Riyad Bank launches education finance program

As part of its continuous efforts to offer innovative banking services that cater to its customers’ needs and aspirations, Riyad Bank has launched its education finance program (EFP), which allows citizens to pay the tuition fee in installment plans without any profit margin in cooperation with a number of private schools and universities across the Kingdom.
The EFP is a form of Shariah-compliant personal finance with instant preapprovals, payment plans up to 12 months and finance amount up to SR150,000 without any profit margin.
The bank also enables Saudi and non-Saudi customers, whose monthly income is SR8,000 and above, to get their salaries transferred.
Non-salary transferred customers whose monthly income is SR10,000 and above could apply for the EFP with the possibility to finance any student as requested by the customer.
Riyad Bank urged educational entities wishing to participate in the EFP across the Kingdom to sign agreements with the bank’s official channels or branches to make this program available for their students.

Source: Arab News