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As part of its financial awareness role, Saudi banks have given citizens 7 tips to follow when signing financing contracts, as they play an important role in controlling the relationship between the signatories of the contract and the guarantee of many rights of the beneficiary.
1. Read the terms and conditions
Some may ignore the reading of the terms and conditions of the contract or not read them in full, which may cause them financial or legal harm due to a lack of knowledge of their rights and obligations.SAMA has guaranteed the right of the customer to ask for each element of the contract and any paragraph that he neither understood nor understood. Explain to the customer the terms and details of the contract.
2. Guarantee the validity of the basic data of the contract
Make sure your data, such as the mailing address and phone numbers in the contract, are correct to facilitate communication between all parties when needed, as data errors may affect the ability of communication or lose the principle of confidentiality if the bank letters are sent to the wrong address.
3. Failure to sign incomplete forms
You must ensure that the contract form is completed in number of pages, as well as complete all required fields and not to sign blank or incomplete forms, in order to avoid any changes or modifications to the data without your knowledge. , which could result in financial and legal costs.
4. Make sure you receive a copy of the contract
Do not forget to obtain a copy of the contract and the documents relating to the product that you have obtained, once all the dates have been proved and all the signatures have been completed. Also refer to the system and regulations governing the financing process issued by SAMA.
5- Determination of the financing period and the value of the premiums
The contract specifies the amount of financing you will receive in addition to the installment payment period, as well as the value and timing of these payments, as well as the cost of obtaining the funding in terms of knowing the cost rate. defined and administrative costs.
6 – The use of the experience
Experts are not prohibited from obtaining legal and financial advice on the terms of the contract, and the customer is entitled to oppose certain elements or paragraphs that he considers not to be advantageous to him.
7. Claim your rights
You have the right to file your complaint with the bank's complaints department if you are concerned by the financing agreement between you and the bank or finance company, whether in the contract or in breach of the contract. If you receive an unjustified or convincing response, you must submit your complaint to SAMA's Customer Protection Department via SAMA TAKAHAT for review.
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