Fleet Finance

Al Rajhi Bank provides Fleet Finance product that support Micro and Small Enterprises to purchase multiple vehicles (personal and/or commercial vehicles) through leasing financing.

Features

Equal repayment through Monthly Installments

Finance amount up to SAR 10 Million*.

Finance tenure starting from 12 months up to 60 months.

Quick process to obtain financing.

Coverage insurance included.

Profit Rate as low as 10%

Sharia-compliant financing

*0% Down Payment

*0% Management fees

Product Categorizations

Executive and Personal use vehicle Finance
Non-Commercial Vehicle

The product is to target growing businesses, from service to trading companies, which often purchase multiple vehicles to fulfill their requirements. Fleet finance – Non commercial vehicle will offer to customer to acquire a fleet of cars for use in the transportation, delivery and distribution of goods.

Commercial Vehicle up to 8 Tons

The product offers to finance trucks, buses, multi utility vehicle, pick ups, light commercial vehicles or vans.

Commercial Vehicle 8 to 20 Tons

The product offers to finance heavy trucks, trailers, buses Equipment's.

Rent a Car Non- Commercial Vehicle

The product is focus on rent a car companies, looking for the means to buy a new fleet of vehicles or expand their existing fleet.

Requirements

Application Form.
Copy of National ID for owner/s.
Copy of the Commercial Registration.
License to practice the activity and the location and pictures of the activity.
Copy of Nitaqat and National Address.
Entity legal documents (Partnership deed, Memorandum of article of association etc.).
Vehicle Quotation from dealer.
Bank statements for last 12 months (For Non-Al Rajhi customers).

Ways To apply

Contact us on 920018799.
Apply now by filling out the form and we will contact you and assist you in completing your application.
Visit your nearest branch and our Branch representative will answer all your queries and assist you with your request.

Teams and Conditions

Without Down payment for specific categories
Specifications for the car displayed and the image may vary for the purpose of advertising only.
alrajhi bank is controlled and supervised by SAMA.
alrajhi bank Term and Condition applied.
Offer duration till May 21st 2023

FAQ's

Is it possible to get a finance for customers of other banks?

Yes, it is possible if the customer provides account statement for the last 12 months including all required documents subject to ARB approval.

Don’t have an alrajhi bank business account? Create one now

The Annual Percentage Rate (APR):

It is the discount rate at which the present value of all payments and installments that are due from the Borrower, representing the Total Amount Payable by the Borrower, equals the present value of all payments of the Amount of Financing available to the Borrower on the date on which the Financing amount or the first payment thereof is available to the Borrower. Example of The Annual Percentage Rate (APR):

Illustration 1:

Asset Type	Loan/Finance Amount	Maturity in Years	Down Payment	APR	Monthly Repayment Amount
Car	2,000,000 SAR	5 Years	0%	19.26 %	50,000.00 SAR

Illustration 2

Asset Type	Loan/Finance Amount	Maturity in Years	Down Payment	APR	Monthly Repayment Amount
Car	1,000,000 SAR	5 Years	0%	21.08 %	25,833.33 SAR

Illustration 3:

Asset Type	Loan/Finance Amount	Maturity in Years	Down Payment	APR	Monthly Repayment Amount
Car	5,000,000 SAR	5 Years	0%	21.08 %	129,166.67 SAR

Illustration 4:

Asset Type	Loan/Finance Amount	Maturity in Years	Down Payment	APR	Monthly Repayment Amount
Car	7,500,000 SAR	5 Years	0%	19.26 %	187,500.00 SAR

Finance Amount:

The contract stipulates the amount of financing you will receive in addition to the period of repayment of the installments, stating their value and the maturity date of these installments. The data also include the cost of obtaining funding in terms of knowing the fixed term cost rate and management fees.

Maturity In Years:

The duration of the contract agreed upon between the parties, which shall indicate the date and expiry of the contract with the parties' with the terms of the contract.

Monthly repayment amount:

These payments are recognized in the contract, and the lessee is obliged to pay them on the due dates. The contract shall also include a schedule of repayment installments, in which the value of the asset's rent and the value of the right of ownership shall be shown separately, provided that the premium for any period shall not be less than the principal's rent for that period in the contract.