Al Rajhi Bank - Auto Murabaha Finance for Saudi Nationals :
Auto Finance is a tailored made flexible solution designed to enable you to Finance a car you want, Quick Processing time, Salary Transfer not mandatory requirement, Flexible finance tenure, Simple documentationCompetitive profit rates, No insurance hassle, Balloon Payment & Balloon Refinance option available.
Flat Rate
5.59%
Minimum Salary
SAR 2000
Monthly Payment
SAR 1,327
Down payment
NA
Fees & Costs:
• Management fees equal to 1% of finance amount or SAR 5,000 whichever is less.
Requirements:
• Minimum income requirement starting from SAR 2000.
• Maximum age for Civilians 65 years.
• Maximum age for Military: subject to their rank at retirement.
Car Documents:
• Quotation addressed to Al Rajhi Bank and customer .
• Completed Application form.
Eligibility:
• Minimum income requirement starting from SAR 2000
• Maximum age for Civilians 65 years
• Maximum age for Military: subject to their rank at retirement
Documents required:
• Quotation addressed to Al Rajhi Bank and customer.
• Completed Application form
• Copy of Valid Saudi ID.
• National address
• Salary letter attested by the Ministry of Commerce
• Bank statements for the last 6 months for Non Salary Transfer customers
• Location map* Further documents may be required for self employed customers
• Copy of the Chamber of commerce certificate attested by Ministry of Commerce
• Copy of the Article of association attested by Ministry of Commerce
Benefits:
• Quick Approvals.
• Allows customer to acquire cars finanicng in a Shari'a compliant manner.
• Relaxed Eligibility.
• Flexible financing Tenor.
• No hidden charges.
• Competitive Profit Rates.
• No Early Settlement Penalty.
• Simple Documentation.