KFH Automobile Ijarah-i

Attractive Shariah-based car loan with quick approval, easy repayment channels and full takaful coverage

KFH Automobile Ijarah-iShariah Compliant
Tenure
up to 9 years
Loan Type
Fixed Islamic loan
Profit Type
Flat
Margin of finance
Up to 90%
Excess Repayment
Not applicable
Early Settlement Rebate
Available

Profit rates

How much the bank charges you based on your loan amount & loan period

ConditionMaximum YearsMargin of FinanceInterest rate
New9 years90%2.5% p.a.

Fees & Charges

Profit Rate for New Cars
from as low as 2.5% p.a., depending on car brand, borrowing amount, and period
Stamp Duty
RM10
Early Settlement Fee
 None
Late Penalty Fee
1%  p.a. of the outstanding amount

Requirements

Minimum Annual Income
RM24,000
Minimum Age
  • 18 to 65 years old
Who can apply
  • Malaysians
  • Foreigners

More Information

How does KFH Automobile Ijarah-i work?

KFH Automobile Ijarah-i is an Islamic hire purchase that extends up to 90% margin of financing for the purchase of vehicle, regardless for personal or commercial use. The mechanic of this car financing is similar to a conventional hire purchase, such as:

  • You can borrow amount starting from RM30,000 up to 90% of the vehicle's OTR price;
  • The profit charged on your facility is calculated on a flat rate basis; and
  • Maximum financing period is 9 years, or upon reaching the age of 65 years.

Once you have fully paid the facility, you will enter into a contract of purchase with KFH, which ultimately claim the ownership of the vehicle.

What benefits can I get from this Islamic hire purchase?

Most customers will look for a financing package that offers competitive profit rate and fast approval - that's how KFH Automobile Ijarah-i lives up to its name. Besides, you have the convenience to sign up for a comprehensive Motor Takaful through KFH's panel of operators. 

KFH also provides a slew of easy payment channels for you to repay your monthly instalment, either via online banking, cash deposit, MEPS or over the counter at KFH branches.

What is my monthly commitment?

Once you have agreed to the financing agreement, you will receive your total approved applied amount compounded with profit charges. This amount will then be divided into equal instalments payable every month.

If you're late on your repayment, the bank will charge you 1% p.a. on the overdue amount, calculated daily. Worst, they can also repossess your car if you fail to make your payments for two months in succession.

Can I settle my car financing off early?

Yes, that option is always open for you at zero cost. In fact, you will be entitled to rebate on the profits for the remaining unpaid balance.

Who can apply for KFH 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 documents do I need to prepare?

 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
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