Features:
• Instant approval and hassle-free application process.
• Available for Saudis and residents.
• Financing amount up to SAR 750,000.
• Fully insured.
• Available for small/medium entities and businessmen.
• Possibility of financing up to 3 vehicles.
• Free local authorization letter throughout the period of the contract.
• Comprehensive insurance coverage provided by Tawuniya.
• Exclusive offers for Riyad Bank customers.
• Possibility of transferring the lease to another customer (Ihlal).
• Possibility of adding a second driver (first degree relative).
Riyad Bank - Auto Leasing :
Riyad Bank Auto Leasing program gives you the opportunity to own your car with repayment periods up to 60 months and the option to transfer ownership during the leasing period through early settlement.
Flat Rate
9.55%
Minimum Salary
4,000 SAR
Fees & Costs:
• Administrative fee: 1% of the financing value or SAR 5,000 (whichever is lower)
• Delay in payment (10) days after the due date: SAR 300 or a fee not exceeding twice the profit margin on the late payment
• Vehicle repossession fee: SAR 3,000
• Deductible per accident: According to insurance policy
• International authorization letter fee: SAR 250 for 3 months
• Violation of accident procedure and process: SAR 1,000 within city limits- SAR 2,000 outside city limits
• Extra mileage fee: SAR 0.35 per extra km
• Delay in delivering vehicle of more than 6 days at the contract maturity: SAR 500 per day of delay
• Adding a driver to the local authorization: SAR 100
• Fee for settling traffic fines: SAR 15 (per fine)
• Geographic extension: According to the insurance policy
Eligibility:
• Should be 21 years old and above.
• Minimum net salary SAR 4000.
• No period of service required.
• A letter from employer confirming the salary assignment to Riyad Bank.
Documents required:
• Salary certificate (less than two months old)
• A valid Saudi national ID / Iqama
• A completed lease application form
• A valid driving license
• 3-month bank statement for your salary account (required if your salary will not be transferred to Riyad Bank)
• Salary transfer letter (in case of financing with salary transfer to Riyad Bank)
• Vehicle quotation (from a dealer approved by Riyad Bank)