Personal financing offer through Al Rajhi Bank app
Get 100,000 Mokafa’a points, SAR 500 cashback and 12 months of free remittance when applying for personal financing through the mobile app

Terms & Conditions

 

  • The Promotion is open to all residents of the Kingdom of Saudi Arabia whom executed successfully the personal finance Watani 1 & Watani 2 via Al-Rajhi Mobile app.
  • The period is from November 1, 2021 to December 31 ,2021.
  • Submission and exaction must be done through the Al-Rajhi Mobile app.
  • APR for Watani 1 starts from 3.40% & for Watani 2 starts from 3.89%.
  • Customers are eligible to have to offer once (i.e. customer will be rewarded once no matter the number of contracts).
  • When the customer executes the financing loan successfully, he will automatically receive 100,000 Mokafa’a points (one hundred thousand Mokafa’a points only), 500 Saudi Riyals cashback on the credit card, free international transfer fees for 12 months, free insurance on the international transfer.
  • The 500 Saudi Riyals cash is only applied if the customer has one of the Al-Rajhi “Visa” credit cards, (revolving or prepaid or charge).
  • The amount of 500 Saudi Riyals will be credited to customer credit card within (20) twenty working days if the customer holds an issued and activated Al Rajhi credit card.
  • The SAR 500 amount will be only added to the active credit cards and do not overdue installments.
  • The customer must ensure that he has an active credit card during the offer period in order to obtain the SAR 500.
  • Beneficiary will be notified by the Al Rajhi Bank and will receive all prizes no later than (20) twenty working days.
  • Customer would need to ensure having an active credit card within two months after executing the loan in order to obtain the cashback.
  • Customer would need to ensure having an active Mokafaa membership within two months after executing the loan in order to obtain the loyalty points.
  • The customer has no right to claim cashback and points after the deadline of issuing the credit card and activating the Mokafaa program.
  • If any beneficiary is subsequently found not eligible in this Promotion, the Al Rajhi Bank may at its sole discretion forfeit or reclaim the Prize and award or dispose of the same in such manner and to such person as it deems fit.
  • The Al Rajhi Bank reserves the right to amend these terms and conditions or to cancel, alter or amend the Promotion at any stage if deemed necessary in its opinion or if circumstances arise outside of its control. These terms and conditions shall be subject to the laws of the Kingdom of Saudi Arabia.
  • Finance Calculator

Example 1:

Finance Amount

Maturity In Years

APR

Monthly Payment Amount

100,000 SAR

5 Years

3.40%

1950 SAR

 

Example 2:

Finance Amount

Maturity In Years

APR

Monthly Payment Amount

80,000 SAR

5 Years

3.40%

1560 SAR

 

  • 14-Example 3:
  • Finance Amount

    Maturity In Years

    APR

    Monthly Payment Amount

    150,000 SAR

    5 Years

    3.40%

    2925 SAR

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

    Al Rajhi Bank is controlled and supervised by SAMA.

     

    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.

    *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 amount of, on balance sheet granted to the customer.

    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 payment amount:

    The installment amount the customer is obliged to pay to the bank each month until the debt is paid off.

     

    How to apply?