|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: -|
A program carried out by the bank on the basis of buying the car from agencies or car shows, according to the specifications required by a customer, which is subject to Bank Albilad terms and conditions of Auto-lease Financing. The bank buys the car and ensures it until the end of the lease period. A contract will be made with the customer for him to hire the car for a certain period and acquiring it until the end of that period and after paying the last remaining amount owed to the bank.
- Certified by the Bank Sharia Committee.
- Saudis and non-Saudis are eligible to apply for Auto-lease with or without Salary guarantee transfer.
- Available to customers of age 21-65 years.
- Up to 65% deductible.
- Financing up to Five years.
- Financing up to 500,000 SAR.
- Comprehensive insurance coverage during the lease period, repairs of the vehicle will be made at the car agency.
- Access to the car without a down payment and optional final instalment.
- A possibility of renting three cars
- Authorizations for driving within and outside the Kingdom, with the possibility of adding second and third drivers for the same car, they should be first-degree relatives.
- Relinquishment of the car to another customer is possible.
- Proof of valid identity (ID Card or family book for Saudis or Resident ID for non-Saudis)
- Salary certificate from the employer- letter of salary transfer
- Quotation of the car with the required specifications.
- Account statement for the last three monthly salaries for customers who desire not to transfer their salary.
- Proof of residence address for customers who chose not to transfer their salary.
- Home and work addresses.
- Open a current account for customers without salary transfer
- Payment receipt of down payment and administrative fees from the car agency or exhibition.
- Saudi valid driving license
** 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.