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    BSN MyAuto-i High Ranking Officials Scheme

    BSN MyAuto-i High Ranking Officials Scheme is an auto financing package by Bank Simpanan Nasional that follows the Shariah concept of AITAB (Al Ijarah Thumma Al Bai). The package offers financing to high ranking officials (grade 52 or equivalent) with financing for vehicle purchase at competitive profit rates.

    Features & Benefits

    Let’s take a look at the features and benefits associated with BSN MyAuto-i High Ranking Officials Scheme:

    • The facility comes with a quick approval that provides financing to applicants on the AM-PM basis.
    • The facility covers brand new national, non-national, as well as reconditioned unregistered vehicles.
    • The facility provides customers with a high range of financing that has a maximum limit of 90% of the OTR (on-the-road) price of the vehicle.
    • Customers can choose from a flexible range of financing tenures that is extendable to 108 months.
    • Repayments for the facility can be made via convenient payment modes like ATM, CDM (Cash Deposit Machine), MyBSN, by placing standing instructions, and at the counters of any BSN branch.

    Profit Rates

    The profit rates associated with BSN MyAuto-i High Ranking Officials Scheme are mentioned in the table below:

    Financing Tenure Vehicle Category
    National Vehicles Non-national Reconditioned and Unregistered Vehicles
    3-4 years 2.53% p.a. 2.85% p.a.
    5-9 years 2.63% p.a. 2.95% p.a.

    Eligibility Criteria

    Let’s take a look at the eligibility criteria for BSN MyAuto-i High Ranking Officials Scheme:

    • Nationality Criterion: The applicant must be a permanent citizen of Malaysia in order to get the benefits of BSN MyAuto-i High Ranking Officials Scheme.
    • Employment Criterion: The applicant must be employed as a high ranking official in one of the following:
      • Government sector
      • GLCs (Government Link Companies)
      • GLAs (Government Link Agencies)
      • Government Statutory Body.
    • Income Criterion: The applicant must have a minimum monthly income of RM10,000.

    Documents Required

    Here is the list of documents required to be presented at the time of BSN MyAuto-i High Ranking Officials Scheme application:

    • A certified copy of the NRIC (both sides).
    • 3 recent months’ salary slips copies.
    • Business/Contact card.

    How to Apply

    • Offline Application: Customers can visit the nearest BSN branch in order to apply for BSN MyAuto-i High Ranking Officials Scheme. The applicants can also reach out to the bank through BSN customer service and put in their request for the same.
    • Online Application: Another way to apply for the BSN MyAuto-i High Ranking Officials Scheme application is by putting in the request through the official web portal of BSN Bank.

    Fees and Charges

    The following are the fees and charges associated with BSN MyAuto-i High Ranking Officials Scheme:

    Late Payment charges (During the financing period) 1% p.a. on the amount of the overdue instalment.
    Late Payment charges (After the maturity of the period) Based on IIMM (Islamic Interbank Money Market) rate.
    Stamp Duty Hirer purchase agreement: RM10.
    Guarantor purchase agreement (wherever guarantor is required): RM10.

    FAQs

    1. Q. Would the BSN MyAuto-i High Ranking Officials Scheme process need me to be accompanied with a guarantor at the time of application?

      A. The requirement of the guarantor may vary from application to application.

    2. Q. Is the motor takaful coverage with the BSN MyAuto-i High Ranking Officials Scheme mandatory?

      A. You are required to take the motor takaful coverage with your BSN MyAuto-i High Ranking Officials Scheme for the entire financing period.

    3. Q. What is the range of financing tenure available with the BSN MyAuto-i High Ranking Officials Scheme?

      A. The facility comes with a tenure that has a minimum and maximum limit of 36 months and 108 months respectively.

    4. Q. What if, during the financing term, I decide to pay the whole outstanding amount at once?

      A. You can decide to pay the whole outstanding balance at once any time during the financing term. You will earn a rebate (Ibra’) in such a case.

    5. Q. On what basis is the rebate associated with early settlement of the outstanding balance calculated?

      A. The rebate associated with early settlement is calculated on the number of unutilised months of the tenure. The following is the formula to calculate the same:

      Ibra’ (Rebate) = TC x [{m x (m+ 1)} / {T x (T + 1)}]

      Where TC = Term charges; m = Number of unutilised months of the tenure; T = Original tenure in months.

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