��������Ƶ

The Car Loan Promissory Note is a crucial document in Saudi Arabian vehicle financing transactions, serving as a legally binding commitment from the borrower to repay the financing amount for a vehicle purchase. This document is specifically designed to comply with Saudi Arabian banking regulations and Shariah law principles, which prohibit conventional interest-based lending. The promissory note includes essential details such as the vehicle specifications, financing terms, payment schedule, and parties' information. It's commonly used by financial institutions, banks, and automotive financiers in Saudi Arabia when providing vehicle financing to customers. The document provides security for the lender while ensuring transparency for the borrower, and its format must adhere to both the Saudi Arabian Monetary Authority (SAMA) guidelines and Islamic financing principles.

1. Header Information: Date, document title, and reference number of the promissory note

2. Parties' Information: Complete details of the borrower (maker) and the lender (payee), including full legal names, addresses, and national ID/CR numbers

3. Promise to Pay: Unconditional promise to pay a specific amount, payment schedule, and currency in Shariah-compliant terms

4. Vehicle Details: Comprehensive description of the financed vehicle including make, model, year, VIN, and registration details

5. Payment Terms: Detailed breakdown of the payment structure, including principal amount, profit rate (avoiding interest terminology), and payment schedule

6. Default Provisions: Consequences of default and remedies available to the lender in Shariah-compliant terms

7. Governing Law: Statement that the note is governed by Saudi Arabian law and Shariah principles

8. Signature Block: Space for borrower's signature, witness signatures, and official stamps