If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • Car Loan BYTES FROM OUR KITCHEN

    Kuwait Finance House Car Loan

    Kuwait Finance House Car Loan is a car financing product by Kuwait Finance House that is based on Shariah Law of Al-Ijarah Thumma Al-Bai’ (AITAB). The loan facility provides you with funds for automobile purchase at competitive profit rates.


    You’re probably eligible for an Kuwait Finance House Bank Car Loan if you are

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    02
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    BSN Bank Car Loan Minimum Age

    At least 18 years old

    BSN Bank Car Loan Maximum Age

    Less than 65 years old

    BSN Bank Car Loan Eligible Employment Type

    Salaried or self-employed with regular income

    BSN Bank Car Loan Minimum Income

    Earn more than the minimum income required


    Your Kuwait Finance House Bank Car Loan amount eligibility is based on these factors

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    02
    RHB Bank Car Loan Maximum Loan to Value

    Loan capped @
    Up to 90% of the ex-showroom price

    RHB Bank Car Loan Installment

    Installments of other loans lower your eligibility


    Increase your eligible Kuwait Finance House Bank Car Loan amount by these steps

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    02
    RHB Bank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    RHB Bank Car Loan Maximum Tenure

    Choose longer tenure loan up to 9 years


    Documentation needed to apply for Kuwait Finance House Bank Car Loan

    • 1. A copy of NRIC (both sides)
    • 2. A copy of driving license
    • 3. Copies of salary slips for last 3 months
    • 4. A copy of business registration
    • 5. B/BE Form for last 2 years
    • 6. Latest EPF statement or EA/J form

    Kuwait Finance House Bank Car Loan Interest RatesUpdated on 25 Sep 2018

    Kuwait Finance House Bank Car Loan Details
    Margin of Finance Up to 90%
    Tenure 9 years
    Guarantor Requirement Required

    Types of Car Loan

    • Automobile Ijarah-i: The Kuwait Finance House Car Loan has an automobile financing plan named Automobile Ijarah-i that provides you with a hassle-free and convenient package to suit your car loan needs.

    Features & Benefits Of Automobile Ijarah-i

    Here are the features and benefits associated with Kuwait Finance House Car Loan:

    • The facility provides you with funds of RM30,000 or more for your automobile purchase.
    • The repayment tenures available with the scheme is extendable up to 9 years.
    • The funds associated with this loan come with a low processing time and quick approval.
    • You can get up to a margin of 90% of the purchase price with Kuwait Finance House Car Loan.
    • The funds obtained through the loan facility come at a range of competitive profit rates.
    • The loan scheme comes with personalised services like road tax renewal and comprehensive takaful coverage.
    • You can choose to repay for the loan through convenient payment modes like interbank GIRO and MEPS.

    Interest/Profit Rates For Automobile Ijarah-i

    The profit rates associated with Kuwait Finance House Car Loan are given below:

    Tenure Profit Rate
    Up to 9 years Will be communicated to customers directly.

    Eligibility Criteria For Automobile Ijarah-i

    The following are the eligibility criteria for Kuwait Finance House Car Loan:

    • Age Criterion: Minimum age required for Kuwait Finance House Car Loan is 18 years. Whereas the applicant should not be older than 65 years at the time of loan maturity.
    • Nationality Criterion: The Kuwait Finance House Car Loan is open for Malaysian citizens and permanent residents only.

    Documents Required For Automobile Ijarah-i

      For Salaried Employees: The salaried employees need to present the following documents in order to get the Kuwait Finance House Car Loan approval:
      • Copies of both sides of NRIC
      • A copy of driving license
      • Copies of last 3 months’ salary slips
      • The employment confirmation letter
      • Bank statement from the salary crediting account for last 3 months
      • Dealer’s quotation for the vehicle (applicable only for a new vehicle)
      • Latest EPF statement or EA/J form

      For Self-smployed Individuals: The following is a list of documents the self-employed individuals need to present in order to get the loan approval:

      • A copy of NRIC (both sides)
      • A copy of driving license
      • Copy of company bank statement for last 6 months
      • B/BE Form for last 2 years
      • A copy of business registration
      • Personal bank statement (if applicable)

      For Guarantor (wherever applicable):

      • A copy of NRIC (both sides)
      • A copy of driving license
      • Copies of salary slips for last 3 months
      • Bank statement’s or Savings passbook’s copy
      • Latest EPF statement or EA/J form

    How To Apply For Automobile Ijarah-i

    • Offline Application: In order to get the funds from Kuwait Finance House Car Loan, you can either walk into the nearest Kuwait Finance House's branch or reach to the bank telephonically through its hotline numbers.
    • Online Application: You can also apply for the Kuwait Finance House Car Loan on the official website of Kuwait Finance House.

    Fees & Charges Of Automobile Ijarah-i

    The following are the fees and charges associated with Kuwait Finance House Car Loan:

    Late payment charges 1% p.a. on overdue instalment will be charged in cases of late payment.
    Stamp Duty Without guarantor: RM10 per agreement as per the Stamp Duty Act 1949.
    With guarantor: RM20 per agreement as per the Stamp Duty Act 1949.
    Registration Fee Vehicles with up to 1500 cc capacity: RM150
    Vehicles with capacity 1500cc: RM300
    Vehicles registered in Sarawak, Sabah, and Labuan: RM60
    For company registration: RM500

    FAQ's

    Q. What are the tenures available with Kuwait Finance House Car Loan?

    A. The range of repayment tenures available is from 2 to 9 years.

    Q. Do I need to bring a guarantor with me for Kuwait Finance House Car Loan process?

    A. Requirement of a guarantor or a collateral is on a case to case basis. Under some circumstances, you may require to bring a guarantor for the loan process.

    Q. Is the takaful coverage necessary with this loan scheme?

    A. Yes. You are required to get the takaful coverage as it settles the outstanding financing in an event of vehicle damage and accidents.

    Q. Can I decide to settle the loan amount fully before the loan facility’s maturity date? If yes, will I be charged in such a case?

    A. You are allowed to fully settle the loan amount before its maturity. The early settlement charges can be calculated using the formula below:

    ES = Total payable amount – Instalment paid – Ibra’ (Rebate) + other expenses/costs

    Where ES = Early settlement charges; other expenses include legal fees, maintenance fees, postage and repossession charges, and storage and security fees.

    Q. Is it beneficial in any way to settle the entire financing amount before the maturity of the loan facility?

    A. You are entitled to earn a rebate in such cases. The rate of a rebate is calculated using the formula below:

    R = [{t x (t+1)} / T x (T+1)] x TC

    Where R = Rebate; t = Number of unutilised loan period in months; T = Original agreed upon financing period in months; TC = Total profit amount payable over the loan period.

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