Auto leasing
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.
- 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 (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.
- 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 / 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.
- 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:
National ID / Iqama
Copy of your National ID or Iqama for identity verification.
Valid Driving License
A valid driving license as proof of eligibility to drive.
Attested Salary Letter
An attested salary letter from your employer, showing income details.
Additional Income Documents
Proof of any additional income and bank statements for the past two years.
Vehicle Condition Assessment Report
For replacement requests, an assessment report from an authorized KSA dealership.
National ID / Iqama
Copy of your National ID or Iqama for identity verification.
Valid Driving License
A valid driving license as proof of eligibility to drive.
Attested Salary Letter
An attested salary letter from your employer, showing income details.
Bank Statements
Last 3 months' bank statements showing salary deposits.
GOSI Certificate
A copy of your GOSI certificate as proof of employment.
Additional Income Documents
Proof of any additional income over the last 2 years, with supporting bank statements (for replacement applications).
Example
| 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 |
| Asset Type | Loan/Finance Amount | Maturity in Years | APR | Monthly Repayment Amount | Residual Value |
|---|---|---|---|---|---|
| Car | 75,000 SAR | 3 years | 7.97% | 1,238 | 37,500 |
| Asset Type | Loan/Finance Amount | Maturity in Years | APR | Monthly Repayment Amount | Residual Value |
|---|---|---|---|---|---|
| Car | 100,000 SAR | 3 years | 7.97% | 1,650 | 50,000 |
Definitions
Illustration:
| 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.
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.
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.
Monthly repayment amount:
The last payment is usually to 50% of the car price which you decide to pay at the end of the lease. It makes the monthly rentals that you pay less, but you have to be ready to make a large payment at the end of the lease.
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.
Eligibility and 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
Auto Lease Calculator
Please note that this calculator only helps you calculate the approximate financing amount and does not represent the exact amount of financing and payments. For actual approval details, please contact us at 8001241222
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