Article 61
| No: 2/MFC | Date(g): 24/2/2013 | Date(h): 14/4/1434 |
Effective from Feb 24 2013 - Mar 07 2013
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In exception to the provisions of Article 60 of this Regulation, the Finance Company may grant Finance without a collateral, if the following applies:
| 1. | The total Amount of Finance received by the Borrower, without collateral does not exceed (100,000) one hundred thousand Saudi riyal based on the data of the Borrower’s credit record. | |||
| 2. | The Borrower has no history of un-settled debt, conflict or a standing credit lawsuit, insolvency, bankruptcy or liquidation through the past ten years, or checks without balance by him through the past five years, based on the data of the Borrower’s credit record. | |||
| 3. | The Borrower must not be a related party. | |||