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Founding day offer for Auto Finance:
Auto Finance:

Features at Founding day:
- No admin fees.
- APR starts from 8.52%
- Earn 50,000 mokafaa points when executing through alrajhi bank app or 22,000 mokafaa points on other channels on the occasion of the founding day.
- Low Annual Percentage Rate (including insurance) starting from 5.59%

Features:
- 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
Terms and conditions:

Terms and conditions:
- Requests that qualify for waive admin fees and other offer features must be implemented within 30 days from the date of approval of the application until 2/4/2023 as a maximum.
- In the event that an administrative fee is deducted from the customer, it will be returned by a maximum of 3/4/2023

Period of Promotion:
Offer period starts from 18th Feb until 2nd Mar 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 | 5.59 % | 1,327 | 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 | 5.59 % | 1,327 | 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 | 5,000 | 5 years | 7.62 % | 1,482 | 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:
- Customer should be working with one of Banks approved employers.
- Minimum length of services should be 3 months with minimum 3 salaries credited in customers account.
- Minimum income requirement starts from SAR 4,000.
- Minimum customers age should be 21 years & maximum age at lease maturity should not be more than 65 years or retirement whatever comes first.
- Non Saudi Nationals should be working with employer under Nitaqat Program.
- Customers from both Banks approved & non approved employers can obtain auto lease facility.
- Minimum length of services should be 3 months with minimum 2 salaries credited in customers account.
- Minimum income requirement starts from SAR 2,000.
- Minimum customers age should be 18 years & maximum age at lease maturity should not be more than 65 years or retirement whatever comes first.
- Non Saudi Nationals should be working with employer under Nitaqat Program.
- Minimum length of services should be 3 months with minimum 2 salaries credited in customers account.
- Minimum income requirement starts from SAR 2,000.
- Minimum customers age should be 18 years & maximum age at lease maturity should not be more than retirement age as per Ranks.
- Minimum length of services should be 3 months with minimum 3 salaries credited in customers account.
- Minimum income requirement starts from SAR 7,000.
- Minimum customers age should be 18 years & maximum age at lease maturity should not be more than retirement age as per Ranks.
- Minimum pension is SAR 1,900
- Minimum 3 pensions are credited in their account with Bank.
- Maximum age of pensioner at lease maturity is 70 years.