|Minimum Salary||Salary Transfer||Early Settlement Fees||Maximum Term||Flat Rate||Reducing Rate|
|Riyad Bank - Auto Leasing||Minimum Salary: SAR 5,000||Salary Transfer: Yes||Early Settlement Fees: 1%||Maximum Term: 5 Years||Flat Rate: 2.99%||Reducing Rate: -|
Owning a Car without having to pay the full amount upfront. Riyad Bank’s Auto Leasing program allows you to conveniently lease a car of your choice with flexible monthly payments.
Features & Benefits:
- Shari’a compliant.
- Instant approval.
- Fully insured.
- Financing of up to SAR 500,000.
- No salary transfer required.
- Cover can be extended to include GCC countries with additional premium. SAR 150 one month, SAR 300 three months and SAR 500 one year.
- 2.99% flat profit rate for salary transfer customers. Non-salary transfer customers can avail of a flat profit rate of 3.49%.
- Minimum salary of SAR 5,000 required for salary transfer customers. Minimum salary of SAR 7,500 required for non-salary transfer customers.
Take advantage of the Riyad Bank’s Auto Leasing program with easy and flexible installment plans. With repayment periods of up to 60 months and the option to transfer ownership during the financing period, makes it ideal for Saudi nationals, expatriates and pensioners.
- Special and exclusive offers with selected car dealerships.
- Available for citizens and residents.
- A hassle–free application process.
- No sponsor or guarantor required.
- Flexible repayment options.
- Option to lease up to three cars.
- Sub-lease friendly.
- Possibility of delegating another driver.
- To get the initial approval, all you need is to present a valid Saudi National ID card or Iqama to any of the dealership sales specialists.
- Once you have the initial approval, you can provide the rest of documents: • Salary certificate • A valid Saudi national ID / Iqama • A complete lease application form • A valid driving license • 3 months bank statements for your salary account (required if your salary is not being transferred to Riyad Bank) • A letter from the employer pledging transfer of salary (in case of selecting the option of finance with salary transfer to the Riyad Bank) • Vehicle sale proposal
** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest flat rate on the product. This is not the 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 on the product plus fees and other costs. The APR is useful when comparing two or more products with different interest rates and fee structures.