Who can apply for Kuwait Finance House Automobile Ijarah-i?
If you're a Malaysian or hold permanent resident status you can apply for this car loan. If you are less than 21 years old you will require a guarantor to provide security for your application and loan.
What are the financing rates KFH Automobile Ijarah-I?
Kuwait Finance House offers low profit rates starting at 2.75% - 2.95% p.a. for locally made and assembled cars, and 2.55% - 2.82% p.a. for all foreign made cars.
How do I pay the bank throughout the leasing period?
You will be charged a flat lease rate. At the end of the day, you will have paid the bank the principal amount plus total profit based on a predetermined sales price. Easy repayment channels are available, such as MEPS Interbank Funds Transfer and Interbank GIRO.
What are the consequences if I fail to pay?
You will have to pay a compensation charge called Ta'widh of 1% on the overdue amount on your Kuwait Finance House Automobile Ijarah-i. Repossession can and will be a serious risk if you fail to make your payments for two months in succession.
Please tell me I can settle this car loan early?
Yes, that option will always be open to you. You will be entitled to rebate on the unexpired hiring period.
What documents do I need to apply?
Salaried applicant:
Copy of NRIC and driving license
Latest three months salary slips
Latest EA/ J Form or EPF statement
Confirmation letter of employment
Car / vehicle dealer's quotation (for new car only)
Self-employed applicant:
Copy of NRIC and driving license
Copy of business registration
B/ BE Form (last 2 years)
Company bank statement (6 Months)
Personal bank statement (if any)
Guarantor (if applicable):
Copy of NRIC and driving license
Latest 3 months salary slips
Latest EA/ J Form or EPF statement
Copy of bank statement or saving passbook