Al Murabaa Net – Many individuals who want to own a car without feeling the financial burden resort to obtaining Al Rajhi Car Finance, which is one of the products offered by Al Rajhi Bank to provide an opportunity for everyone to own a car.
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Al Rajhi Auto Finance – Leasing
And it’s getting Car financing It is the ideal solution for a large number of individuals. Due to the advantages and facilities provided by banks, banks and various financing companies, especially Al Rajhi Bank.
Many individuals in the Kingdom are interested in obtaining a car loan from Al Rajhi Bank. Because of the advantages and high reliability it offers, the bank has a history full of achievements and successes with regard to financing products.
In this regard, the “Al Murabba Net” website reviews for you everything related to Al Rajhi Auto Finance, the conditions for obtaining it, the papers, benefits, etc.
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What is Al Rajhi Auto Finance?
At the beginning, we clarify that Al Rajhi Auto Finance is one of the bank’s important products. It is a product that complies with Islamic Sharia, as it is based on the principle of leasing.
In this product, Al Rajhi Bank buys the car from the seller (the showroom) and then rents it to the customer, according to the agreed-upon period. After the end of the rental period and payment of all rental installments, the bank transfers ownership of the vehicle to the customer.
It is known that Al Rajhi Bank is one of the most important banks in Saudi Arabia, and it works continuously to provide better products and high-quality service.
Al Rajhi Bank’s competitive and flexible car rental products provide the freedom to rent cars in a quick and easy way while adhering to the principles of Islamic Sharia.
Advantages of Al Rajhi Auto Finance
Now we will review for you the most important advantages that customers may gain if they obtain Al Rajhi car financing:
- It allows the customer to obtain car rentals in a manner compatible with the provisions of Islamic Sharia
- Get quick approvals
- Available for new and used cars, whether from our partners in car agencies or sub-agents throughout the Kingdom.
- Relaxing eligibility criteria
- Flexible financing period ranging from 12 to 60 months.
- No hidden fees
- Very competitive profit rates
- Comprehensive insurance coverage throughout the rental period
- High financing amounts of up to 2 million Saudi riyals.
- Providing an option without a down payment
- Provide the option to reschedule payments to help you reduce your monthly payments
- Providing the option to reschedule financing
- Providing the option of partial early payment and prepayment
- Salary transfer is not mandatory
- Uncomplicated documents
- Ability to prove additional income, if any.
- Ability to add an additional driver.
- Ability to transfer your rental contract to another client.
It is noteworthy that, if the business requests the transfer of its leasing contract to another customer through the Al Rajhi application, it will receive 30,000 reward points, which can be redeemed through various stores from Al Rajhi Bank’s partners in the Kingdom.
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What is the debt rescheduling service?
Al Rajhi Bank said on its official website: “In order for the customer’s monthly rents to be affordable, customers are given the option to reschedule the debt, where he can choose at the beginning of the rental period to pay a lump sum as his last rental payment of the agreed upon rental period.”
The terms and conditions of the car financing program from Al Rajhi Bank apply
Product features: Debt rescheduling
- Fast approvals
- Uncomplicated documents and requirements.
- Salary transfer is not mandatory
- Flexible financing period ranging from 12 to 24 months.
- Comprehensive insurance coverage for the balloon refinancing period.
- Early payment/partial early payment and prepayment options are available.
Is it possible to transfer the car contract to another before paying its price?
Al Rajhi Bank’s car rental program also offers lease transfer facilities in case you wish to transfer your rental car with your remaining obligations to another client and you are able to find someone who will bear the monthly rental payments.
Conditions for obtaining Al Rajhi auto financing
- Minimum age 18 years.
- Monthly income starts from 1,900 Saudi riyals.
- The service period starts from 1 month.
- Eligibility criteria are subject to the terms and conditions of the car financing program from Al Rajhi Bank.
Paperwork
Salary Transfer Clients:
- National ID/residency.
- Valid driver’s license.
- A detailed salary introduction letter signed and certified by the Chamber of Commerce.
- Any additional income documents for the last two (2) years in the form of proof of income and bank statements that reflect this income.
- Vehicle condition evaluation report from the vehicle sales agency in the Kingdom of Saudi Arabia. (Applies to replacement applicant).
Clients without salary transfer:
- National ID/residency.
- Valid driver’s license.
- A detailed salary introduction letter signed and certified by the Chamber of Commerce.
- Bank statement for the last 3 months showing salary balances.
- Certificate of the General Organization for Social Insurance.
- Any additional income documents for the last two (2) years in the form of proof of income and bank statements reflecting this income, (applies to replacing the applicant).
Al Rajhi Auto Finance Calculator
Individuals wishing to obtain a loan to purchase a car are interested in looking for Al Rajhi Car Finance Calculator, which makes it easy for the customer to calculate the financing term and the down payment and final payment according to the price of the car.
Before obtaining a car loan from Al Rajhi Bank, you can use the Al Rajhi car financing calculator through their official website, and you can calculate the financing, interest, and installments from here.
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About Al Rajhi Bank
Now we highlight a small overview of Al Rajhi Bank, which is one of the oldest and largest banks in the world in terms of market value.
Al Rajhi Bank was established in 1957. The bank’s assets are equal to about 658 billion Saudi riyals, which is equivalent to 175 billion US dollars, and its capital is 40 billion Saudi riyals, which is equivalent to 10.66 billion dollars.
More than 9,300 employees work under the umbrella of Al Rajhi Bank, and it has a wide spread network that includes more than 517 branches, more than 4,900 ATMs, 290,302 point-of-sale devices, and 205 remittance centers, in addition to having the largest customer base among Saudi banks.
It is noteworthy that the various individual institutions were merged under the name Al Rajhi under the umbrella of “Al Rajhi Trading and Exchange Company” in 1978, and the bank was established as a Saudi joint stock company in 1988.
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