BSN has always focused on a banking-for-all policy and thus, it believes in convenient financing of homes, vehicles, education, marriages, personal expenses and medical bills. Car loans provided by Bank Simpanan Nasional comes with one of the lowest interest rates in the market. Any individual looking to own their very own vehicle and obtain the highest margins of finance can apply for BSN car loans.
At least 21 years old
Less than 58 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Loan capped @
Up to 90% of the ex-showroom price
Installments of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 9 years
|Margin of Finance||Up to 90%|
BSN which stands for Bank Simpanan Nasional is a government owned bank established by the then finance minister of Malaysia in 1974. The bank has grown to become a prominent banking institution in Malaysia and caters to a wide range of customers. It specializes not only in personal banking but also provides Islamic banking as well as micro finance.
Among the more popular personal banking products offered by BSN, are the BSN auto loans. These loans allow customers to buy the car they always wanted. A car may mean different things to different people. For some it may be a dream car, for others, a necessity to get from point A to point B. Whatever be the reason, BSN auto loans help provide the necessary finance required to purchase the automobile.
BSN car loans are designed for people from all walks of life; Malaysian individuals, professionals, government employees and employees of government and public listed companies. The margin of financing available on these loans is up to 90% of the selling price of the vehicle. Customers can repay the loan over a period of 9 years.
The BSN provides car loans targeted to two groups of customers.
Individuals with BPA (Biro Perkhidmatan Angkasa): Any Malaysian individual who is a permanent employee of a government company and/or its subsidiaries, a statutory organization or a BPA corporation can apply for this loan which comes at rates varying up to 3.30%.
Individuals without BPA: Malaysian permanent employees of government link companies, public listed institutions, professionals and financial institution workers can apply for this loan. The rate of profit available varies up to 3.60%.
Brand new and reconditioned vehicles are financed by the bank. Moreover, customers are free to choose any national as well as non-national or imported model of the vehicle.
Applicants must be Malaysian citizens of age 21 years and above, with a working status of at least six months of continuous employment at any of the above mentioned organizations.
Applicants are required to submit an application form along with the copies of driving license, NRIC, salary slips of the last 3 months, employment confirmation letter, EPF statement/ EA form, bank passbook or statements etc. to apply for a BSN car loan. Income documents may vary slightly as per applicants’ job profiles.
To keep banking with BSN as hassle-free as possible, the bank has one of the biggest networks of branches and ATMs in Malaysia. Customers can choose any method of loan repayment such as online banking, payments through BSN ATMs, deductions from salary accounts or via standing instructions.
If a customer finds that they are capable of repaying the loan in full, early settlement of the loan can be made at any time. Also, he/she shall receive a rebate on the outstanding amount of interest on the loan.
There are late penalty charges of 8% p.a. in case customers fail to make monthly payments on or before the due date. Furthermore, if he/she defaults on payments, for 2 successive months, the bank has the right to repossess the car. Thus, it is advisable to pay installments on time by staying watchful of the monthly due dates.
In order to calculate car loan interest rates provided by BSN car loan in Malaysia, then the car loan installment calculator on Bbazaar.my website maybe your best go-to tool. The car loan calculator is a simple and easy tool that helps you find o