Auto Murabaha Finance

Auto Murabaha Finance

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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

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    Examples:

    examples: Salary Transferred Customer Non-salary transferred  Salary Transferred with different car price  
    Asset Type
    car car  car
    Loan/Finance Amount 75,000 SAR 75,000 SAR 100,000 SAR
    Maturity in Years 3 years 3 years 3 years 
     APR  7.04%

     7.97%

    7.97% 
    Monthly Repayment Amount 1,345  1,238 1,650
    Residual Value 37,500 37,500 50,000

    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.

    Illustration:

    Asset Type Loan/Finance Amount
    Maturity in Years APR  Monthly Repayment Amount  Residual Value
    car 75,000 SAR 3 years  7.04%   1,345  37,500

    * 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.

    You can apply easily through

    Al Rajhi Mobile App

    alrajhi bank app

    The easier and faster way to open your account. Download Now →

    You can also apply through the following channels

    Apply Now

    You can apply through alraajhi bank Online

    Call Now

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    branch

    Via Branches

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    Car finance Calculator :

    Personal Details:

    Enter Your Monthly Salary info

    Current Monthly Installments Paid info


    * Terms and Conditions : This calculator and is intended for use as a gue only. Results calculated do not constitute an offer and have no legal effect on any contracts signed between you and alrajhi bank.


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    Your Finance Amountinfo-grey

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    Total Amount Payableinfo-grey

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    Months

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    * Terms and Conditions : This calculator and is intended for use as a gue only. Results calculated do not constitute an offer and have no legal effect on any contracts signed between you and alrajhi bank.


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    Frequently Asked Questions:

    Car Murabaha is structured under the shariah principle of Murabaha where Al Rajhi Bank buys the car from the seller first and post-acquisition sells the car to the customer over the agreed period (cost plus profit). You own the car during and after the financing term.
    We are determined to serve you as quickly as possible. On average the whole process from your request till handover takes average of 5 working days.

    1- The minimum salary starts from 2000 riyals

    2- The service period shall not be less than one month

    3- Age is not less than 21 years

    4- The upper age limit is 60 years

    5- The employer must be approved by the bank

    1. Minimum length of services should be 3 months with minimum 2 salaries credited in customers account.
    2. Minimum income requirement starts from SAR 2,000.
    3. Minimum customers age should be 21 years & maximum age at lease maturity should not be more than 60 years or retirement whatever comes first.

    1- The minimum salary starts from 2000 riyals

    2- The service period shall not be less than one month

    3- Age is at least 21 years old

    1- The minimum salary starts from 2000 riyals

    2- The service period shall not be less than one month

    3- Age is not less than 21 years

    4- The upper age limit is 60 years

    5- The employer must be approved by the bank