Now with Al Rajhi Bank, your auto finance made easy!
The SME Auto Finance product is designed and developed according to the demands of Small and Medium Enter-prises (SME) in Saudi Arabia and facilitate them to own a fleet of vehicles for their business. ARB’s SME focused Auto finance product helps to achieve this without companies getting their working capital tied up in an expensive purchases.
Al Rajhi Bank’s SME Auto Finance solution is designed to enable you to own the vehicle you want quickly and effectively at competitive profit rates and with reliable after-sales Service.
Al Rajhi Bank SME Auto Finance is offered through the Shariah principle of Ijara.
- Sharia Complaint Financing
- Competitive Annual Percentage Rate
- Ability to finance the advance payment
- Ability to delay the finance principle and deduct part of the monthly installment (profits only) during the construction period up to a maximum of 24 months
- Step up financing solution on various products.
- Military support feature for the advance payment is up to SR 140,000 according to the admission criteria of the program
- Civil support for advance payments of up to SR 140,000 (age 50 and over) according to the admission criteria of the program
- Calculate the amount of residential support as part of the customer's income
- Annual Percentage Rate starts from 5.82% for Ijarah products
- Management fees equal to 1% of finance amount or SAR 5,000 whichever is less
Terms and Conditions
All of our programs are approved and monitored by Al Rajhi Bank's Shariah Board.
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.
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.
Terms and Conditions
- For Saudi citizens only.
- For government and private sectors which are approved by the bank.
- Terms & Conditions of Al Rajhi Bank will Apply.
The bank is controlled and supervised by SAMA
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.