Things you need to know about POS finance
Your finance amount is a function of your average monthly sales. For example, if your average monthly sales is SAR50,000 for the past 12 months then you are eligible for a SAR150,000 finance (i.e. 3 times of your average monthly POS sales).
Now our system will calculate repayment based on 21 months period at a profit rate of 14% per annuum on reducing balance basis. For example, on finance of SAR150,000 you need to pay back SAR 170,831 in 21 months.
The repayment would be 20% of each swipe on POS machine until the financed amount is fully paid.
- Arrangement fee ranges from 2-3% depending on the credit score and amount.
- Management fee equal to 1/12% of the outstanding amount monthly to cover the loan processing costs.
- One-off documentation fee of SAR 1,000.
- No credit facilities from any bank and/or finance company
- Sales by POS is at least 50% of total sales for the past two years
- Bank statement for the last 12 months
- Financial statements for the last two years (preferably audited)
- VAT filings for the previous and the current fiscal year
- A copy of your lease contract
- A print-out from Qiwa (www.qiwa.sa)