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Sources have revealed that regular action will be taken against people who repay their personal loans late, if the repayment is delayed more than 3 consecutive months or 5 separate months.
In this context, the Secretary-General of the Banking Information and Awareness Committee and the official spokesperson for Saudi banks have stated that banks do not initiate the late payment of the customer to recourse to justice, in especially for people exposed to a critical financial situation.
He explained that the controls obliging the banks to reschedule their debt in the event of a change in the customer's situation are mandatory, without granting new financing or additional costs and without changing the cost of the term.
He stressed that the controls also required banks and banks to reschedule the debt in the event of a change in the customer's situation, possibly with the possibility of changing the cost of the term and at no additional cost.
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