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Kenf and Ofoq Loans from Social Development Bank
The article discusses the "Kanuf" program, which offers an interest-free, accessible loan from the Social Development Bank in Saudi Arabia. This program is specifically designed for divorced women, widows, and women who are the primary breadwinners. The article explains that this loan provides up to 30,000 Riyals and targets women facing financial hardships, with flexible repayment periods of up to 5 years and low installments starting at approximately 500 Riyals per month. It also highlights the eligibility criteria, including that applicants should be between 25 and 55 years old, have a monthly income within the specified limit, and possess a stable source of income. Employed government women and retirees can apply without a guarantor, while other applicants are required to have a guarantor who is a non-governmental employee with a stable income that allows deductions. All applications are submitted electronically via the "Nafath" platform, eliminating the need for branch visits. Applicants must upload the required documents, and requests are processed swiftly to deposit the funds directly into the beneficiary’s bank account. The program aims to support breadwinner women, alleviate financial burdens, ensure sustainable repayments, and promote financial independence.
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