asked Questions

Frequently asked questions

 

Are the services of Tamweel Al Oula Sharia compliant?

Yes.

 

Is Tamweel Al Oula accredited by the Saudi Central Bank?

Yes.

 

Is Tamweel Al Oula registered in SIMAH?

Yes.

 

Should the company I work for be on the list of companies approved by Tamweel Al Oula?

No.

 

Is it possible to cancel the transaction? And how long is the cancellation period?

You may cancel the contract during the first ten days of signing the contract, according to what is stated in the consumer finance regulations of the Central Saudi Bank.

 

How long does it take to review a Personal Financing request?

Customer requests are responded to, whether by accepting or rejecting the transaction, within one working day.

 

Is it possible to reschedule the last installment of Auto Lease finance? And what are the requirements?

Yes, it can be rescheduled. Requirements are: salary identification, account statement for the last three months, national address, ID, and driver’s license

 

Are there administrative fees?

Yes, there is, whether Auto Leasing or Personal financing, the fee is 1%, a maximum of 5000 riyals according to the regulations of the Central Bank.

 

Are military sector employees funded?

Yes

 

Is it possible to reschedule the last installment of Auto Lease financing? And what are the requirements?

Yes, it can be rescheduled. The Requirements are: salary identification, account statement for the last three months, national address, ID, and a valid driver’s license.

 

How can I file a complaint?

For complaints, you may contact us through 8003040104 or through our official accounts on social media platforms (Twitter: @tamweelalola, Instagram @tamweel_aloula) or via email customer.care@tamweel-aloula.com

 

Is it possible to calculate additional income?

Yes, to calculate additional income, you’ll need to submit a one-year account statement for private companies.

 

Can residents apply for Personal Financing?

No, this financing solution is available for Saudis Only at the moment.

 

Can residents apply for Auto leasing?

Yes

 

Can the customer pay early for the financing and is there a discount for early payment?

Yes, the early payment option is available with a discount being offered to the customer according to the instructions of the Central Bank

 

Can I return the car if I do not want to complete the contract?

No, but it is possible to pay early or transfer the car ownership to someone who meets the terms & conditions.

 

What happens in the event of the client's death, God forbid?

If it is an Auto Leasing, the case will be referred to the insurance company - if it is a Personal Financing, it is referred to the heirs or the guarantor.

 

What will happen in case of total disability, God forbid? How do I get a debt relief?

There shall be no debt relief

 

Does default affect other chance to obtain financing?

Yes

 

Is it a requirement to transfer the salary to Tamweel Al Oula?

No, a bank deduction is required from the account to which the salary is transferred, or a payment number is provided by receiving a text message every month due to a premium on the customer

 

Do installments include VAT?

Yes

 

What are the financing solutions offered by Tamweel Al Oula to individuals?

Auto Lease Financing and Personal Financing (Tawarruq).

Terms and Conditions for Financing Solutions:

 

Auto Lease Financing Terms & Conditions:

  • This product is for Saudis and Residents
  • The age of the applicant must be from 21 years to 65 years at the end of the contract
  • Minimum salary is 3,500 riyals for Saudis
  • Minimum salary is 5,000 riyals for residents
  • The service period should not be less than 6 months for the private sector - Saudis
  • The service period is not less than 3 months for the governmental / semi-governmental sector - Saudis
  • The service period should not be less than one year - residents
  • The repayment period is within a maximum period of 60 months only

 

Personal Financing Terms & Conditions:

  • Photo ID/Iqama
  • Driver's license copy
  • Salary statement
  • Social Security Certificate
  • Bank statement for the last 3 months upon request
  • National address

In some exceptional cases there might be additional requirements

 

Terms and conditions apply

 

Personal Finance Product (Tawarruq):

  • This product is for Saudis only, includes currently employed and retired
  • The age of the applicant must be between 21 and 65 years by the end of the contract
  • Minimum salary is 3,500 riyals
  • Minimum financing amount is no less than 2,500 Saudi riyals
  • Financing amount without a guarantor up to 100,000 Saudi riyals
  • The service period is at least 6 months for the private sector
  • The period of service is at least 3 months for the governmental / semi-governmental sector
  • The repayment period is within a maximum period of 60 months only

 

Documents required for individuals:

  • ID copy
  • Salary Statement
  • Bank statement for the last 3 months
  • Social insurance certificate for private sector employees
  • National address
  • Proof of residence
  • In some exceptional cases there are additional requirements

Terms and conditions apply

 

Renewal Requirements:

  • Perform a periodic check
  • Private: 500 riyals
  • Private transfer: 850 riyals
  • The fine for not renewing a driver's license is calculated after 60 days of expiry

 

Procedures for transferring ownership or transferring it to another person (Transfer fees + required documents) Fees:

  • Ownership transfer fee is 500 riyals

 

Required Documents:

  • Periodic check
  • Insurance
  • Waiver acknowledgment form

Tamweel Al Oula Bank Accounts Numbers:

 

Name Bank Name IBAN NO
Al Bilad Bank Tamweel aloula company SA9615000861107121020009
Riyad Bank Tamweel aloula company SA3420000003020362589942
Saudi Fransi Bank Tamweel aloula company SA5655000000098345800116
Al-Rajhi Bank Tamweel aloula company SA7280000578608010046391
AlJazira Bank Tamweel aloula company SA5060000000209447090001
Sabb Bank Tamweel aloula company SA3245000000242040707001
GIB Bank Tamweel aloula company SA0490000000020000001118
Alinma Bank Tamweel aloula company SA6605000068282228222000
ANB Bank Tamweel aloula company SA0230400108095301590016
Samba Bank Tamweel aloula company SA0340000000000006324070
NCB Bank Tamweel aloula company SA9210000058300000001800
Investment bank Tamweel aloula company SA3865000000336718865001

 

When the customer purchases a used car from an external showroom, what is the oldest model that can be financed?

Not more than five years from the current year

 

How to apply for a financing application?

  • Via the website
  • Visit a branch
  • Sales number: 920005477
  • Email: info@tamweel-aloula.com

 

What are the working hours?

Working hours of the head office and branches:

- Head Office: Sunday to Thursday 8 AM - 5 PM

- Branches: Sunday to Thursday 8 AM - 5 PM