Did you know? Al Rajhi Bank is the largest Islamic bank not only in Saudi Arabia… but in the world! Headquartered in Riyadh, it has six regional offices, along with branches in Jordan and Kuwait. The bank also has subsidiaries in Syria and Malaysia.
Al Rajhi Bank offers a wide range of financial products and services, including loans for non-Saudi citizens or expat residents. In this article, we will take a look at the bank’s loan services for foreigners who are living and working in Saudi Arabia.
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Guide to Getting Al Rajhi Loan for Expat Residents
Established in 1957, Al Rajhi Bank is the largest bank in the Middle East and Saudi Arabia, and is one of the biggest banks in the world by market cap. It has more than 60 years of experience in the banking and trading industry, with an employee base of around 20,000 associates!
In 1978, all of the individual establishments under “Al Rajhi” name were merged into “Al Rajhi Trading and Exchange Corporation.” By 1988, the bank became a Saudi joint stock company under the name “Al Rajhi Banking and Investment Corporation.” Finally, in 2006, the bank was renamed simply as “Al Rajhi Bank.”
Al Rajhi Bank provides various banking services, including: loans, deposits, credit cards, remittances, consumer financing, securities trading, and investment advice. Among its latest products are personal loans, car loans, and home loans.
Al Rajhi Bank’s Personal Loan
Al Rajhi Bank’s Personal Loan offers financing of up to SAR 2.5 million, with repayment periods of up to 36 months (for non-Saudis or expat residents) and 60 months (for Saudi citizens). In addition, the bank provides loans to retired customers, as well as those who are about to retire.
When availing of personal financing with Al Rajhi Bank, a guarantor is not necessary. Meanwhile, if you want to make an early repayment or full payment of the loan, this is absolutely possible.
Here are some other features of Al Rajhi Bank’s personal loans: no admin fees, digital banking (Al Rajhi Bank mobile app), and exemption from finance amount in case of accidental death.
Eligibility
To be eligible for the bank’s personal loan, an applicant must:
- Be a Saudi citizen or an expat resident;
- Be 18-60 years old (for Saudi citizens) or 23-55 years old (for expat residents);
- Be working for a company that’s included in the bank’s list of approved employers;
- Have a minimum salary of SAR 2,000 (for Saudi citizens) or SAR 5,000 (for expat residents);
- Have his/her salary transferred to Al Rajhi Bank; and
- Have a good SIMAH record.
NOTE: The Saudi Credit Bureau (SIMAH) is the first and only licensed national credit bureau that maintains credit reports of all residents and companies in Saudi Arabia.
Requirements
To apply for Al Rajhi Bank’s personal loan, applicants must prepare the following:
- National identity card (for Saudi citizens);
- Residency card (for expat residents);
- Salary definition;
- Salary fixation; and
- Financing application form.
Al Rajhi Bank’s Car Loans
Aside from personal loans, Al Rajhi Bank offers car loans to Saudi citizens and expat residents. In particular, it offers car lease with salary transfer, and car lease without salary transfer.
Car Lease with Salary Transfer
The bank’s car lease with salary transfer program is offered to both Saudi citizens and expat residents, though the eligibility criteria are different for those in the government and public sectors:
Saudi Nationals (Government Sector)
To qualify for this program, Saudi citizens who are employed in the government sector must:
- Be 18-60 years old;
- Have a minimum salary of SAR 2,000; and
- Have a minimum employment period of 1 month.
Saudi Nationals (Private Sector)
Meanwhile, those who are employed in the private sector should:
- Be 21-60 years old;
- Have a minimum salary of SAR 3,000; and
- Have a minimum employment period of 3 months.
Expat Residents (Government Sector)
On the other hand, expat residents in the government sector who wish to apply for this program must:
- Be 21-60 years old;
- Have a minimum salary of SAR 3,500; and
- Have a minimum employment period of 12 months.
Expat Residents (Private Sector)
As for those in the private sector, expat residents should:
- Be 25-60 years old;
- Have a minimum salary of SAR 3,500; and
- Have a minimum employment period of 12 months.
Al Rajhi Bank’s car lease with salary transfer has a maximum repayment period of 5 years, with a flat rate of 3.45% and a reducing rate of 6.21%. To apply, Saudi citizens or expat residents must submit: a copy of valid ID, employment letter, car price quotation, valid driving license, location map of home and workplace, and a filled-in application form.
Car Lease Without Salary Transfer
For those who want to lease a car, but prefer not to have their salaries transferred, Al Rajhi Bank also has a car lease without salary transfer program. The repayment period is up to 5 years, with a flat rate of 3.45% and a reducing rate of 6.21%.
The eligibility criteria is also different for Saudi citizens and expat residents, as well as those in the government and private sectors:
Saudi Nationals (Government Sector)
To qualify for this program, Saudi citizens who are employed in the government sector must:
- Be 18-60 years old;
- Have a minimum salary of SAR 5,000; and
- Have a minimum employment period of 6 months.
Saudi Nationals (Private Sector)
Meanwhile, those who are employed in the private sector should:
- Be 21-60 years old;
- Have a minimum salary of SAR 5,000; and
- Have a minimum employment period of 6 months.
Expat Residents (Government Sector)
In contrast, expat residents in the government sector who wish to apply for this program must:
- Be 21-60 years old;
- Have a minimum salary of SAR 5,000; and
- Have a minimum employment period of 6 months.
Expat Residents (Private Sector)
Meanwhile, expat residents in the private sector should:
- Be 25-60 years old;
- Have a minimum salary of SAR 5,000; and
- Have a minimum employment period of 6 months.
To apply for this program, Saudi citizens or expat residents need to submit: a copy of valid ID, employment letter, car price quotation, valid driving license, location map of home and workplace, banks statement for the past 3 months, latest electricity bill, and a filled-in application form. Moreover, the applicant’s job location should be in Riyadh, Dammam, Jeddah, Jubail, or Khobar.
Video: Al Rajhi Bank Tower
Have you ever been to Al Rajhi Bank’s headquarters? If not, check out this video showing a quick tour of the majestic Al Rajhi Bank Tower in Riyadh, as shared by the bank’s YouTube channel:
Contact Information: Al Rajhi Bank
To know more about Al Rajhi Bank’s loans and other products, you can get in touch with the bank’s head office through the following contact details:
Address: King Fahd Branch Rd, Al Muruj, Riyadh 12263, Saudi Arabia
Telephone: +966 9200 03344
Email: help@alrajhibank.com.sa
Website: https://www.alrajhibank.com.sa/en
Google Map:
Summary
Foreign workers or expat residents in Saudi Arabia can apply for personal loans, thanks to Al Rajhi Bank. Depending on the type of financing program that you need, you will surely find one that fits your criteria and situation.
Other than personal loans, Al Rajhi Bank offers car loans, as well. To explore other vehicle loan options, check out this list of the best car finance loans offered by banks in Saudi Arabia!
