The Saudi Social Development Bank has announced the temporary suspension of its marriage loan program. This decision is part of the bank’s ongoing efforts to enhance and improve its individual financing products. The bank plans to reintroduce the marriage loan with new features in October.
Achievements of the Social Development Bank
This year, the bank provided over 1.6 billion riyals in social loans, benefiting more than 36,000 young men and women through marriage loans. The loans aim to support the establishment and stability of Saudi families. Since its inception, the bank has funded over 1.2 million marriages, offering loans ranging from 18,000 to 60,000 riyals without administrative fees.
Reasons for Suspension
The bank cited the need to restructure its financing products to align with Saudi Arabia’s evolving economic and social landscape. The temporary halt will allow the bank to introduce new, innovative products that better serve the citizens. The bank is developing the marriage loan program to provide an enhanced digital experience for beneficiaries.
Future Directions
Despite the suspension, the bank reassured citizens that they could still apply for other available financing products. The bank is working on developing new products aimed at meeting the diverse needs of the community. The bank expects these updates to improve the quality of services and increase the effectiveness of its financing offerings.
The Impact of Marriage Loans on Saudi Youth
The marriage loan program has been instrumental in helping Saudi youth achieve their dreams of marriage, easing financial burdens, and supporting social stability. The loans, which could be repaid over four years without administrative fees, provided essential support for wedding expenses and home preparations. Additionally, in cases of death or total disability, beneficiaries are exempted from repayment, offering extra security.
The suspension of the marriage loan program marks a significant step in the Social Development Bank‘s strategic efforts to provide innovative and effective financial services. The bank remains committed to supporting citizens by offering diverse financial solutions that meet their evolving needs.
