personal finance buyout

 

Features:

  • Ability to buyout all of your Personal Finance Obligations from other Banks and the remaining amount to be made available for you in your account.
  • Up to 60 months tenure for Saudi and 36 months for Non-Saudi .
  • Competitive profit rate.
  • APR starts from 1.43 %.
  • Completing your finance request in a timely manner.
  • Allowing customers to benefit from all financing products and other services provided by ARB.
  • Available for Retirees.
  • Available for About to Retire Customers.
  • Available for Non-Saudi customers.
  • Early Settlement is available at any time upon customer's request.
  • Guarantor is not required to have a personal finance.
  • Customer eligibility depends on their monthly income.
  • First two installments to be postponed for Buyout Customers.
  • Exemption of Finance Amount in case of passing away (God Forbid) *
  • Finance up to 2.5 Million SAR 

*Terms & Conditions Apply

 

 

Eligibility Criteria:

  • Customer’s Age must be Min. 18 and Max. 60 years old for Saudi. Min. 23 and Max. 55 years old for Non-Saudi
  • Good SIMAH record.
  • Customer’s salary must be Min. 4,000 SAR for Saudi and 5,000 SAR for Non-Saudi *.
  • Customer’s employer must be among the approved employers list in ARB.

*Terms & Conditions Apply

 

 

How to apply?

        Kindly visit your nearest branch or call us at 8001241222

*Terms and conditions apply

 

*Al Rajhi Bank is controlled and supervised by SAMA

 

 

  Example 1:

monthly payment amount

APR

  maturity in years 

finance amount 

3,583

3.40%

 5

200,000

 

  Example 2:

monthly payment amount

APR

maturity in years

finance amount

1,813

3.89%

5

100,000

 

  Example 3:

monthly payment amount

APR

Maturity in years

finance amount

2,561

1.43%

5

150,000

 

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