|Condition||Maximum Years||Margin of Finance||Interest rate|
|New||7 years||80%||6% p.a.|
How much the bank charges you based on your loan amount & loan period
Let's go through the checklist to see whether you are qualified to apply for Al Rajhi Superbike Financing-i:
You will get access to a Shariah compliant loan to part or fully financing your dream superbike. As usual, the product offers a margin of financing of up 80% of the vehicle's market value, regardless of its origin, whether locally or foreign manufactured.
Once you have agreed on the financing margin, you can choose to repay your financing over a flexible tenure, with maximum of 7 years. The profit rate will be determined based on several factors, including but not limited to, vehicle's conditions, origins, tenure of financing and your credit profile.
Your mission, should you choose to accept the financing agreement, is to repay your instalment on time and in full every month.
The instalment amount is fixed over the course of your repayment - meaning that you have a peace of mind knowing that your repayments will not vary according to changes in market rates.
Don't worry of forgetting your commitment as Al Rajhi Bank will send an SMS alert to remind you of your due. If you somehow refuse to check you mobile, or just simply forgot about your commitments, you will then assume a late penalty fee of 1% p.a., which is calculated daily!
Anyway, you can also opt to make an early settlement of your superbike financing at any time at zero cost and will be given a profit rebate.
Before making your way to the nearest Al Rajhi Bank branch, below are the required documents you need to bring along:
We’ll guide you through your application for this financial product