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Product Details

Salary Transferred Customers to alrajhi bank

  1. *Down payment 0%
  2. Admin Fees 0%
  3. *Balloon Payment till up to 40%.
  4. Term 60 Months
  5. Low Annual Percentage Rate (including insurance) starting from 9.94%

Non-Salary Transferred Customers

  1. * Down payment starts from 20%
  2. Admin Fees 0%
  3. Balloon Payment till 30%
  4. Term 60 Months
  5. Low Annual Percentage Rate (including insurance) starting from 12.80%

Terms and conditions

Bank statements for the last 6 months for Non Salary Transfer customers
  1. Terms and conditions applied 
  2. Offer is valid until 31 May 2023
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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 100,000 SAR 5 years  9.94%   1,578  40,000

Example: 1 - Salary Transfer Customer:

Asset Type Loan/Finance Amount
Maturity in Years APR  Monthly Repayment Amount  Residual Value
car 100,000 SAR 5 years  9.94%   1,578  40,000

Example: 2 - Non Salary Transfer Customer:

Asset Type Loan/Finance Amount  
Down Payment 
Maturity in Years APR  Monthly Repayment Amount  Residual Value
car 100,000 SAR 20,000 5 years  12.80%   1,417  30,000

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

Above examples are for customers of Government and Semi – Government sector

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.

Residual Value:

The last payment is usually to 50% of the car price which you decide to pay at the end of the lease. It makes the monthly rentals that you pay less, but you have to be ready to make a large payment at the end of the lease.

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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
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.