Early loan payoff exempts customers from further interest, says SAMA

17/01/2018 Argaam

 

Bank customers can pay off their loans without having to incur interest for the remaining period of their contracts, Saudi Arabian Monetary Authority (SAMA) said on its Twitter account.

 

For loan contracts signed after Nov. 8, 2014, banks can charge interest for three months besides the principal amount oustanding, SAMA added. 

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