The Seller Financial Assistance program is an initiative to help sellers in UAE and KSA increase their revenue by providing them a bridge funding to procure stocks to sell as FBN (Fulfilled by noon). noon will facilitate the obtaining of a short-term loan from a third party provider, which can then be reimbursed by the seller within less than a year.
How can I apply?
Interested sellers can send an email to [email protected] ; noon will then check and validate their eligibility (check the eligibility criteria in the below section). Once selected, the seller will receive an e-mail notification with the link to apply for the SFA program.
Key Highlights
- Invitation only program: only eligible sellers can benefit from the Seller Financial Assistance program. Please check the eligibility criteria in the below section.
- Short term financial assistance: the obtained loans will have to be reimbursed in 3 to 9 months depending on the seller's country.
- Lower fixed interest/profit rates than what's offered in the market: SFA offers loans up to 300,000 AED in UAE and 500,000 AED in KSA at the below interest/profit rates.
UAE
| Country | Loan Value | Fixed Interest Rate | Loan Term |
| UAE | AED 300,000 | 2.5% | up to 3 months |
| 5% | up to 6 months | ||
| 7.5% | up to 9 months |
KSA
| Country | Loan Value | Fixed Profit Rate | Loan Term |
| KSA | SAR 500,000 | 3.95 % | up to 6 months |
| 5.98 % | up to 9 months |
- 100% money to invested in inventory purchase to sell as FBN.- Sharia Compliant loan approved by a Sharia board headed by Shiekh Yousef Alshubaily in KSA.
- Fast loan disbursal: sellers can obtain their funds and invest in stock within 7 days from submitting all the required documents.
- If 60% of the loan is reimbursed, the seller will be eligible to apply for the same amount again.
- noon will directly deduct the weekly/monthly installments from the seller's revenue, and transfer it to the 3rd party provider.
Who is Eligible?
Eligible sellers must have:
- An active store with noon selling via crossdock B2B, FBN, or both at the same time
- A sales history of a min of 3 months
- High gross merchandise value (GMV)
- Low returns and cancellations
- Low FBN%
- Recommendation from a noon account manager
- High warehouse performance rating
Required Documents
UAE
- Application form
- Signed copy of the loan terms and conditions
- Trade License (active)
- Emirates ID (owner & applicant)
- Copy of Passport and Visa page in case owner is Expatriate
- Latest Electricity Bill and Tenancy Contract
- Latest 3 year Audited financial statements (balance sheet- income statement- Cash flow statement). OR In-house financial statements if Audited financial statements are not available
- Last 12 months bank statement showing average balance (Excel and PDF format)
- Copy of Articles and Memorandum of Association of the company
KSA
- Application form (Simah Consent is inclusive) to be downloaded from the portal
- Signed copy of the loan terms & conditions
- Bank statement of the last three months (Establishment’s account that Noon transfer their sales proceeds).
- Zakat certificate
- VAT bills of the last four quarters
- Copy of Commercial registration / Article of association if Company
- Copy of borrower’s ID
- Certificate of SAGIA for foreign investors
-
3 months bank account statements of the account used by the seller to receive noon's payments
Schedule of Charges
UAE (Amounts are in AED)
| Loan Term | 3 to 9 months |
| Minimum Amount | 25,000 AED |
| Maximum Amount | 300,000 AED |
| Repayment | Monthly |
| insurance Fee | 1% |
| Loan Processing Fee | 1% |
| Late Payment fee | Interest rate x Installment delayed x (No of days delayed/365) |
| Early Closure Fee | 1% of the remaining outstanding |
| Issuance of Clearance Letter | 25 AED |
| DDA return charges | 100 AED |
| Cheque return charges | 100 AED |
KSA (amounts are in SAR)
| Loan Term | 6 to 9 months |
| Minimum Amount | 50,000 SAR |
| Maximum Amount | 500,000 SAR |
| Repayment | Weekly |
| Security Deposit | 10% of total financing amount* |
| Loan Processing Fee | 1% for 6 months and 1.5% for 9 months. The processing fee will be refunded if cancelled by Alraedah |
| Pre-settlement Fee | 3 weeks of profit |
*The security deposit of 10% will be transferred to the seller's bank account when the loan is fully repaid.
| Facility Amount in (SAR) | Security Deposit (10%) | Net Financing Amount | 24 Weeks | 36 Weeks |
| 50,000 | 5,000 | 45,000 | 2,165.69 | 1,471.98 |
| 100,000 | 10,000 | 90,000 | 4,331.37 | 2,943.95 |
| 150,000 | 15,000 | 135,000 | 6,497.06 | 4,415.93 |
| 200,000 | 20,000 | 180,000 | 8,662.75 | 5,887.91 |
| 250,000 | 25,000 | 225,000 | 10,828.43 | 7,359.88 |
| 300,000 | 30,000 | 270,000 | 12,994.12 | 8,831.86 |
| 350,000 | 35,000 | 315,000 | 15,159.81 | 10,303.84 |
| 400,000 | 40,000 | 360,000 | 17,325.49 | 11,775.82 |
| 450,000 | 45,000 | 405,000 | 19,491.18 | 13,247.79 |
| 500,000 | 50,000 | 450,000 | 21,656.87 | 14,719.77 |