Auto leasing

Auto leasing

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Auto Ijarah

We are committed to constantly developing better products and quality service for our customers. Our competitive and flexible Car Leasing product gives you the freedom to lease a car in a quick and easy manner while remaining true to Shariah principles.

Balloon Refinance (Applicable for Auto Ijarah)

To make your monthly rentals affordable, we give you the choice to opt for Balloon payment option where you may choose at the start of the lease tenure to pay a lump sum amount as your last lease rental of the agreed lease tenure.

Applicant Replacement / Lease Transfer:

alrajhi bank Auto lease program offers you lease transfer facility in case if you able wish to transfer your lease car along with your remaining liabilities to another customer & are able to find someone intreated in taking over your monthly payments.

Auto Ijarah Features:

Allows customer to acquire cars leasing in a Shari'a compliant manner

Quick Approvals

Available for New & Pre Owned Cars both from our partners Agency & Sub Dealers across KSA.

Relaxed eligibility criteria

Flexible financing Tenor between 12 to 60 months.

No hidden charges

Extremely competitive Profit rates

Comprehensive Insurance coverage throughout the lease tenure

High finance amounts for up to SAR 2 million.

Zero down payment option available

Balloon payment option available to help you reduce your monthly installments

Balloon Refinance option available

Partial Early payment & Advance payment options available

Salary Transfer not a mandatory requirement.

Simple & Easy Documentation

Ability to consider other / additional provable income if any.

Ability to add additional driver.

Ability to transfer your lease facility to another customer.

If you choose to apply auto lease facility though Al Rajhi Mobile APP, you get rewarded with 30,000 MOKFAA points. These Points can be redeemed across various stores / sites in KSA.

Balloon Refinance Features:

Quick approvals

Simple & easy documentation requirements.

Salary Transfer not a mandatory requirement.

Flexible financing Tenor between 12 to 24 months.

Comprehensive Insurance coverage for Balloon refinance period.

Early Payment / Partial Early payment & Advance payment options available.

Applicant Replacement Features:

Quick approvals

Simple & easy documentation requirements.

No down payment required.

Comprehensive insurance coverage till end of lease period.

Early Payment / Partial Early payment & Advance payment options available.

Documentation Requirement:

Salary Transferred Customers to alrajhi bank

National ID / Iqama

Valid driving license

Duly signed & attested Salary Letter with income breakup from employers.

Any additional income documents for last 2 years in the form of proof of income & bank statements reflecting such income.

Vehicle condition assessment report from Agency dealership of vehicle in KSA. (Applicable for Applicant replacement)

Non-Salary Transferred Customers

National ID / Iqama

Valid driving license

Duly signed & attested Salary Letter with income breakup from employers attested by Chamber of Commerce.

Last 3 months Bank statements showing salary credits.

GOSI certificate

Any additional income documents for last 2 years in the form of proof of income & bank statements reflecting such income. (Applicable for Applicant replacement)

Eligibility Criteria:

Minimum age 18 years.

Monthly Income starting from SAR 1,900.

Length of service starting from 1 month.

Fill & Submit Application Form. Submit Now

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Examples:

examples:	Salary Transferred Customer	Non-salary transferred	Salary Transferred with different car price
Asset Type	car	car	car
Loan/Finance Amount	75,000 SAR	75,000 SAR	100,000 SAR
Maturity in Years	3 years	3 years	3 years
APR	7.04%	7.97%	7.97%
Monthly Repayment Amount	1,345	1,238	1,650
Residual Value	37,500	37,500	50,000

The Annual Percentage Rate (APR):

It is the discount rate at which the present value of all payments and installments that are due from the Borrower, representing the Total Amount Payable by the Borrower, equals the present value of all payments of the Amount of Financing available to the Borrower on the date on which the Financing amount or the first payment thereof is available to the Borrower.

Illustration:

Asset Type	Loan/Finance Amount
Asset Type	Loan/Finance Amount	Maturity in Years	APR	Monthly Repayment Amount	Residual Value
car	75,000 SAR	3 years	7.04%	1,345	37,500

* APR may differ depending on the amount and the maturity period different from above and subject to credit scoring of each customer.

Finance Amount:

The contract stipulates the amount of financing you will receive in addition to the period of repayment of the installments, stating their value and the maturity date of these installments. The data also include the cost of obtaining funding in terms of knowing the fixed term cost rate and management fees.

Lease Tenure:

Duration of lease agreed between the Bank & customer in the form of lease contract where customer agrees to pay Bank monthly rentals for number of months.

Monthly repayment amount:

These payments are recognized in the contract, and the lessee is obliged to pay them on their mentioned due dates.

Balloon Payment:

Balloon payment is an option that you may choose before signing your lease contract & is your last payment from Financed amount. When you reach Balloon payment, you may decide to settle it in full or request the bank to refinance it subject to Banks approval & T&Cs.