Auto leasing

Auto leasing

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Auto Ijarah

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

Balloon Refinance (Applicable for Auto Ijarah)

To make your monthly rentals affordable, we give you the choice to opt for Balloon payment option where you may choose at the start of the lease tenure to pay a lump sum amount as your last lease rental of the agreed lease tenure.

Applicant Replacement / Lease Transfer:

alrajhi bank Auto lease program offers you lease transfer facility in case if you able wish to transfer your lease car along with your remaining liabilities to another customer & are able to find someone intreated in taking over your monthly payments.

Auto Ijarah Features:

  • Allows customer to acquire cars leasing in a Shari'a compliant manner
  • Quick Approvals
  • Available for New & Pre Owned Cars both from our partners Agency & Sub Dealers across KSA.
  • Relaxed Eligibility criteria
  • Flexible financing Tenor between 12 to 60 months.
  • No hidden charges
  • Extremely competitive Profit rates
  • Comprehensive Insurance coverage throughout the lease tenure
  • High finance amounts for up to SAR 2 million.
  • Zero down payment option available
  • Balloon payment option available to help you reduce your monthly installments
  • Balloon Refinance option available
  • Partial Early payment & Advance payment options available
  • Salary Transfer not a mandatory requirement.
  • Simple & Easy Documentation
  • Ability to consider other / additional provable income if any.
  • Ability to add additional driver.
  • Ability to transfer your lease facility to another customer.
  • If you choose to apply auto lease facility though Al Rajhi Mobile APP, you get rewarded with 50,000 MOKFAA points. These Points can be redeemed across various stores / sites in KSA.
  • Balloon Refinance Features:

  • Quick approvals
  • Simple & easy documentation requirements.
  • Salary Transfer not a mandatory requirement.
  • Flexible financing Tenor between 12 to 24 months.
  • Comprehensive Insurance coverage for Balloon refinance period.
  • Early Payment / Partial Early payment & Advance payment options available.
  • Applicant Replacement Features:

  • Quick approvals
  • Simple & easy documentation requirements.
  • No down payment required.
  • Comprehensive insurance coverage till end of lease period.
  • Early Payment / Partial Early payment & Advance payment options available.
  • Documentation Requirement:

    Salary Transferred Customers to alrajhi bank

  • Down payment 0%
  • 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.
  • Vehicle condition assessment report from Agency dealership of vehicle in KSA. (Applicable for Applicant replacement)
  • 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. (Applicable for Applicant replacement)
  • Eligibility Criteria:

  • Minimum age 18 years.
  • Monthly Income starting from SAR 1,900.
  • Length of service starting from 1 month.
  • 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

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    You can also apply through the following channels

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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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    * 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:

    Generally there is an admin fee of 1% of finance amount or SAR 5,000 whatever is lower
    Flexi Auto Finance is structured under the shariah principle of Ijara where Al Rajhi Bank buys the car from the seller first and post-acquisition leases it to the customer over an agreed period. During the Lease period the customer pays rent and at the end of the lease period bank transfers ownership of the vehicle to the customer.
    Auto Leasing Is offered under sharia structure of Ijarah muntahia bi tamleek where by at the end of lease contract after clearance of all liabilities by customers, bank will surrender its ownership of the asset to customers.
    1. Customer should be working with one of Banks approved employers.
    2. Minimum length of services should be 3 months with minimum 3 salaries credited in customers account.
    3. Minimum income requirement starts from SAR 4,000.
    4. Minimum customers age should be 21 years & maximum age at lease maturity should not be more than 65 years or retirement whatever comes first.
    5. Non Saudi Nationals should be working with employer under Nitaqat Program.
    1. Customers from both Banks approved & non approved employers can obtain auto lease facility.
    2. Minimum length of services should be 3 months with minimum 2 salaries credited in customers account.
    3. Minimum income requirement starts from SAR 2,000.
    4. Minimum customers age should be 18 years & maximum age at lease maturity should not be more than 65 years or retirement whatever comes first.
    5. Non Saudi Nationals should be working with employer under Nitaqat Program.
    Nitaqat is a Saudization program introduced in 2011 by Ministry of Labor and Social Development (MSLD). Program is an initiative to create more jobs opportunities for locals in the private sector, and contribute to reaching the Nationalization targets of the National Transformation Program 2020 and Saudi Vision 2030.
    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 18 years & maximum age at lease maturity should not be more than retirement age as per Ranks.
    1. Minimum length of services should be 3 months with minimum 3 salaries credited in customers account.
    2. Minimum income requirement starts from SAR 7,000.
    3. Minimum customers age should be 18 years & maximum age at lease maturity should not be more than retirement age as per Ranks.
    Yes pensioners that transfer their pensions to Bank can get auto Lease facility provided.
    1. Minimum pension is SAR 1,900
    2. Minimum 3 pensions are credited in their account with Bank.
    3. Maximum age of pensioner at lease maturity is 70 years.

    1- Minimum salary 5,000

    2- The minimum service period is

    3 months 3- The minimum age is 18 years

    4- The upper age limit is 60 years

    5- Attach an account statement showing the deposit of the last 3 salaries with the other bank

    6- The workplace must be approved by the bank

    1- Minimum salary 5,000

    2- The minimum service period is one month

    3- The minimum age is 18 years

    4- The upper age limit (according to the retirement age in the military rank)

    5- Attach an account statement showing the deposit of the last 3 salaries with the other bank