Features:
Product Terms and Requirements:
Nationality:
That the customer is (citizen or resident) on the job or retired
Employer:
That the customer is an employee of one of the approved employers within the bank
Minimum Age:
18 years for citizens and 23 years for residents
Minimum Salary:
For citizens: 4000 SAR
For residents 5000 SAR
Customer Age:
The age should not exceed 60 years for employees and 75 years for retirees (when paying the last installment)
Required Documents:
National identity card or residency card for residents
Salary definition
Salary fixation
Financing application form
Al Rajhi Bank - Personal Finance Buyout :
If you have indebtedness in any local bank, the bank offers the possibility of requesting a maximum financing in order to repay the customer's debt with a new contract. The rest of the financing amount will be available in the customer's account after completing the procedures.
Flat Rate
starts from 2.64%
Minimum Salary
For citizens: 4000 SAR - For residents 5000 SAR
Monthly Payment
Salary Transfer
No
Benefits:
• Annual rate starts from 2.64%
• Earn 30,000 mokafaa Points when you apply for buyout via alrajhi bank app
• Up to 60 months tenure for Saudi and Non-Saudi*.
• Competitive profit margin ratio
• The speedy completion of all procedures for the customer’s financing request
• Enable the customer to benefit from the financing products and other services provided by Al Rajhi Bank
• Possibility of financing retired customers
• Possibility of financing about to retire customers
• The possibility of financing non-Saudi customers
• Possibility of early repayment at any time based on the customer's request
• No guarantor is required to obtain financing
• A financing amount of up to 5 million riyals *
• Exemption from indebtedness in the event of death or total disability, God forbid
• Postponing the payment of the customers first two installments