non-salary-transfer-personal-finance-en

Rewarding Saudi Bankers & Doctors with Convenience

Bankers and doctors are always at the service of their communities, making a real difference in everyone's daily life. As a reward to your ongoing efforts and dedication, Al Rajhi Bank is proud to offer you an exclusive Non Salary Personal Finance solution.

Our aim is to make your life easier by giving you access to a convenient plan that will help you finance your small to medium projects, with no salary transfer required.

With AL Rajhi Bank's Non Salary Transfer Personal Finance solution, it's time to unhold your plans!

Below you can find an illustration of a sample solution for your reference. You can also find the eligibility criteria and the features of this new finance solution for both Doctors and Bankers.

Illustration of a Sample Finance Solution:

Finance Amount SAR 50,000
Term Cost 8.15%**
Tenure 60 months
Monthly Installment SAR 1,010
Management Fee SAR 500
Annual Percentage Rate (APR) 8.93%**

Features and Eligibility Criteria for Bank Employees

Features

  • Finance period of up to 60 months (minimum 12 months)
  • Maximum finance amount up to SR 500,000 (minimum SR 50,000, subject to maximum debt burden of 33.33% of salary, including all finance obligations)
  • The installment repayment must be via a Standing Instruction Letter issued by Bank where the applicant’s salary is automatically transferred

Eligibility Criteria

  • Applicant must be a Saudi National
  • Applicant has to be an employee at one of the Commercial Banks in the Kingdom of Saudi Arabia, as well as working and residing in the Kingdom
  • Minimum monthly salary of SR 20,000
  • Applicant’s age must be between 25 and 55 years old at the time of the application for the Finance solution
  • Applicant must have a minimum employment period of 1 year with the current employer and 5 years of total employment

Features and Eligibility Criteria for Doctors

Features

  • Finance period of up to 60 months (minimum 12 months)
  • Maximum finance amount up to SR 1,000,000 (minimum SR 50,000, subject to maximum debt burden of 33.33% of salary, including all finance obligations)
  • The installment repayment must be via a Standing Instruction Letter issued by Bank where the applicant’s salary is automatically transferred

Eligibility Criteria

  • Applicant must be a Saudi National
  • Applicant has to be employed as a Doctor at one of the Hospitals or Clinics in the Kingdom of Saudi Arabia (and the employer should be approved with Al Rajhi Bank)
  • Minimum monthly salary of SR 20,000
  • Additional income earned from practicing the Doctor profession may also be considered, subject to the bank’s income evaluation criteria
  • Applicant’s age must be between 25 and 55 years old at the time of the application for the Finance solution
  • Applicant must have a minimum employment period of 1 year with the current employer and 3 years of total employment

Terms and Conditions

  • Shariah Compliant

    All of our programs are approved and monitored by Al Rajhi Bank's Shariah Board.

  • Borrowing Power

    The first step is to explore is the amount you can borrow. Typically, finance for an Investment Property is up to 5 times the annual income or rental of the property. If you use the additional annual to repay the loan, then you can borrow a larger amount.

  • Property Conditions

    Must be under 20 years old, fully constructed and have an independent title deed. The property should be located within an urban setting and be priced between SAR 1 million - 5 million.

How To Apply

  • Please visit your nearest Al Rajhi Bank branch
  • Call us at 8001241222
  • Apply Online
Frequently Asked Questions:
  • What happens if I want to sell the property before the financing is paid off?
    You would need to make an immediate repayment of the principle outstanding amount by way of early settlement and we would transfer the title in your name or to the person you requested.