As part of its “Masarat” Program, the Saudi Credit and Savings Bank will extend loans to Saudi nationals to own heavy machinery and trucks within the range of SR500,000. The bank will also continue to support the taxis project aimed at enabling citizens to own taxis within the range of SR80,000. The vehicle amount should be paid back in installments according to the conditions set by the bank. An official source in the bank told Al-Madina Arabic daily that applications can be submitted through the bank's website. T he bank specified the mechanism for receiving applications, which includes presenting the original national identity card, explaining the reasons for selecting the project and the mechanism for the proposed work, presenting a public transport driving license, a preliminary permit from the Ministry of Transport for practicing the profession, amending one's profession to driver, presenting a document from the Traffic Department proving that the applicant does not own a public transport vehicle or taxi, personal guarantee for owning a taxi, and a guarantor from a government authority if the applicant wants a heavy truck. It is conditional for owning heavy transport vehicles to pay fees as follows: If the vehicle cost is less than SR200,000, then the applicant must pay SR2,000. If the cost is between SR200,000 and SR300,000, he must pay SR3,000. If the cost is between SR300,000 and SR400,000, he must pay SR4,000. If the cost is between SR400,000 and SR500,000, he must pay SR5,000. As regards owning a taxi, the applicant must pay SR2,000 only. As to the conditions for financing, they include: the applicant should be a Saudi citizen. He should be at least 21 years old and below 60 years of age for obtaining a taxi loan. He should not be over 50 years of age for truck and heavy machinery loans. The applicant ought to work fulltime in the project. For a taxi loan, he should change his profession to taxi driver. He should not have applied for financing from the bank's other financing programs. A citizen will be financed for one vehicle only. A citizen who has other transport vehicles will not be financed. The application will be cancelled if the applicant does not show up within three months after filing it.
