A Shariah-compliant car ownership program that lets customers rent vehicles with the eventual acquisition of ownership upon fulfillment of the contract terms.
Program Key Highlights
- Financing up to 300,000 SAR.
- No salary transfer is required.
- Repayment period of up to 60 months.
- No guarantor required.
- Financing is for both Saudis and residents.
- Financing of new and used cars.
- The option of rescheduling the balloon payment.
- Providing comprehensive cooperative insurance.
- Ease of procedures and speed of implementation.
- Early settlement option.
General Conditions
Minimum salaries:
- Saudis: 4,000 SAR
- Residents: 5,000 SAR
Employment period:
- Government sector: 1 month
- Semi-government sector: 3 months
- Private sector: 6 months
Age:
- Minimum: 18 years
- Maximum: 65 years
Required Documents
Copy of national ID or Iqama.
Salary certificate or GOSI certificate.
Original bank statement for the last 3 salaries.