BSN Car Loan

    Bank Simpanan Nasional (BSN) Car Loan is a four-wheeler financing facility. The loan scheme provides individuals with a high margin of financing at competitive profit rates along with flexible repayment tenures.

    BSN Bank Car Loan Interest RatesUpdated on 24 Mar 2019

    BSN Car Loan interest rates are different both for BSN MyAuto and BSN MyAuto High Ranking Officer Scheme.

    BSN MyAuto:

    Interest Rate 2.55% p.a. to 3.15% p.a.

    BSN MyAuto High Ranking Officer Scheme:

    Financing Tenure Vehicle Type Interest Rate
    3 – 4 years National 2.85% p.a.
    Non-National & Unregistered Reconditioned 2.53% p.a.
    5 – 9 years National 2.95% p.a.
    Non-National & Unregistered Reconditioned 2.63% p.a.
    BSN Bank Car Loan Details
    Margin of Finance Up to 90%
    Tenure 9 years
    Guarantor Requirement Required

    Types of Car Loans

    BSN offers 2 types of car loans to its customers:

    • BSN MyAuto: This loan scheme offers an attractive hire purchase facility to the applicants. Under this facility, the vehicle ownership remains with the bank until the full settlement is done.
    • BSN MyAuto High Ranking Officer Scheme: This loan scheme is meant for Malaysian high ranking officials like Government Link Company (GLC), Government Link Agency (GLA), Government Statutory Body and so on.

    Eligibility Criteria

    The eligibility criteria for BSN MyAuto is mentioned in detail here:

    BSN MyAuto:

      For Applicants With Salary Deduction Facility
      • Any Malaysian citizen aged between 21 years and above (subject to the age limit of maximum 60 years or pensioned at end of tenure, whichever is earlier).
      • Permanent employees of the following:
        • Government Departments and its subsidiaries.
        • Federal Government Servant.
        • Statutory bodies and its Subsidiaries.
        • Any employees of organization that has a payroll deductions scheme through Biro Perkhidmatan Angkasa (BPA).
      • Permanent employee with at least 6 months of prior work experience.
      • The salary deduction limit should be up to 60% of the employee’s monthly salary, including the repayment of this loan.
      For Applicants Without Salary Deduction Facility
      • Any Malaysian citizen above the age of 21 years. He/she must not exceed 65 years upon completion of the loan tenure.
      • A permanent worker who is having minimum 6 months working experience.
      • The loan is open to professionals, private sector employees of select organizations and Government-Linked Company & Government-Linked Agency sector employees.

    BSN MyAuto High Ranking Officials Scheme:

    The eligibility criteria for the BSN MyAuto High Ranking Officials Scheme are listed below:

    • The applicants must be Malaysian citizens
    • High Ranking Officials of GLA, GLC, Government Statutory Body, and all the high ranking officials in Government sectors.

    Documents Required

    BSN MyAuto:

      For Applicants With Salary Deduction Facility:
      • The completed application form duly signed in by the applicant
      • 1 month latest pay slip
      • A copy of NRIC (both front and back side)
      • A copy of Driving License
      • BPA 1/79 Form
      • Arahan Potongan Gaji BSN 09-A Form
      • Confirmation Letter from employer disclosing designation and salary details
      For Applicants Without Salary Deduction Facility:
      • Completed application form duly signed by the applicant.
      • 3 months latest pay slip
      • A photocopy of NRIC (both front and back side)
      • A photocopy of the applicant’s driving license
      • A photocopy of either bank passbook or Bank Account Statement
      • EPF statement

    BSN MyAuto High Ranking Officials Scheme:

    • A certified copy of NRIC (both sides)
    • 1 month’s pay slip
    • The applicant’s business or contact card

    How To Apply

    • Offline Application: An applicant of BSN Car Loan can go directly to the nearest BSN branch. They must present the necessary documents and fill up the application form in order to apply for the loan.
    • Online Application: Another way of applying for the BSN Car Loan is by visiting the bank’s official website. The applicant needs to download and submit the duly filled application form along with the supporting documents.

    Fees & Charges

    The fees and charges of BSN Car Loan are as follows:

    Stamp Duty RM10 for Hirer’s copy of the Hire Purchase Agreement
    Stamp Duty RM10 for Guarantor’s copy of agreement (if applicable)
    Late Payment Charges If the applicant fails to make an instalment payment, he/she will be charged a late payment penalty of 8% p.a. on the outstanding monthly instalment.

    Features & Benefits

    Both types of BSN Car Loan has the following features and benefits:

    BSN MyAuto:

    • It offers competitive interest rates.
    • The loan repayments can be made at any BSN branch throughout Malaysia.
    • The loan offers a high finance margin of up to 90% of the selling price of the vehicle.
    • The minimum loan period is for 3 years with the maximum loan tenure being set at 9 years.
    • This loan scheme is available for new vehicles and select types of reconditioned vehicles.

    BSN MyAuto High Ranking Officials Scheme:

    • An array of competitive financing rate.
    • The loan applications will receive priority processing and approval status. The loans come on an AM-PM basis i.e. can be approved within the same working day.
    • The loan offers multiple modes of repayment such as over-the-counter payments at any BSN branch nationwide, through standing instruction, or through online banking using MyBSN among other modes.
    • The minimum financing tenure is fixed at 36 months while the maximum financing tenure is fixed at 108 months (this is subject to the applicant’s retirement age).
    • This loan scheme is open for brand new cars - national, non-national, as well as unregistered and reconditioned cars.


    Q. If there are any changes in my contact details like change of address or phone number, how should I update the bank?

    A. You can either write or send an email to the bank in order to inform us about the changes in your contact details. This will ensure that all correspondences reach you on time.

    Q. Am I entitled for a rebate if I can fully settle the financing before its maturity?

    A. Yes, you are entitled for a rebate which is the refund of the term charges for the unutilised time period. There is a particular formula to calculate this.

    Rebate = n (n+1) X TC N (N+1)

    Note: n = Remaining Rental Period in Months; N = Original Rental Period in Months; TC = Term Charges

    Q. Is it mandatory to have a takaful coverage?

    A. Under the Hire Purchase Act 1967, it is mandatory to have an insurance or takaful coverage during the financing tenure. Note that during the first year, BSN as an owner shall ensure that the vehicle has a takaful coverage or a comprehensive insurance cover but it is the responsibility of the hirer to renew the coverage for the following years. As the buyer, you need to inform BSN on the renewal of the takaful policy within 14 working days before the expiry of the policy.

    Q. What can I do if my vehicle has been repossessed by the bank?

    A. If your vehicle is repossessed by the bank, as the hirer, you must pay the full outstanding installments and also the incidental expenses that may have been incurred by the bank for the repossession. The incidental expenses can be repossession cost or towing and introducing a new buyer.

    Q. Is the loan available for applicants with specialised professions?

    A. Yes. The loan is open to professionals such as doctors, lawyers, architects, accountants etc.

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