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Bank employee financing product without salary transfer

The program targeted Saudi banks employees they are working at approved banks and they are interested to obtain personal finance with a competitive profit margin without salary transfer.

Benefits and Features

  1. Financing without salary transfer
  2. Competitive profit rate
  3. The minimum financing amount is 10,000 and the maximum 1 million Saudi riyals.
  4. for Saudi customers only
  5. the period of service in the current job (the bank) should not be less then 1 year.
  6. the entity should be approved to ARB.
  7. the financing period is up to 5 years (60 months).
  8. The age of the customer shall not be less than 18 years and not more than 55 years.
  9. The minimum total income of the client (8,000 Saudi riyals

Requirement

Requirement and Eligibility 

  1. GOSI certificate.
  2. Salary certificate should include the length of services and certified by the chamber of commerce
  3. Certificate of statement of terms and wages
  4. A bank statement for the last three months includes last three salaries.

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Salary Range  Duration Finance Amount APR Monthly installment
Example 1  8,000 - 14,999 5 years 55,000 6.77% 1,066
Example 2  15,000 - 24,999 5 years 80,000 6.30% 1,533
Example 3  ≥  25,000  5 years  150,000 5.82%  2,844

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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 however many a times when there are campaigns with 0% admin fee.
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