The Economy website reviews the steps for obtaining car lease financing from the Saudi Riyad Bank.
Car Lease Finance from Riyad Bank
It allows you to own the vehicle you want through leasing programs that are compatible with the provisions of Islamic Sharia and with easy terms and procedures.
Immediate approval and speedy implementation
Available to Saudis and residents
Financing up to 500,000 riyals
Comprehensive insurance coverage
Available for business owners and institutions
Possibility to finance up to 3 vehicles
The car lease financing program from Riyad Bank allows you to pay the value of your car for a period of up to 60 months, with the possibility of transferring the ownership of the car during the repayment period through early repayment.
Free internal authorization for the duration of the contract
Free comprehensive insurance coverage in the GCC countries for the duration of the contract
Special offers for Riyad Bank customers
The possibility of transferring the ownership of the car to another customer during the financing period (substitution)
Possibility to authorize another driver to be a first-degree relative
Types of Auto Lease Financing Programs
50/50 Program:
The program targets those wishing to obtain the vehicle by paying half the vehicle amount and the financing and insurance profits for the required period as a first payment and the other half after two years as a final payment.
Entrepreneur Program:
This program targets the owners of private establishments, where this segment can benefit from the program with a maximum of 3 vehicles and a financing amount of up to 500,000 riyals as a maximum.
Average Balance Program:
The program allows Riyad Bank customers with balances to obtain financing based on the average balance.
the conditions
Lease Finance Program for Saudis from Listed Entities:
For customers whose salaries are transferred:
Not be less than 21 years old
The net salary should not be less than 4,000 riyals
No service life required
Salary transfer letter addressed to Riyad Bank
For customers whose salaries are not transferred:
Not be less than 21 years old
The net salary should not be less than 6,000 riyals
The service period shall not be less than 3 months
Lease Finance Program for Non-Saudis From Listed Entities:
For customers whose salaries are transferred:
To be a government or private sector employee
Not be less than 21 years old
The net salary should not be less than 4,000 riyals
The service period shall not be less than 3 months
Salary transfer letter addressed to Riyad Bank
For customers whose salaries are not transferred:
To be a government or private sector employee
Not be less than 21 years old
The net salary should not be less than 8,000 riyals
The service period shall not be less than 3 months
Lease Finance Program for Unlisted Entities:
For customers whose salaries are transferred:
Not be less than 21 years old
The net salary should not be less than 6,000 riyals
For Saudi customers and residents
To be affiliated with the private sector
The service period shall not be less than 3 months
Salary transfer letter addressed to Riyad Bank
For customers whose salaries are not transferred:
Not be less than 21 years old
The net salary should not be less than 8,000 riyals
For Saudi customers and residents
To be affiliated with the private sector
The service period should not be less than 3 months for Saudis
The service period shall not be less than 6 months for residents
How to submit your application
To obtain the initial approval, you can visit any sales advisor at the authorized agents, visit any of the Riyad Bank branches, or call 800-124-2020.
Then follow it up by submitting the following documents after obtaining the initial approval:
Salary definition with a date of issue less than two months
Original national ID/residency card (valid)
Fill out the car rental application form
Original driving license (valid)
Account statement for the last 3 months, certified by the bank to which the salary is being transferred (only when financing is chosen not to transfer the salary to Riyad Bank)
Salary Transfer Certificate (only when financing is selected with salary transfer to Riyad Bank)
Quotation from the agent or the showroom (only approved by the bank)
