| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Alinma Bank - Alinma Car Financing
|
Minimum Salary: SAR 10,000 | Salary Transfer: Yes | Early Settlement Fees: - | Maximum Term: 5 Years | Flat Rate: 6.0% | Reducing Rate: 10.8% |
Now, with Alinma’s car financing program, owning a car of your choice is fast and easy. This Shariah-compliant, personal financing solution, is a unique service built around our core values – innovation, respect, and transparency.
Features & Benefits:
Requirements:
Al-Had Al-Shamel (credit limit) Application Requirements:
Representative example:
Features & Benefits:
- Instant final approval
- No administrative fees
- Car registration under your name
- No guarantor necessary
- Financing up to SAR 2,000,000 total
- Financing up to SAR 500,000 per car
- Financing period up to 60 months
- Dealer of your choice from the Alinma list of approved dealers
- Valid national I.D. (for Saudi nationals)
- Valid Iqama & passport (for foreigners)
- Vehicle specifications
- Al-Had Al-Shamel (credit limit)
- Completed car financing application form
- Employer must be from the Alinma list of approved employers
- Open a current account with Alinma Bank
- Obtain a certified letter from your employer indicating your salary and service period details
- Obtain a certified letter from your employer verifying your salary deposit with Alinma Bank (assignment of salary and benefits)
If you borrow SAR 10,000 over 3 years at a Representative APR of 4.6% fixed and an annual interest 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.
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.
Representative Example Calculator
