
The Saudi National Bank is one of the largest contributing and supporting financing entities for the small and medium enterprises segment by providing financing solutions that are compatible with the provisions and principles of Islamic law, and in order to enhance these contributions, which are in line with the Kingdom's vision 2030 AD, the Saudi National Bank today offers a vehicle fleet financing product for the small and medium enterprises segments.

- Islamic financing compatible with the provisions of Islamic law, based on the principle of Islamic leasing
- Financing amount: up to 7.5 million riyals
- Repayment period of up to 5 years
- Flexibility in choosing the amount of the monthly installments
- Distinctive and competitive prices
- Comprehensive insurance coverage throughout the rental period
- Renting a fleet of multiple vehicles under a single contractual agreement
- Specialized sales representatives, present in most car showrooms and dealerships
- Specialized centers to serve leasing customers spread all over the Kingdom
- Multiple options for terminating the contract or owning the vehicles during the contract period or at its end
Product programs:
The fleet product has been classified into four basic programs that are in line with the requirements and needs of our customers.
Financing the fleet of vehicles for personal and executive use
This program is designed to enable the facility to obtain vehicles for owners and employees for personal use, which allows the facility to finance the fleet of vehicles with a monthly payment method.
Financing a fleet of vehicles for car rental companies
Fleet financing program for car rental companies looking to obtain a new fleet of vehicles with a monthly payment method.
Financing a fleet of vehicles for commercial use up to 8 tons
This product aims to meet the needs of the establishment and contribute to its growth and success by allowing the purchase of a fleet of various vehicles such as (small cars, buses, trucks, etc.) for various commercial uses.
Financing a Fleet of heavy commercial vehicles up to 20 tons
This program offers an opportunity for companies to obtain financing for heavy vehicles fleet up to 20 tons. This program has been designed to meet the needs of different companies to contribute to their growth and success.
Illustration:
Example of the annual percentage rate calculation mechanism
Balloon Payment | The monthly installment amount |
Annual Percentage
Rate |
Maturity in
years |
Financing amount | Vehicle Type |
---|---|---|---|---|---|
40,000 | 1,556 | 9.57% | 5 | 100,000 | Car |
16,000 | 2,247 | 12.37% | 3 | 80,000 | |
42,000 | 3,080 | 7.25% | 2 | 105,000 |
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The Annual Percentage Rate (APR) is the ratio that shows the cost of financing to the financial organization as an annual percentage of financing. This percentage is usually higher than the nominal commission or what is known as the flat rate because the calculation of its value includes the value of administrative fees, expenses and insurance throughout the financing period. For this reason, it gives a clearer picture of the real percentage of financing than the nominal commission, which includes the profit margin only.
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The above table and its numbers are an illustrative example only and represent how to calculate the annual percentage rate, which depends on five basic factors (profit margin, financing amount, insurance rate, financing period, car price)
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The administrative fee is 1% of the financing amount
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Terms and conditions apply