Payment Holiday
The bank grants the customer wishing to avail Payment Holiday a fresh financing equal to the sum of existing installments (max. 3) that s/he would like to postpone. This can be for one Personal Finance contract, or multiple. The proceeds of the financing are thereafter used to prepay (advance pay) the installments requested. This means for the period specified, the customer does not make any payments from his/her side!.
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Features
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Terms & Conditions
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How to apply?
Features
- First of its kind Sharia compliant Payment Holiday proposition.
- Instant prepayment of requested installments.
- Flexible repayment period to commence after maturity of existing obligations (max. within 60 months).
- APR starts from 7.42%. .
- Admin Fees 1% or 5,000 SAR, whichever is less.
Terms & Conditions
- Existing ARB customers with active Personal Finance contracts only (except About to Retire segment).
- Only one Payment Holiday program allowed in a year (that is once in every 12 calendar months).
- The Payment Holiday can be used to postpone a max. of 3 installments on any of the customer’s Personal Finance contracts.
- The Payment Holiday can be used against Personal Finance contracts only.
- The program is applicable for Saudi and Non-Saudi customers.
How to apply?
- Through Al Rajhi Mobile
- Please visit your nearest Al Rajhi Bank branch
- Call us at 8001241222
- Apply Online
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Example 1
Finance Amount Maturity In Years APR Monthly Payment Amount 8,997 5 8.56% 2,249
Example 2
Finance Amount Maturity In Years APR Monthly Payment Amount 9,447 5 9.50% 3,149
Example3
Finance Amount Maturity In Years APR Monthly Payment Amount 7,947 5 9.61% 3,974
*APR may change based on the change in the financing amount and due date.
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.
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