Features:
• Shariah-compliant.
• Easy and flexible installment plans.
• Available for Saudis and non-Saudis.
• Available for salary transfer and non-salary transfer.
• Comprehensive insurance coverage.
• Financing period up to 3 years.
• Available for the government sector, military sector, private sector and pensioners.
• Possibility of delegating another driver.
• The possibility of financing two cars for Saudis and one car for non-Saudis.
• Competitive profit margin.
• Flexible last payment.
Riyad Bank - Auto Leasing for Used Cars :
Auto leasing for used cars allows you to lease the car of your choice though Shariah-compliant programs with easy and flexible installment plans.
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)
• Geographical extension for GCC: Free
• Geographical extension for Arab countries (Jordan, Lebanon, Egypt and Turkey): SAR 400 per year
• Vehicle registration license renewal fee: SAR 150
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).