Finance agreements must be drawn up on paper or electronically between the Consumer Microfinance Company and the borrower and each contracting party must receive a copy of the finance agreement. The finance agreement must include at least the following data and information: |
| 1. | names of parties to the contract, ID/Iqama/commercial register number of the borrower (as the case may be), official addresses, and contact information such as mobile phone number and email address (if any); |
| 2. | type of finance; |
| 3. | term of finance contract; |
| 4. | finance amount; |
| 5. | conditions to drawdown the amount of finance if available; |
| 6. | term cost and its application conditions; |
| 7. | annual percentage rate (APR); |
| 8. | total amount payable by the borrower, calculated at the time of signing the finance contract, with the assumptions used in calculation provided; |
| 9. | the amount, number and duration of installments to be paid by the borrower and the method of distributing that amount over the remaining amounts; |
| 10. | fees, commissions, and administrative service costs; |
| 11. | terms of payment of fees or funds required without paying the finance amount as well as the conditions for such payment; |
| 12. | the consequences of delayed payment of installments; |
| 13. | required documentation fees, where applicable; |
| 14. | guarantee and insurance (if any); |
| 15. | the account number for depositing finance installments and the bank name; |
| 16. | procedures for exercising the right to withdraw (if any) and the conditions and financial obligations relating to such right; |
| 17. | procedures for early repayment and for compensation of the Consumer Microfinance Company (when necessary) and how to determine such compensation; |
| 18. | procedures for dealing with guarantees if their value is reduced (if any); |
| 19. | procedures for exercising the right to terminate the finance contract; |
| 20. | the borrower's permission to include his/her information in the credit record; and |
| 21. | any other information specified by SAMA. |