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.
You’re probably eligible for an BSN Bank Car Loan if you are
At least 21 years old
Less than 58 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your BSN 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 BSN 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 BSN Bank Car Loan
- 1. Photocopy of Valid ID
- 2. Photocopy of Driving license
- 3. Photocopy of NRIC(both side)
- 4. One month Latest Salary Slip
- 5. Confirmation Letter from employer, which shall states the followings:
- Employment Status
- Date of Employment
- Monthly Salary.
BSN Bank Car Loan Interest RatesUpdated on 05 Dec 2016
|Interest Rate||2.53% - 3.60%|
|Margin of Finance||Up to 90%|
BSN Auto Loans
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.
Features of BNS Auto Loans:
- The auto loans are offered at competitive interest rates that range from 2.75% to 3.60%. These rates may vary as per the RBP or Risk Based Pricing computation and is subject to change as per the discretion of the bank.
- The repayment of this loan is convenient as it can be made through any BSN branch across the country.
- The loan provides a high margin of finance covers up to 90% of the selling price of the vehicle. The minimum loan amount one can borrow is RM 25,000.
- The loan tenures allow for easy repayment with the minimum tenure being 36 months and the maximum loan tenure being 108 months
- This loan can be used to purchase selected new and reconditioned vehicles.
- The guarantee agreement if applicable will charge a fee of RM 10.
- Stamp duty fee for the loan is RM 10.
- Borrowers are given a statutory rebate on the remainder of the loan period if they go in for early settlement.
- Failure to pay instalments on time attract a late payment penalty of 8% p.a. of the outstanding monthly instalment.
- Applicants with a BPA facility should be 21 years of age. The applicant must not attain the age of retirement at 60 years before the end of the loan tenure.
- The deduction of the salary should be not exceed 60% of the monthly salary inclusive of the deduction of the BSN auto loan.
- For applicants without BPA facility, they should have at least 6 months of work experience and be a permanent worker at their source of employment and should have attained the age of 21 years.
- The applicant must submit the latest salary slip dating back one month.
- A copy of both sides of their NRIC and a copy of their driving license
- A confirmation letter from their employer disclosing details such as name and designation of the applicant, their date of employment and salary status.
- A BPA form 1/79. If applicants do not have the BPA facility, they need to be a permanent worker with at least 6 months of working experience.
- Applicants without BPA facility should submit latest salary slips dating back at least 3 months, bank statement, copy of both sides of the NRIC and a copy of their driving license, along with the latest EA form/ EPF statement.
Why choose BSN Bank’s car loan?
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.
What is so special about BSN car loans?
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%.
What kind of vehicles does BSN finance under its car financing plans?
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.
Who is eligible to apply for BSN car loans?
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.
What are the documents required to be submitted while applying for a car loan at BSN?
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.
How can monthly BSN Car Loan installments be paid?
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.
Can BSN car loans be settled before the due date?
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.
Are there any consequences in case of failure to repay 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.
How to calculate BSN Car Loan installment in 2016?
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 out your exact monthly car loan installment when you feed it details like rate of interest, car loan amount and tenure. Pronto! Here is your monthly installment of your car loan within seconds. The calculator tool also displays a repayment schedule to help you know what the paid and unpaid amounts are during the car loan term.
BSN Car Loan FAQ's
What is the minimum car loan tenure offered by BSN Bank?
The minimum car loan tenure of BSN Bank Car Loan is 36 months.
What is the maximum loan repayment tenure offered by the bank?
The maximum loan repayment tenure offered by the bank is 108 months.
Does BSN provide car loan for reconditioned vehicles?
Yes, the bank offers car loans for reconditioned as well as new vehicles.
What is the minimum age required for a Malaysian citizen to be eligible for BSN Car loan?
The applicant’s age should be minimum 21 years to be eligible for purchasing a BSN Car.
If I am 60 years old, will I be able to avail a car loan form BSN Bank?
Yes, you can avail a BSN Car Loan, if your age is not more than 60 years.
What are the documents I need to submit to get BSN Car Loan?
A borrower needs to submit the following key documents:
- Latest salary slips.
- Copy of NRIC.
- Copy Driving License.
Who can apply for BSN Car loans in Malaysia?
The following people are eligible for applying for BSN Car Loans:
- Malaysia citizens.
- Government Employs.
- Government Link Company (GLC).
- Government Link Agency (GLA).
- Government Statutory Body.
What are the car loan schemes offered by BSN Bank?
The bank offers total three car loan schemes which include -
- Skim Sewa Beli Pemilik Teksi / Kereta Sewa Baru (SPTB)
- BSN Hire Purchase1
- BSN Hire Purchase High Ranking Officials Scheme
Does BSN Bank charge car loan late payment fees?
Yes, the bank charges penalty fees, if you fail to pay your car loan EMIs on time.
If I can afford to repay my car loan before scheduled date, will BSN Bank allow me to do so?
Yes, BSN will allow settle your car loan before scheduled date.
What are the interest rates charged on car loans by BSN?
The bank charges 2.80% to 3.30% on national cars and 2.15% to 2.75% on foreign cars.
Do I need to pay Stamp Duties charges, if I take a car loan form BSN Bank?
Yes, you need to pay Stamp Duties charges. The bank charges RM10 for its Hire Purchase Agreement.
Which scheme offered by BSN particularly does serve the government employees?
The BSN Hire Purchase High Ranking Officials Scheme is particularly designed for government employees.
Other Products offered by BSN:
Apart from offering Car Loan, BSN offers other products and services which include: