- Is the finance rate fixed?
Yes, it is fixed.
- How is the Personal Finance Program Shari’a compliant?
Personal Finance is based on the concept of Al Rajhi Bank buying Shari’a compliant local shares and selling them to you on deferred basis at a profit. Immediately afterwards, you can choose to sell the shares and receive the cash in your account.
- Can I choose the period of Finance?
Yes, you can choose the period that suits you, as long as it is between one to five years.
- Is it necessary that my employing company be approved?
Yes.
- If my employing company is not approved, will I still be able to take a Personal Finance?
Unfortunately you may not be able to take a Personal Finance immediately, but you need to provide us with your company’s name and contact details, and we will contact the company to make further inquiries.
- How do I get my company approved with Al Rajhi Bank?
Just call the bank’s toll-free number to request approval for your company, or visit your nearest branch for more information.
- Do I need to transfer my salary to my account with you?
Yes, it is mandatory for you to transfer your salary to your account with us. However, if you are a banker or a doctor meeting the criteria set out here, then salary transfer may not be required.
- Can I get the Personal Finance approved within 30 minutes?
Yes, you will receive your finance within 30 minutes if already you have your salary transferred to your account with us. If not, you will need to open an account with us first and transfer your salary to this account. Only after your salary is deposited will you be able to apply to get your finance within 30 minutes.