|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: -||Maximum Term: 5 Years||Flat Rate: 2.99%||Reducing Rate: -|
Riyad Bank Auto Leasing program gives you the opportunity to own your car with repayment periods up to 60 months and the option to transfer ownership during the leasing period through early settlement.
Features & Benefits:
- Instant approval and hassle-free application process
- Available for Saudis and residents
- Available for small/medium entities and businessmen
- Possibility of financing up to 3 vehicles
- Shari’a compliant.
- Instant approval.
- Fully insured.
- Financing of up to SAR 500,000.
- No salary transfer required.
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.
- Free local authorization letter throughout the period of the contract
- Comprehensive insurance coverage provided by Tawuniya
- Exclusive offers for Riyad Bank customers
- Possibility of transferring the lease to another customer (Ihlal)
- Possibility of adding a second driver (first degree relative)
How to Apply:
- Once you have the initial approval, you can provide the rest of the following documents
- Salary certificate (less than two months old)A valid Saudi national ID / Iqama
- A completed lease application form
- A valid driving license
- 3-month bank statement for your salary account (required if your salary will not be transferred to Riyad Bank)
- Salary transfer letter (in case of financing with salary transfer to Riyad Bank)
- Vehicle quotation (from a dealer approved by Riyad Bank)
** 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.