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Tuesday, 09 February 2010 - 24 Safar 1431 H
NATION Personal loan rate ‘up to 5.2%’
By Majed Al-Maimouni
RIYADH – Some banks in the Kingdom raised interest rates on personal loans to 5.2 percent, Saturday, banking sources say.
The move was said to be based on a review of regulations and risk management procedures for consumer financial controls issued by the Saudi Arabian Monetary Agency two years ago. Consumer loans dipped to SR178.9 billion in the second quarter of 2008, down from a record SR185.4 billion in Q2 2007.
Real estate financing (SR15.6 billion) and car loans (SR37.7 billion) account for 30 percent of consumer loans. – Okaz
The move was said to be based on a review of regulations and risk management procedures for consumer financial controls issued by the Saudi Arabian Monetary Agency two years ago. Consumer loans dipped to SR178.9 billion in the second quarter of 2008, down from a record SR185.4 billion in Q2 2007.
Real estate financing (SR15.6 billion) and car loans (SR37.7 billion) account for 30 percent of consumer loans. – Okaz
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