| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Al Rajhi Bank - Car Lease Without Salary Transfer
|
Minimum Salary: SAR 5,000 | Salary Transfer: Yes | Early Settlement Fees: - | Maximum Term: 5 Years | Flat Rate: 3.45% | Reducing Rate: 6.21% |
Features & Benefits:
Eligibility:
- You get warranty coverage during the leasing period
- Extended Warranty
- Repayment period of up to 5 years
- Unlimited finance amount
Saudi National:
Government Sector:
Expatriates:
- Minimum Salary: 5,000 SAR
- Minimum Employment Period: 6 Months
- Eligible Age: 18-60
- Employer Eligibility: Approved
- Minimum Salary: SAR 5,000 to 7,500*
- Minimum Employment Period: 6 to 18 Months
- Eligible Age: Minimum 21-25 Maximum 60**
- Employer Eligibility: Approved
Government Sector:
Documents Required:
**Maximum 60 years or retirement age (Period of finance + Client age = 60)
Representative example:
If you borrow SAR 10,000 over 3 years at a Representative APR of 4.6% fixed and an annual profit rate of 4.6% you would pay:
Payment per month – SAR 297.50 | Total charge for credit – SAR 710 | Total amount you repay – SAR 10,710
Please note, the actual rate applied to your loan will depend on your circumstances.
- Minimum Salary: SAR 5,000
- Age: 21 to 60 years old
- Minimum Employment period: 6 months
- Minimum Salary: SAR 5,000 to 10,000
- Age: Maximum 60 years old
- Minimum Employment period: 6 to 24 months
- Copy of valid ID
- Employment letter, for the private sector, it must be stamped by the Chamber of Commerce
- Car price quotation
- Completed application form
- Valid driving license, you can authorize one additional driver on the conditions that he carries a valid Saudi driving license and he is within the eligible age
- Bank statement of account for the past 3 months
- Last electricity bill (if you own the residence) or copy of residence rental contract
- Location map of both the residence and the work place
- The Applicant Job location must be in one of these following cities (Riyadh, Jeddah, Dammam, Khobar, Jubail)
**Maximum 60 years or retirement age (Period of finance + Client age = 60)
Representative example:
If you borrow SAR 10,000 over 3 years at a Representative APR of 4.6% fixed and an annual profit rate of 4.6% you would pay:
Payment per month – SAR 297.50 | Total charge for credit – SAR 710 | Total amount you repay – SAR 10,710
Please note, the actual rate applied to your loan will depend on your circumstances.
** Calculator Definitions
Amount:
The total amount of money borrowed, also referred to as the principal amount.
Rate (%):
This is the annual interest rate on the product which is equivalent to APR, which is going to be calculated in this example.
Years:
This is the original term or length of the product, stated in years.
Effective Monthly Payment:
This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%):
The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.
