Kuwait Finance House banking corporation has introduced various financing solutions over the years, one of them being the Car Loan which provides funding for car purchases. For any individual dreaming of owning their very own car without eating into their savings, the KFH car financing program is the best way to go. With one of the fastest approval processes, funds availed through Kuwait Finance House car loan are transferred to the applicant’s account within three days.
You’re probably eligible for an Kuwait Finance House Bank Car Loan if you are
At least 18 years old
Less than 65 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your Kuwait Finance House Bank Car Loan amount eligibility is based on these factors
Loan capped @
Up to 90% of the ex-showroom price
Installments of other loans lower
Increase your eligible Kuwait Finance House Bank Car Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 9 years
Documentation needed to apply for Kuwait Finance House Bank Car Loan
- 1. Photocopy of identity card (front & back) for applicant and guarantor(s).
- 2. Photocopy of Valid Driving License.
- 3. Photocopy of NRIC
- 4. Documentation for Employed individual:
- Latest 3 months pay slips/ salary vouchers
- Latest 3 months bank statements/savings passbook
- Latest EA/ J Form or EPF statement
- Confirmation letter of employment
- Car / vehicle dealer's quotation (for new car only)
- 5. Documentation for Self-employed individual:
- Business Registration & Form D
- Latest 6 months bank statement account
- B/ BE Form (last 2 years)
- Personal bank statement
- 6. Documentation for Guarantor (if applicable) :
- Latest EA/ J Form or EPF statement
- Copy of bank statement or saving passbook
Kuwait Finance House Bank Car Loan Interest RatesUpdated on 28 Oct 2016
|Margin of Finance||Up to 90%|
Why should one choose Kuwait Finance House car loans?
KFH car loans are designed in strict compliance with the Shariah concept of Al Ijarah Thumma Al Bai (AITAB) which means obtaining a commodity through a lease. This car loan offered by KFH provides the financing of new, national and unregistered cars with a maximum margin of finance available of 90%. Also, the maximum loan period allowed by KFH is 9 years which offers the customers the convenience of choosing easy installments.
What makes Kuwait Finance House car loans attractive?
The KFH Automobile Ijarah-I is a premium car financing scheme which facilitates easy ownership of vehicles with the most competitive, flat profit rates in the market. Anyone can apply for this car loan- be it the citizens of Malaysia or permanent residents. The margin of finance available is as follows:
- National cars: 90% for loan amounts up to RM40,000.
- New models: 90% for loan amounts up to RM50,000.
- Unregistered cars: 80% for loan amounts up to RM100,000.
Customers can apply for the KFH automobile Ijarah-I for loan tenures up to 9 years or until the age of 60 years (borrower’s age), whichever comes first. The most attractive aspect of this package is that the customers are not required to fulfill any minimum income criteria, provided they can present a valid source of income.
Who is eligible to apply for the KFH Car Loan scheme?
Any Malaysian citizen or an individual who is a permanent resident of Malaysia; of 18 years and above is eligible to apply for this car loans scheme offered by KFH. It must be noted that applicants should possess valid driving licenses.
Is Takaful coverage provided with the Kuwait Finance House car loan?
Applicants of the KFH auto loan are required to take the motor vehicle Takaful coverage for protection against damage to the vehicle occurring during the loan period.
Are customers allowed to settle their KFH car loans before maturity?
Customers can repay their loan earlier than the decided maturity date. In addition, they will be eligible for a rebate on the outstanding interest amount.
Are there any late payment penalties?
Customers must pay their monthly installments on time or they will be charged a penalty of 1% on the outstanding amount of the installment. Moreover, if the customer fails to pay their installments for 2 consecutive months, the bank has the right to repossess the vehicle.
How can KFH car loan monthly installments be paid?
To keep up with changing times, KFH has introduced Interbank GIRO and MEPS facilities through which customers can make payments anytime and anywhere without having to visit KFH’s branches.
How to calculate Kuwait Finance House Car Loan installment in 2016?
If you are a resident of Malaysia and plan to take a car loan in Malaysia, then you can find out about your monthly installment by going to Bbazaar.my and taking advantage of the car loan installment calculator tool on the website. The calculator requires few details like:
- Loan amount
- Rate of interest
- Tenure of repayment
The Bbazaar.my calculator also yields a schedule of repayment that points out to your outstanding and paid portions of the car loan during any point of time during the car loan term. Car loan applicants find it very easy to figure out their monthly installment through this tool.
Other Products offered by Kuwait Finance House:
Apart from offering Car Loan, Kuwait Finance House offers other products and services which include:
KFH Car Loan FAQs
What are the auto financing schemes offered by Kuwait House Finance?
Kuwait House Finance offers the following auto financing scheme called Automobile Ijarah-i.
What is Automobile Ijarah-i?
It is a car loan scheme offered by KFH at attractive rates of interest. The scheme comes with comprehensive solutions and based on the Sharia concept of Al-Ijarah Thumma Al-Bai' (AITAB).
What is the financing tenure of KFH Car Loan?
A borrower can get finance up to 9 years with a Kuwait House Finance Car Loan
Do I get takaful coverage, if I opt for a KFH Car Loan?
Yes, you would receive comprehensive takaful coverage with a KFH Car Loan. it helps you protect your vehicle against loss or damage.
What are the key benefits of KFH auto loan?
A KFH auto loan comes with the following benefits:
Easy processing and quick disbursal.
Attractive rates of interest.
High margin of finance.
Comprehensive takaful cover
Easy repayment procedure.
Personalized customer service.
Who are eligible to apply for KFH Car Loan?
The following people are eligible for applying for KFH Car Loan:
Individuals aged 18 years and more.
Permanent residents of Malaysia.
If I am salaried individuals, what are the documents I need to submit to avail a KFH Car Loan?
A salaried individual needs to submit the following documents:
Copy of NRIC and Driving License
Latest 3 months’ salary slips
Vehicle dealer's quotation for new cars.
What are the documents required from a self-employed individual?
Business registration certificate.
Copy NRIC and DL
B/BE Form of last 2 years.
6 months bank statement.
What is the highest margin of finance offered by KFH?
KFH offers finance up to 90% on its car loans for national models. For, unregistered models, it is 80%.
What is the minimum income required for availing a KFH Car Loan?
No minimum income is required to avail KFH Car loan.
How do I repay my KFH Car Loan?
You can repay it by using monthly EMIs.
What kind of interest rate is applicable on KFH Car Loan?
KFH charges flat rates on it car loan.
How much Stamp Duty charge do I need to pay?
You need to pay RM10 without a guarantor and RM 20 with a guarantor as Stamp Duty charge.
What if I fail to repay my monthly installments on scheduled date?
You need to pay a penalty fees of 1% p.a on the overdue amount.