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.

    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 alrajhi bank Online

    Call Now

    We are here for you service give us a call

    branch

    Via Branches

    There is always a branch nearby

    Request A Call Back If you have any questions or would like to learn more, We will be more than happy to assist you

    deals and Discounts

    Instant access to all the best deals and discounts

    deals and Discounts

    Instant access to all the best deals and discounts

    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