Financing And Savings Products For Individuals

Descriptive Examples Showing the APR based on the Credit Card limit

Last update in 20/03/2023

Platinum Credit Card

Example Due Amount APR Finance APR Minimum Payment Amount % Months Until Balance Repaid*
1 SAR 10,000 35.60% 23.88% 5% 77 Months
2 SAR 20,000 29.65% 23.88% 5% 98 Months
3 SAR 75,000 25.40% 23.88% 5% 140 Months

Signature and SELECTIVE Credit Cards

Example Due Amount APR Finance APR Minimum Payment Amount % Months Until Balance Repaid*
1 SAR 20,000 33.27% 23.88% 5% 98 Months
2 SAR 50,000 27.58% 23.88% 5% 128 Months
3 SAR 75,000 26.30% 23.88% 5% 140 Months

Infinite Credit Card

Example Due Amount APR Finance APR Minimum Payment Amount % Months Until Balance Repaid*
1 SAR 75,000 26.97% 23.88% 5% 140 Months
2 SAR 100,000 26.19% 23.88% 5% 149 Months
3 SAR 150,000 25.40% 23.88% 5% 162 Months
*If the minimum payment amount made every month, it will take almost the months that appeared for each product in table to repay the full amount, keeping in view compounded interest added each month.

*APR may change based on the change in the financing amount and due date.

The Future Account

Illustration:

Saving Type Monthly deduction  Duration   AER*  Value of expected profit by end of period Total savings plus expected profit  Profit Sharing Rate
Short Term SAR 1,500 12 Months 2.23% SAR 218 SAR 18,218  60%
Long Term SAR 1,000 60 Months 4.77% SAR 7,756 SAR 67,756

AER: is an Annual Equivalent Rate, is a figure which shows what the profit rate on an account would be if profit was paid for a full year and compounded.

*AER may differ depending on the period different form the above example. which is changeable and non-fixed return that is regularly announced to customers on the bank's eChannel’s.

Hassad Digital Account

Illustration:

Minimum Profitable Limit AER* Tenor Allowed Withdrawals during a month  Profit Sharing Rate
10,000 SAR to 299,999 SAR 2.40% / Year One month Unlimited  60%
300,000 SAR  - 999,999 SAR 2.75% / Year One month Unlimited
1,000,000 and above 3.00% / Year One month Unlimited

AER: is an Annual Equivalent Rate, is a figure which shows what the profit rate on an account would be if profit was paid for a full year.

*AER may differ depending on the period different form the above example. which is changeable and non-fixed return that is regularly announced to customers on the bank's eChannel’s.

Auto Finance

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 Maturity in Years APR Monthly Repayment Amount Residual Value
Car 200,000 5 Years 5% 4,051 20,000

Non salary transfer

Asset Type Finance Amount Down payment Maturity in Years APR Monthly Repayment Amount Residual Value
Car 78,000 5,000 5 Years 8.60% 1,274 23,400

Example 3 : Car price different

Asset Type Finance Amount Maturity in Years APR Monthly Repayment Amount Residual Value
Car 90,000 5 Years 7.10% 1,332 60,000

*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.

Maturity In Years:

The duration of the contract agreed upon between the parties, which shall indicate the date and expiry of the contract with the parties' with the terms of the contract

Monthly repayment amount:

These payments are recognized in the contract, and the lessee is obliged to pay them on the due dates. The contract shall also include a schedule of repayment installments, in which the value of the asset's rent and the value of the right of ownership shall be shown separately, provided that the premium for any period shall not be less than the principal's rent for that period in the contract.

Residual Value:

The last payment is usually 0 % to 40% 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.

Home Finance

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. This is defined as per Article 81 of Implementing Regulations of the Finance Companies Control Law. In simple terms, APR is computed by adding all the upfront fees, charges and commissions charged from the customers and calculated on an annualized basis. The APR must be calculated and expressed in percentage points with a minimum of two basis points, rounding half basis points to the nearest full basis points.

Illustration:

Property Value Loan to Value Ratio Fixed or Variable Rate ** APR* Maturity in Years Payment Type *** Monthly Repayment Amount Early Payment Charges
1000000 90% Fixed 8.72% 30 years Principle and Interest / profit 6,812.50 Profit of future 3 installments

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

Loan/Finance Amount :

The amount of, on balance sheet loan granted to the customer.

Maturity In Years:

The contractual maturity of the on-balance sheet Loans/ Financing Products given to the customer. This is the final payment date of a Loan/Finance products at which point the principal (and all remaining interest/profit) is due to be paid.

Monthly Payment Amount:

Installment amount the customer is obliged to pay to the bank or finance company each month until the debt is fully repaid.

Property Market Value

Price negotiated between a willing buyer and a willing seller in an arm’s length transaction after fulfilling valuation criteria set by the banks . The value may not be the current listing price or the amount of the most recent offer on the property.

Loan to Value Ratio

Ratio of a loan provided by the Bank or Finance Company to the value of property purchased and determined as property market value .

Payment type

Interest only payment or , both principle and interest payment or else.

Early Payment Charge

A fee customer will be required to pay to a lender if the customer pays off a mortgage early and before the scheduled maturity term of the credit facility , also sometimes referred to as a Redemption Penalty.

Personal Finance

Disclosures & Definitions
Disclosure
Financing limits and other charges are subject to the relevant laws, regulations and other regulatory requirements
Definitions
Annual Percentage Rate 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 amount of, on balance sheet, finance granted to the customer
Maturity The contractual maturity of the on-balance sheet financing products given to the customer. This is the final payment date of financing products at which point the principal (and all remaining profit) is due to be paid.
Monthly Repayment Amount The installment amount the customer is obliged to pay to the bank each month until the debt is paid off.

Illustration
Finance Amount Maturity in years APR Monthly Payment Amount
100,000 5 years 5.5% 1,901
Illustration
Finance Amount Maturity in years APR Monthly Payment Amount
90,000 4 years 5.47% 2,063
Illustration
Finance Amount Maturity in years APR Monthly Payment Amount
150,000 3 years 5.67% 4,479

The below table shows the fees due from the customer, in case they wish to benefit from the optional feature provided by Al Rajhi Bank, when applying for a finance through the purchase of commodities.

Finance Amount Range Additional Feature Fees
Up to 1,999 SAR   150 SAR
2,000 – 4,999 SAR  300 SAR
5,000 – 19,999 SAR     600 SAR
20,000 – 39,999 SAR    700 SAR
40,000 – 59,999 SAR 800 SAR
60,000 – 79,999 SAR 900 SAR
 80,000 – 99,999 SAR  1,100 SAR
 >=100,000 SAR  1,300 SAR
Mortgage Type  Property power
 Property power  1,600 SAR
 Top up Refinance  1,600 SAR
 Additional  1,600 SAR
 (Property Power Rental) Eirad  1,600 SAR
 Self-construction 600 SAR
Document Type Fee Amount
No Objection Certificate For Buyout 100 SAR
Liability / Debit Certificate 100 SAR

*The above mentioned Fees are applicable for the second request.