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 Auto Lease Financing

 Auto Lease Financing by Bank Albilad

21-05-2023


Having A Dream Car Is Now Easy with Bank Albilad Auto Lease Financing Program


With Bank Albilad auto lease financing, customers who don’t have the budget to purchase a car can also get one. The process is pretty straightforward. You just have to select a car from an approved dealer or showroom and submit the documents. If approved, a few simple steps will lead the vehicle to your home.



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What are the key features of Bank Albilad auto lease financing in Saudi Arabia?

  

Here's what you can expect from our car lease financing services:

  • Sharia-compliant program
  • No down payments required
  • Available for customer between 18- 65 years of age
  • Available for both Saudis and non-Saudis
  • The deduction ratio is up to 65%
  • Option to get up to 3 cars
  • Full insurance coverage for your vehicle with the ability to choose insurance benefits
  • Ability to choose the desired car based on your credit limit
  • Early settlement is available
  • The financing period is up to 5 years
  • The financing amount is up to SAR  1,000,000
  • Customers can transfer the lease to another customer as well
  • Available with no salary transfer



Terms and Conditions 

  • Customers must be 18 years of age or older (with proper ID documents and copies available).
  • Customers must have a current account with Bank Albilad. 
  • Customers’ field of employment (in private/public) sector must be approved by Bank Albilad.

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FAQs

 

What documents do I require to submit for auto leasing?

Customers must have the following documents for availing auto lease financing services from Bank Albilad:

  • Valid ID
  • Salary transfer slip is required (plus, salary transfer letter by employer). If this is not available, customers can provide their account statement for the last three months salaries.
  • If salary transfer is not provided, proof of residency is required.
  • Customers' home and work addresses
  • Filled auto financing form.
  • Payment receipt of down payment and administrative fees from the car dealer.
  • Valid Saudi driving license.
  • A quotation of the car with specific requirements

 

Is there any management fee?

The management fee is 1% of the financing amount with cap of SAR 5,000.

 

How to avail after-sales services?

For after-sales services, you may visit any of our centers located in Riyadh, Jeddah, and Dammam. You may also give us a call Albilad phone within the Kingdom: 8001230000,Outside the Kingdom: 00966920001002


How does the auto lease financing service work?

The auto lease financing process is simple with Bank Albilad. Here's a look at how it goes:

  • Visit any showrooms/dealers that are approved by the bank.
  • Fill the "Auto Lease" application form and submit documents in the bank.
  • If your request is approved, you'll be informed. 
  • Issuance of car registration and plates by the traffic department.
  • Setting up of vehicle for customer to pick up.

 

How the profit margin is calculated?

Here is an example of how the profit margin is calculated:

Customer with non-transferable salary


Auto Lease​
Car Price with VAT
80,000 SAR
​Down Payment 
​ 0%
​Finance amount
80,000SAR
Management fees 1% of the Financing Amount 
920 SAR
​Finance duration
​ 60 months
​Monthly installment
​  1,016.67 SAR insurance is not included
APR*
5% insurance is not included
Balloon Payment 
32,000  SAR


Customer with transferable salary

Auto Lease​
Car Price with VAT
80,000 SAR
​Down Payment 
​ 0%
​Finance amount
80,000SAR
Management fees 1% of the Financing Amount 
920 SAR
​Finance duration
​ 60 months
​Monthly installment
​  1,039.33 SAR insurance is not included
APR*
5.5% insurance is not included
Balloon Payment 
32,000  SAR


*Annual Percentage Rate (APR) varies based on amount and maturity period, while it is also subject to the customer's credit history 
* VAT included
The above calculation method is considered an example, and that prices are subject to change due to other factors.
  TERMS AND CONDITIONS APPLY.

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All Rights Reserved © 2023 Bank Albilad is a Saudi joint stock company, with National Unified No. 7001473102, Head Office: Al Mutamarat 8229, Building No 2, RIYADH 3952 - 12711, KSA. Under monitoring and supervision of Saudi Central Bank and licensed by Royal decree 48/M on 1425/9/21H (4/11/2004 G).


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