The Seller Financial Assistance is a program that was created to foster the growth of sellers in noon, and facilitate their ability to procure more stocks and generate more sales. Eligible sellers can easily access financing solutions granted by our third-party partners by following a simple application process. noon ensures that well-performing partners who meet the eligibility criteria obtain funds fast and at significantly low interest/profit rates in KSA.
- A program to support well-performing sellers: sellers who satisfy the eligibility criteria can apply to benefit from the Seller Financial Assistance program.
- Short term financial assistance: the obtained loan can be paid back to the bank in six (6) to nine (9) months depending on the sellers' country of operation.
- Low interest/profit rates to optimize your investment: SFA offers loans up to 500,000 SAR in KSA at the below interest/profit rates.
How can I apply?
- Send us your partner ID number and store name to firstname.lastname@example.org
- noon will send you an invitation to apply for the loan if you meet the eligibility criteria.
- After submitting all the required documents you will receive an update from our financier within 7-15 business days.
Who is Eligible?
Sellers who can apply for the Seller Assistance Program must satisfy the following eligibility criteria:
- A sales history of a min of 12 months.
- High gross merchandise value (GMV).
- Low order returns and cancellations.
- A recommendation from a noon account manager.
- A good customer rating.
How does Seller Financial Assistance work?
- If your request is approved, you'd have to purchase stocks and transfer them to our fulfillment centers so they can be sold as FBN (Fulfilled by noon). The stock's worth must be of equivalent value to the loan.
- Once your stocks are received in our fulfillment centers, the funds of your loan will be disbursed to your account within two (2) business days. Check stock retrieval guidelines and restrictions here.
- noon will directly deduct the weekly/monthly installments from the seller's revenue, and transfer it to the third-party financier.
- If 60% of the loan is reimbursed, the seller will be eligible to apply for the same amount again.
- The entire value of the loan must be invested to purchase stocks to put for sale
on noon as FBN.
- Loans provided in KSA are Sharia compliant and approved by a Sharia board headed
by Sheikh Yousef Alshubaily.
What are the financing options?
|Country||Max loan value||Fixed Interest Rate||Tenure|
What are the required application documents ?
After sellers get approved and invited to apply for the program, the following documents must be submitted through the link that they'll be provided by a program representative.
In some cases, more documents could be required for the purpose of checking compliance.
What is the schedule of charges:
|Loan Term||6 to 9 months|
|Minimum Amount||50,000 SAR|
|Maximum Amount||500,000 SAR|
1% for 6 months
and 1.5% for 9 months.
|Security Deposit||10% of total financing amount*|
|Late Payment Fee||-Interest rate x Installment delayed x (No of days of delay/365)|
|Early Closure Fee||-|
|Pre-settlement Fee||3 weeks of profit|
For additional inquiries about the fees and the required documents, you may reach out to our lender in KSA:
|Al-Raedah Finance - KSA|
|Toll free number||8001249000|
What happens in case of a loan repayment default ?
Noon, upon a request from the Lender or by itself and subject to the terms & conditions of the Lending Agreement, reserves the right to take necessary actions to recover the amount of default (including any interest and other recovery related charges) including but not limited to confiscation of your FBN inventory in accordance with the Confiscation Policy, and other recovery measures as deemed appropriate.
Got any more questions?
Contact us on email@example.com