| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Al Rajhi Bank - Car Lease with Salary Transfer
|
Minimum Salary: SAR 2,000 | Salary Transfer: Yes | Early Settlement Fees: - | Maximum Term: 5 Years | Flat Rate: 3.45% | Reducing Rate: 6.21% |
Eligibility:
Saudi Nationals:
Government Sector:
Expatriates:
Saudi Nationals:
Government Sector:
- Minimum Salary: SAR 2,000
- Age: 18-60 years old
- Minimum Employment period: 1 month
- Minimum Salary: SAR 3,000 to SAR 5,000
- Minimum: 21-25 years old; Maximum: 60 years old
- Minimum Employment period: 3-6 months
Government Sector:
Documents Required:
- Minimum Salary: SAR 3,500
- Age: 21-60 years old
- Minimum Employment period: 12 month
- Minimum Salary: SAR 3,500 to SAR 5,000
- Age 25-60 years old
- Minimum Employment period: 12-18 months
- Copy of valid ID
- Employment letter - For the private sector, it must be stamped by the Chamber of Commerce
- Car price quotation
- Filled in application form
- Valid driving license, you can authorize one additional driver having a valid Saudi driving license and within the eligible age
- Location map of home and workplace
** 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.
Representative Example Calculator
