In reference to the Council of Ministers' Resolution No. (551) dated 25/12/1437H to cut bonuses, allowances and other financial perks of state employees, including public institutions, authorities and other public legal personalities, and due to the effect of cuts on customers' ability to repay, SAMA ordered local lenders to reschedule loans of those affected in accordance with the following instructions and controls:

1. Rescheduling options should be offered in a concise, clear, accurate and easy to understand manner with an explanation of the results for each option - as compared to the last payment before the issuance of these instructions. The explanation should include as a minimum the payment amount, remaining term, total financing cost, and annual percentage rate (APR).
2. For fixed-rate finance contracts, the rate may not be changed throughout the finance term after rescheduling.
3. For floating-rate finance contracts, the used rate must be the applicable rate, at the time of issuing these instructions and the customer must be provided with the next adjustment date and the following dates, in accordance with the terms and conditions of the finance contract, the application of these terms and conditions shall be extended throughout the finance term after rescheduling.
4. No extra expenses or fees may be added and no cutting back on services or on benefits to which the customer was entitled before rescheduling, such as insurance coverage.
5. The deduction rate of the new monthly income shall not exceed the ratio set at the time of granting the loan. Upon the consent of the customer who has no other credit commitments with any banks or finance companies, the ratio may be set at a level that matches the customer's financial position and obligations, taking into account internal credit policies and Consumer Protection Principles.
6. Upon the consent of the customer, rescheduling that involves increasing payments may be offered to those covered by these instructions only, while ensuring that the payments match the expected future position of the customer.
7. The customer's age at the time of last installment may not exceed the age set out in the main finance contract or 65 calendar years old (whichever is higher).
8. The documents based on which the loan was rescheduled should be documented and kept.
   
   SAMA has emphasized that these instructions are not applicable to contracts originated after the issuance of these instructions, banks and real estate finance companies should exercise due diligence to ensure that the monthly installments and finance term match the client's financial position and should give the processing priority  to the first installment following the implementation of the aforementioned Resolution. Additionally, SAMA has urged banks and real estate finance companies to inform the affected customers of the procedures to be taken to reschedule loans' installments as well as the steps to address arising complaints. SAMA instructed banks and real estate finance companies to proactively inform the affected customers to visit their nearest branch and provide them with official information and documents proving that their income has been affected.