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Now with Al Rajhi Bank, your auto finance made easy!

The SME Auto Finance product is designed and developed according to the demands of Small and Medium Enter-prises‭ (‬SME‭) ‬in Saudi Arabia and facilitate them to own a fleet of vehicles for their business‭. ‬ ARB’s SME focused Auto finance product helps to achieve this without companies getting their working capital tied up in an expensive‭ ‬purchases‭.‬

Product Description

Al Rajhi Bank’s SME Auto Finance solution is designed to enable you to own the vehicle you want quickly and effectively at competitive profit rates and with reliable after-sales Service.

Shariah Concept

Al Rajhi Bank SME Auto Finance is offered through the Shariah principle of Ijara.

Product Features

  • Sharia Compliant
  • Quick approval and turnaround period
  • Affordable repayment structure
  • Attractive profit rate
  • Relaxed Eligibility
  • Financing amount up to SAR 2,000,000
  • High Finance Amounts
  • Competitive Profit Rates
  • Higher financing tenor up to 60 months
  • Full Takaful coverage throughout the leasing period

Terms and Conditions

  • Valid Commercial Registration (CR)
  • Customer must have a clean credit history at Bayan Credit Bureau
  • Six months average balance‭ ‬more than SAR 25,000‭ ‬for Al Rajhi Bank existing clients‭, ‬other criteria apply for non Al Rajhi Bank clients
  • Minimum down payment of 10%
  • Profit rate: Start from 9%.
  • *Minimum down payment and profit rate vary depending on customer category and type of vehicle leased‭.‬

  • Management fees: Min SAR 2700 for up to 5 cars
  • ‭*‬If the number of cars exceed 5‭, ‬an administration fee of SAR 500‭ ‬for each additional vehicle applies‭.‬

  • Customer is responsible for vehicle maintenance as per manufacturer maintenance schedule‭. ‬Customer is also responsible for all costs related to the maintenance schedule or any other maintenance costs

Documentation Requirement

  • Apply online, or visit any branch/ SME branch near you to fill the application form
  • An official request for finance letter on company letterhead signed by the authorized person for requesting funding or buying cars
  • Copy of a valid Saudi ID/Iqama of establishment owner and a valid company registration‭ (‬CR‭) ‬from MOCI
  • Proof of office Address‭: ‬Copy of Rent Agreement‭ (‬if office is leased‭) ‬or electricity bill‭ (‬if office is owned‭)‬
  • Copy of Trade license‭ (‬if required by business‭)‬
  • Copy of valid Certificate of Municipality for shop/office location and authorization
  • Copy of Company’s Memorandum and Article or Association/Partnership Deed
  • Current account statement for the last 6 months.
  • Quotation of Vehicle/s from Dealer.

How to Apply

To apply for SME Auto Finance, please visit the nearest branch of Al Rajhi Bank or visit our showroom for further details.

  • Choose the Vehicle‭/‬s and get a price quotation from the showroom
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  • Visit‭ ‬our representative at the showroom/ARB Branch‭/ ‬SME One Stop‭ ‬Shop for all the Finance details
  • Open an account with‭ ‬Al Rajhi Bank‭ (‬if you do not already have one‭)‬
  • Fill out the application form and submit the required documents
  • Our expert credit officers will review the application and approve once all criteria is met
  • Sign the contract with‭ ‬us and receive your vehicle‭.‬

Apply Now

To contact SME Banking Sales Team‭, ‬kindly e-mail‭: sme_salesteam@alrajhibank.com.sa Or call us on our toll-free number‭ ‬920004550‭ ‬for all SME inquiries ​​​​​