Features:
What are the key features of Bank Albilad auto lease financing in Saudi Arabia?
Here's what you can expect from our car lease financing services:
Sharia-compliant program
No down payments required
Available for customer between 18- 65 years of age
Available for both Saudis and non-Saudis
The deduction ratio is up to 65%
Option to get up to 3 cars
Full insurance coverage for your vehicle with the ability to choose insurance benefits
Ability to choose the desired car based on your credit limit
Early settlement is available
The financing period is up to 5 years
The financing amount is up to SAR 500,000
Customers can transfer the lease to another customer as well
Available with no salary transfer
Bank AlBilad - Auto Lease Financing " :
Flat Rate
Through the decreasing balance mechanism, the annual profit is distributed based on the financing amount in monthly installments and based on the value of the remaining balance of the principal amount.
Minimum Salary
3,000 Saudi riyals.
Terms and Conditions
Customers must be 18 years of age or older (with proper ID documents and copies available).
Customers must have a current account with Bank Albilad.
Customers’ field of employment (in private/public) sector must be approved by Bank Albilad.
FAQs
What documents do I require to submit for auto leasing?
Customers must have the following documents for availing auto lease financing services from Bank Albilad:
Valid ID
Salary transfer slip is required (plus, salary transfer letter by employer). If this is not available, customers can provide their account statement for the last three months salaries.
If salary transfer is not provided, proof of residency is required.
Customers' home and work addresses
Filled auto financing form.
Payment receipt of down payment and administrative fees from the car dealer.
Valid Saudi driving license.
A quotation of the car with specific requirements
Is there any management fee?
The management fee is 1% of the financing amount with cap of SAR 5,000.
How to avail after-sales services?
For after-sales services, you may visit any of our centers located in Riyadh, Jeddah, and Dammam. You may also give us a call Albilad phone within the Kingdom: 8001230000,Outside the Kingdom: 00966920001002
How does the auto lease financing service work?
The auto lease financing process is simple with Bank Albilad. Here's a look at how it goes:
Visit any showrooms/dealers that are approved by the bank.
Fill the ""Auto Lease"" application form and submit documents in the bank.
If your request is approved, you'll be informed.
Issuance of car registration and plates by the traffic department.
Setting up of vehicle for customer to pick up.
How the profit margin is calculated?
Here is an example of how the profit margin is calculated:
Auto Lease
Car Price with VAT
80,000 SAR
Down Payment
0%
Finance amount
80,000SAR
Management fees 1% of the Financing Amount
920 SAR
Finance duration
60 months
Monthly installment
1,186.67 SAR insurance is not included
APR*
6.96% insurance is not included
Balloon Payment 32,200 SAR
Benefits:
Having A Dream Car Is Now Easy with Bank Albilad Auto Lease Financing Program
With Bank Albilad auto lease financing, customers who don’t have the budget to purchase a car can also get one. The process is pretty straightforward. You just have to select a car from an approved dealer or showroom and submit the documents. If approved, a few simple steps will lead the vehicle to your home.
Apply Now!