Auto Murabaha Finance

Auto Murabaha Finance

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

Auto Murabaha Finance

We are committed to constantly developing better products and quality service for our customers. Our competitive and flexible Car Finance product give you the freedom to own cars in a quick and easy manner while remaining true to Shariah principles.

We, at your request buy your desired car from our partner dealer & finance the amount to you at an agreed profit & tenure. On a monthly basis you pay us the installments while car remain registered on your name.

Product Details

Salary Transferred Customers

National ID / Iqama

Valid driving license

Duly signed & attested Salary Letter with income breakup from employers.

Any additional income documents for last 2 years in the form of proof of income & bank statements reflecting such income.

Non-Salary Transferred Customers

National ID / Iqama

Valid driving license

Duly signed & attested Salary Letter with income breakup from employers attested by Chamber of Commerce.

Last 3 months Bank statements showing salary credits.

GOSI certificate

Any additional income documents for last 2 years in the form of proof of income & bank statements reflecting such income.

Features

Quick approvals

Allows customer to acquire cars financing in a Shari'a compliant manner

Flexible financing Tenor

No hidden charges

Competitive Profit Rates

No Early Settlement Penalty

Simple Documentation

Eligibility Criteria:

Minimum age 18 years.

Monthly Income starting from SAR 1,900

Fill & Submit Application Form. Submit Now

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

Disclosures & Definitions
Disclosure
Financing limits and other charges are subject to the relevant laws, regulations and other regulatory requirements
Definitions
Annual Percentage Rate	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.
Finance Amount	The amount of, on balance sheet, finance granted to the customer
Maturity	The contractual maturity of the on-balance sheet financing products given to the customer. This is the final payment date of financing products at which point the principal (and all remaining profit) is due to be paid.
Monthly Repayment Amount	The installment amount the customer is obliged to pay to the bank each month until the debt is paid off.

Examples


Finance Amount	Maturity in years	APR	Monthly Payment Amount
100,000	5 years	5.5%	1,901


Finance Amount	Maturity in years	APR	Monthly Payment Amount
90,000	4 years	5.47%	2,063


Finance Amount	Maturity in years	APR	Monthly Payment Amount
150,000	3 years	5.67%	4,479

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.

* APR may differ depending on the amount and the maturity period different from above and subject to credit scoring of each customer.

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.

Lease Tenure:

Duration of lease agreed between the Bank & customer in the form of lease contract where customer agrees to pay Bank monthly rentals for number of months.

Monthly repayment amount:

These payments are recognized in the contract, and the lessee is obliged to pay them on their mentioned due dates.

Balloon Payment:

Balloon payment is an option that you may choose before signing your lease contract & is your last payment from Financed amount. When you reach Balloon payment, you may decide to settle it in full or request the bank to refinance it subject to Banks approval & T&Cs.