Back to Finance

Fleet Finance

Get your approval within 48 hours through your bank statement only!

  • 50% Management Fee Waiver
  • ZERO Down Payment*
Apply Now

Fleet Finance

alrajhi bank’s Fleet Finance is a Shariah compliant solution tailored for Micro and Small Enterprises to acquire multiple vehicles personal and/or commercial through flexible leasing. With fast approvals and simplified documentation, it supports your business growth by easing mobility, improving cash flow, and reducing upfront costs.

Key Fleet Finance Features:

Discover the unique advantages that make our program stand out.

Equal repayment through Monthly Installments

Finance amount up to § 10 Million*

Finance tenure starting from 12 months up to 60 months.

Quick process to obtain financing.

Coverage insurance included.

Profit Rate as low as 10%

Sharia-compliant financing

*0% Down Payment

Product Categorizations

  • Executive and Personal Use Vehicle Finance

    A tailored solution that enables businesses to finance vehicles for use by company owners or employees.

  • Non Commercial Vehicle Finance

    Designed for growing businesses especially in service and trading sectors that require multiple vehicles for operations such as transportation, delivery, or distribution of goods.

  • Commercial Vehicles (Up to 8 Tons)

    Covers financing for light commercial vehicles including trucks, buses, vans, pickups, and multi utility vehicles.

  • Commercial Vehicles (8 to 20 Tons)

    Targets businesses needing to finance heavy duty vehicles such as large trucks, trailers, buses, and related equipment.

  • Rent a Car Non Commercial Vehicles

    Specifically designed for rent a car companies aiming to purchase or expand their vehicle fleet for rental purposes.

Requirements

  • Application Form.
  • Copy of National ID of owner(s).
  • Copy of the Commercial Registration.
  • Copy of Nitaqat and National Address.
  • License to practice the activity, the location, and photographs of the activity.
  • Entity legal documents (Partnership Deed, Memorandum of Article of Association, etc.).
  • Vehicle quotation from the dealer.
  • Bank statement for the last 12 months (for non alrajhi customers).

Terms and Conditions

  • 0% down payment is applicable only to select categories.
  • Vehicle specifications and images shown are for illustrative and promotional purposes only; actual models may vary.
  • alrajhi bank is regulated and supervised by SAMA.
  • alrajhi bank’s terms and conditions apply.

Annual Percentage Rate (APR):

The APR is the discount rate at which the present value of all payments covering both principal and installments equals the total amount payable by the borrower. It reflects the cost of financing as of the date the funds or first installment are made available to the borrower.
See APR examples below:

 

Example 1:

Asset Type Loan/Finance Amount Maturity in Years Down Payment APR Monthly Repayment Amount
Car 2,000,000 SAR 5 Years 0% 19.26 % 50,000.00 SAR
Example 2:

Asset Type Loan/Finance Amount Maturity in Years Down Payment APR Monthly Repayment Amount
Car 1,000,000 SAR 5 Years 0% 21.08 % 25,833.33 SAR
Example 3:

Asset Type Loan/Finance Amount Maturity in Years Down Payment APR Monthly Repayment Amount
Car 5,000,000 SAR 5 Years 0% 21.08 % 129,166.67 SAR
Example 4:

Asset Type Loan/Finance Amount Maturity in Years Down Payment APR Monthly Repayment Amount
Car 7,500,000 SAR 5 Years 0% 19.26 % 187,500.00 SAR

 

Finance Amount:

The contract outlines the financing amount provided, along with the repayment term, installment values, and due dates. It also specifies the total cost of financing, including fixed profit rates and applicable management fees.

Maturity In Years:

This refers to the contract duration agreed between both parties, including the start and end dates, and is aligned with the terms and conditions stipulated in the agreement.

Monthly repayment amount:

The contract states the monthly payments due, which the lessee must pay on time. It includes a repayment schedule that separates the rental value of the asset from the ownership value, ensuring each installment covers at least the rent portion of the principal.

How to apply

Discover the alrajhi bank business app

Apply Now

Contact your Relationship Manager for more details

Call Now

We're just a call away

Visit Now

There is always a branch nearby

Frequently Asked Question