| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Al Rajhi Bank - Personal Finance for Saudi Nationals
|
Minimum Salary: SAR 2,000 | Salary Transfer: Yes | Islamic Finance: Yes | Maximum Term: 5 Years | Flat Rate: 3.12% | Reducing Rate: 5.62% |
We are proud to offer you fully Sharia’a compliant personal finance in less than 30 minutes! Yes, 30 minutes is all it will take to provide you with the means to renovate your home, prepare your dream wedding, ensure your children’s education, or simply deal with those troublesome and unexpected expenses.
Features
- Finance Amount: starting from SR 50,000
- Tenure:60 months
Documents Required
- Completed application form for Personal Finance
- Valid copy of National ID
- Salary Certificate
- Salary transfer letter
Eligibility
- Minimum employment period of 1 month and goes up to 12 months depending on the employer
- Salary should be transferred to Al Rajhi Bank
- Minimum monthly salary starting from SR 2,000 depending on the employer
- Age should not exceed 60 years when you settle your last installment (assuming retirement age is 60 years)
- Employer must be approved by Al Rajhi Bank
Additional Information
Fees & Charges:
- Monthly installment: SR 900
- Management Fee: SR 500
- Tadawul Transfer Fee: SR 70
- Annual Percentage Rate (APR): 3.68%
** 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
