• Car Loan BYTES FROM OUR KITCHEN

    BSN Islamic Car Loan

    BSN Islamic Car Loan is a vehicle financing plan by Bank Simpanan Nasional that offers the customers a high range of financing for vehicle purchase. The financing facility is based on the Shariah contract of AITAB (Al Ijarah Thumma Al Bai) and offers financing to the customers at a competitive profit rate range.


    You’re probably eligible for an BSN Islamic Bank Car Loan if you are

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    BSN Islamic Bank Car Loan Minimum Age

    At least 21 years old

    BSN Islamic Bankk Car Loan Maximum Age

    Less than 58 years old

    BSN Islamic Bank Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    BSN Islamic Bank Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your BSN Islamic Bank Car Loan amount eligibility is based on these factors

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    BSN Islamic Bank Car Loan Maximum Loan to Value

    Loan capped @
    Up to 90% of the ex-showroom price

    BSN Islamic Bank Car Loan Installment

    Installments of other loans lower
    your eligibility


    Increase your eligible BSN Islamic Bank Car Loan amount by these steps

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    BSN Islamic Bank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    BSN Islamic Bank Car Loan Maximum Tenure

    Choose longer tenure loan up to 9 years


    Documentation needed to apply for BSN Islamic Bank Car Loan

    • 1. For BSN MyAuto-i
      • A certified photocopy of both the sides of applicant’s NRIC
      • Photocopies of the salary slips for the last 3 months
    • 2. For BSN MyAuto-i High Ranking Officials Scheme
      • A certified copy of the applicant’s NRIC (both pages)
      • Salary slips’ copies for the 3 latest months

    BSN Islamic Bank Car Loan Interest RatesUpdated on 24 Feb 2019

    BSN Islamic Bank Car Loan Details
    Margin of Finance Up to 90%
    Tenure 9 years
    Guarantor Requirement Required

    Types of BSN Islamic Car Loans

    There are two packages under the BSN Islamic Car Loan:

    • BSN MyAuto-i: The BSN MyAuto-i is an auto financing package that provides the customers with financing up to 90% of the price of the vehicle. The minimum amount that one can apply for through BSN MyAuto-i is RM25,000.
    • BSN MyAuto-i High Ranking Officials Scheme: The BSN MyAuto-i High Ranking Officials Scheme is a vehicle financing scheme that is tailor-made for the high ranking officials (management level starting from grade 52 or equivalent).

    BSN Islamic Car Loan Features & Benefits

    The following are the features and benefits associated with BSN Islamic Car Loan:

    • The BSN Islamic Car Loan provides a high margin of financing (up to 90% of the price of the vehicle) for purchase of brand new national, non-national, and unregistered reconditioned vehicles.
    • The financing tenure available with the financing scheme can be extended to 108 months (subject to customer’s retirement age).
    • The funds customers obtain through this facility come at a range of competitive profit rates.
    • The customers can make repayments for the financing facility through easy and convenient methods of payment like MyBSN by placing standing instructions on account, ATM, CDM (Cash Deposit Machine) and at the counters of any BSN branch.

    BSN Islamic Car Loan Profit Rates

    The following tables contain the profit rates associated with the BSN Islamic Car Loan:

    • BSN MyAuto-i:
    Financing Tenure Range Profit Rate
    Up to 108 months 2.55% p.a. to 3.15% p.a.
    • BSN MyAuto-i High Ranking Officials Scheme:
    Financing Tenure Range Type of Vehicle
    Non-national, Unregistered and Reconditioned Vehicles National Vehicles
    36 – 48 months 2.53% p.a. 2.85% p.a.
    60 – 108 months 2.63% p.a. 2.95% p.a.

    BSN Islamic Car Loan Eligibility Criteria

    The following are the eligibility criteria for BSN Islamic Car Loan:

    For BSN MyAuto-i:

    • Eligibility criteria for the applicants with salary deduction facility:
      • The applicant must be a Malaysian citizen.
      • The applicant must be at least 21 years old at the time of BSN MyAuto-i application and should not exceed his/her retirement age (or 60 years) before the facility matures.
      • The applicant must be an employee of any of the following on permanent basis:
        • Federal Government.
        • Government departments and its subsidiaries.
        • Statutory bodies and their subsidiaries.
        • Any organisation that has a payroll scheme through BPA (Biro Perkhidmatan Angkasa).
      • The applicant’s salary deduction range should be up to 60% of his/her monthly salary (including the repayment of the facility).
      • The applicants must be in service for at least 6 months.
    • Eligibility criteria for the applicants without salary deduction facility:
      • The applicant must be a permanent citizen of Malaysia.
      • The applicant must be 21 years old or older at the time of application and must not exceed his/her retirement age or 60 years by the time the scheme reaches its maturity.
      • Any certified professional like a doctor, lawyer, architect, and accountants among many others can apply for BSN MyAuto-i.
      • The applicant must be a permanent employee of any of the following with at least 6 months in service:
        • MNCs and Locally Incorporated companies.
        • Private hospital.
        • Licensed financial institution.
        • PDPs (Premier Developer Panel).
        • Telecommunication companies.
        • PETRONAS Group of Companies.
        • GLCs (Government Linked Companies) and GLAs (Government Linked Agencies).
        • Selected private colleges and universities.
        • Statutory bodies.
        • Selected PLCs in Main Market Bursa Malaysia of any of the following: property sector, plantation sector, consumer sector, financial sector, technology sector, industrial product sector, or trading/service sector.

    For BSN MyAuto-i High Ranking Officials Scheme:

    • The applicant must be a Malaysian citizen.
    • The applicant must be working for any of the following as a high ranking official:
      • Government sector.
      • GLCs (Government Linked Companies) or GLAs (Government Linked Agencies).
      • Government statutory body.
    • The applicant must have a monthly income of RM10,000 in order to apply for the BSN MyAuto-i High Ranking Officials Scheme.

    Document Required for BSN Islamic Car Loan

    For BSN MyAuto-i:

    • Document required for BSN MyAuto-i (for applicants with a facility of salary deduction):
      • One certified copy of the NRIC of the applicant (both sides).
      • The completed BSN MyAuto-i application form duly signed by the applicant.
      • Photocopies of the salary slips for the last 3 months.
      • A certified copy of the applicant’s driving license.
      • Letter of authorisation for BSN for credit checking.
      • BPA 1/79 form for BPA scheme or Arahan Potongan Gaji BSN 09-A form (for SKAP scheme) through Jabatan Akauntan Negara that needs to be completed by the applicant and approved by Human Resource/employer of payroll/head of the department.
      • The employment confirmation letter from the applicant’s employer that states the following information about the applicant: name and NRIC number, monthly salary, employment status, designation, date of employment, date of retirement, and fixed allowances (if any).
    • Document required for BSN MyAuto-i (for applicants without a facility of salary deduction):
      • A certified photocopy of both the sides of applicant’s NRIC.
      • Salary slips for the 3 recent months.
      • A certified photocopy of the driving license of the applicant.
      • EA form or EPF statement.
      • Account statement for the salary crediting account or a copy of bank’s passbook.
      • Letter of authorisation for BSN for the purpose of credit checking.
      • The BSN MyAuto-i application form completed and signed by the applicant.

    Note: In cases where the application process requires a guarantor, the guarantor needs to present the same set of documents.

    For BSN MyAuto-i High Ranking Officials Scheme:

    • A certified copy of the applicant’s NRIC (both pages).
    • Salary slips’ copies for the 3 latest months.
    • Contact card or business card.

    How to apply for BSN Islamic Car Loan

    • Offline Application: One way to apply for the BSN Islamic Car Loan is by visiting the nearest BSN Bank branch and filling out the application form for the same. The application form then needs to be submitted along with all the supporting documents. The applicants can also reach out to the bank via the hotline numbers of the bank and put in their request for the BSN Islamic Car Loan.
    • Online Application: The applicants can also apply for the BSN Islamic Car Loan on the official website of the BSN Bank. The BSN Islamic Car Loan application form available online needs to be filled with the required details and submitted along with all the necessary documents.

    BSN Islamic Car Loan Fees and Charges

    The following table contains the fees and charges associated with the BSN Islamic Car Loan:

    Late Payment charges (During the financing term) 1% p.a. of the overdue instalment amount.
    Late Payment charges (After the maturity of the financing term) The late payment charges after the maturity of the financing term will be calculated using the IIMM rate.
    Stamp Duty Hirer purchase agreement: RM10 per agreement.
    Guarantor purchase agreement (if the process requires a guarantor): RM10 per agreement.

    Note: IIMM = Islamic Interbank Money Market.

    BSN Islamic Car Loan Contact Number

    The customers applying for BSN Islamic Car Loan can reach out to the bank via its customer service numbers: 300 88 1900, 03-2613 1900, or 03-2613 1888 for further information about the product.

    FAQs

    Q. I’m an architect working for last 4 months. Can I apply for the BSN Islamic Car Loan for a national passenger car?

    A. No. You are required to be in service for at least 6 months in order to be eligible to apply for this financing facility.

    Q. Is it mandatory for one to get the takaful coverage with the BSN Islamic Car Loan?

    A. Yes. It is mandatory for you to take the motor takaful coverage on your BSN Islamic Car Loan for the entire financing term as per the Hire Purchase Act 1949.

    Q. Is it mandatory for me to bring a guarantor to the BSN Islamic Car Loan application process?

    A. The requirement of a guarantor depends upon the credit assessment made my BSN. The bank may ask you to bring a guarantor after credit checking.

    Q. What is the minimum and maximum tenure of repayment one can get with the BSN Islamic Car Loan?

    A. The range of repayment tenure is from 36 to 108 months.

    Q. Is it allowed to pay the entire outstanding balance at once before the financing term expires?

    A. Yes. The bank allows you to make an early settlement on the dues before the expiration of the term.

    Q. Is there an advantage associated with the early settlement of the outstanding balance of the BSN Islamic Car Loan, if any?

    A. The customers opting for an early settlement on the outstanding balance of BSN Islamic Car Loan will be entitled to a rebate (Ibra’). The rebate is calculated on the unused portion of the tenure and can be calculated using the formula below:

    Ibra’ (Rebate) = TC x [{m x (m+ 1)} / {N x (N + 1)}]

    Where TC = Term charges; m = Number of unused tenure in months; N = Original financing tenure in months.

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