Car Installment Program (Car Finance)

Are you employed with fixed income? Alrajhi car financing program is what you need to own the car you want. The car finance enables you to choose a new or used car that you want to own with a monthly installment that matches your income.

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Features

  • Sharia compliant product.
  • Competitive Murabaha rate.
  • Salary transfer is not required.
  • Financing new and used cars.
  • The finance tenor is up to 8 years (96 months).
  • Registering the car in the customer’s name and mortgaging it for the bank.
  • For new cars, financing up to 90% of the car's value, and up to JOD 60,000 for the target market list.
  • For used cars, financing up to 80% of the car's value, and up to JOD 50,000 for the target market list.

The bank has the right to reject the financing request without informing the customer of the reasons for rejection.

Conditions:

  • The maximum age of the car should not exceed 6 years.
  • The working period should not be less than 6 months for the private sector and 3 months for the public sector.
  • The net monthly income should not be less than JOD 300 for the public sector and JOD 400 for the private sector.

Required Documents

  • Valid ID
  • The last salary slip or military deduction voucher.
  • Account statement for the last 6 months.
  • Undertaking a transfer of a basic salary or deduction (according to the product’s program)
  • Display the price of the vehicle to be directed to the bank
  • Examination and evaluation of the car directed to the bank (for used cars) by the appraisers accredited to the bank
  • For professionals: a modern profession license, a certificate for practicing a profession and a union membership
  • Self-Employed: Commercial registration, profession license and bank statement for the last six months.

The bank has the right to refer to the customer by requesting any other documents it deems appropriate.

Subject to the terms and conditions of the bank.

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