| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Bank Albilad - Auto lease financing
|
Minimum Salary: SAR 0 | Salary Transfer: Yes | Early Settlement Fees: - | Maximum Term: 5 Years | Flat Rate: - | Reducing Rate: - |
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.
Benefits:
- 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 1,000,000
- Customers can transfer the lease to another customer as well
- Available with no salary transfer
Required Documents:
- 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
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.
** 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.
