Car Loan BYTES FROM OUR KITCHEN

BSN MyAuto High Ranking Officials Scheme

BSN MyAuto High Ranking Officials Scheme is an auto financing scheme by Bank Simpanan Nasional (BSN). The scheme is designed specifically for the high ranking officials, i.e. the management level starting from grade 52 (or equivalent). The financing scheme provides customers with a high margin of financing for vehicle purchase at a range of attractive profit rates.

Features & Benefits

The following are the features and benefits associated with BSN MyAuto High Ranking Officials Scheme:

  • With this facility, the customers can get funds up to 90% of the OTR (on-the-road) price of the vehicle.
  • The financing tenure with this facility can be extended to 9 years.
  • The funds available with this facility come at a fixed flat rate of interest.
  • The facility is open for the new branded national, non-national and reconditioned and unregistered vehicles.
  • The facility comes with a low processing time and a fast approval.
  • The customers can choose to repay for the facility from a wide range of convenient modes of payment like ATM, CDM (Cash Deposit Machine), by placing standing instructions, through MyBSN, and at any of the BSN branch.

Interest/Profit Rates

The following table contains the interest rate associated with BSN MyAuto High Ranking Officials Scheme:

Available Tenure Range
Type of vehicle
National Vehicles Non-national Unregistered & Reconditioned Vehicles
3 to 4 years 2.53% p.a. 2.85% p.a.
5 to 9 years 2.63% p.a. 2.95% p.a.

Eligibility Criteria

The eligibility criteria of BSN MyAuto High Ranking Officials Scheme are mentioned below:

  • Nationality Criterion: The customer applying for the BSN MyAuto High Ranking Officials Scheme must be a Malaysian citizen.
  • Employment Criterion: The applicant must be a high ranking official of one of the following:
    • Government sector
    • GLAs (Government Link Agencies)
    • GLCs (Government Link Companies)
    • Government Statutory Body.
  • Income Criterion: The customers applying for BSN MyAuto High Ranking Officials Scheme must have an annual income of RM120,000 or above.

Documents Required

The following are the documents every customer applying for BSN MyAuto High Ranking Officials Scheme must present at the time of application:

  • 1 certified copy of the NRIC (both pages).
  • Business card or the contact card.
  • The copies of the last 3 months salary slips.

How To Apply

  • Offline Application: The BSN MyAuto High Ranking Officials Scheme application can be approached offline by visiting the nearest BSN Bank branch. The applicants can also put in their request for the financing facility via BSN customer service or hotline numbers.
  • Online Application: The customers can also apply for the BSN MyAuto High Ranking Officials Scheme online at the official website of BSN Bank.

Fees & Charges

The following table contains the fees and charges associated with BSN MyAuto High Ranking Officials Scheme:

Late Payment charges 8% p.a. on the total outstanding amount of the overdue instalment.
Stamp Duty Hirer purchase agreement: RM10 per agreement.
Guarantor purchase agreement (in cases where guarantor is required): RM10 per agreement.

FAQ's

Q. What is the minimum repayment tenure available with the BSN MyAuto High Ranking Officials Scheme?

A. The repayment tenure with BSN MyAuto High Ranking Officials Scheme ranges from 3 to 9 years.

Q. Does the BSN MyAuto High Ranking Officials Scheme application process require one to be accompanied with a guarantor?

A. The BSN MyAuto High Ranking Officials Scheme application process requires only the individuals who do not meet with the terms and conditions of the facility to be accompanied with a guarantor.

Q. Is it mandatory to have a motor insurance on your BSN MyAuto High Ranking Officials Scheme?

A. Yes. It is mandatory for you to take the motor insurance coverage for the entire loan period of the BSN MyAuto High Ranking Officials Scheme as per the Hire Purchase Act 1949.

Q. What if I decide to fully settle the remaining amount of the loan scheme during the financing term period. Will the bank allow me to do the same?

A. Yes. You can opt for an early settlement on your BSN MyAuto High Ranking Officials Scheme. The bank shall grant you a rebate on the unutilised repayment tenure in such a case.

Q. What if I make a partial payment on my monthly instalment? Is it allowed to do the same?

A. No. You are not allowed to make any modification in the monthly payment agreed upon. You are advised to pay the full amount of the monthly instalment on or before the due date.

Q. If a person decides to settle the whole loan amount before the maturity of the term, what kind of rebate will he/she get?

A. The rebate associated with early settlement of the loan amount is calculated on the unutilised tenure and can be calculated using the following formula:

Rebate = TC x [{t x (t+ 1)} / {T x (T + 1)}]

Where TC = Term charges; t = Unused or unutilised tenure in months; T = Original agreed upon tenure in months.

reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.