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    BSN MyAuto-i

    BSN MyAuto-i is an auto financing package provided by Bank Simpanan Nasional to the customers who need financing for vehicle purchase. Working under the Shariah concept of AITAB (Al Ijarah Thumma Al Bai), this facility is known for offering a high margin of financing at competitive profit rates with flexible financing tenures.

    Features & Benefits

    The following are the features and benefits associated with BSN MyAuto-i:

    • The facility is suitable for the customers who need to purchase a brand new national, non-national or reconditioned unregistered vehicles.
    • With BSN MyAuto-i, customers can get financing for vehicle purchase up to 90% of the price of the vehicle.
    • The repayment tenures with this financing facility have a flexible range that is extendable to 9 years (this is subject to the retirement age of the applicant).
    • The facility provides the applicants with funds at a range of competitive profit rates.
    • The repayment for this facility can be made in easy instalments at any BSN branch across the country or through salary deduction facility.

    Interest/Profit Rates

    The following tables contain the profit rates associated with BSN MyAuto-i:

    Maximum Tenure Available Profit Rate
    9 years 2.55% - 3.15% p.a.

    Eligibility Criteria

    The criteria for the BSN MyAuto-i are listed below:

    For Customers Who Have A Salary Deduction Facility:

    • Nationality Requirement: The customer should be a Malaysian citizen.
    • Age Requirement: The customers should be 21 years old or older at the time of application and must not be older than his/her retirement age (or 60 years) by the maturity of the financing facility.
    • Employment Requirement: The customer must be working for one of the following for a minimum of 6 months as a permanent employee:
      • Government departments and its subsidiaries.
      • Federal Government.
      • Statutory bodies and their subsidiaries.
      • An organisation with its payroll scheme through BPA (Biro Perkhidmatan Angkasa).
    • Salary Deduction Requirement: The customer must have up to 60% of his/her monthly salary as salary deduction (including the repayment of this financing scheme).

    For Customers Who Do Not Have A Salary Deduction Facility:

    • Nationality Requirement: The customer should be a Malaysian citizen.
    • Age Requirement: The customers should be at least 21 years old at the time of application and not above 60 years of age (or the designated retirement age) before the financing facility expires.
    • Employment Requirement: The customers applying for BSN MyAuto-i must be employed on a permanent basis with any of the following:
      • PDPs (Premier Developer Panel).
      • A selective range of private universities and colleges.
      • PETRONAS Group of Companies.
      • Telecommunication companies.
      • Licensed financial institutions.
      • Statutory bodies.
      • Private hospital.
      • Multinational companies (MNCs) and Locally Incorporated companies.
      • Government Linked Companies (GLCs) and Government Linked Agencies (GLAs).
      • A selective range of PLCs in Main Market Bursa Malaysia including consumer sector, financial sector, plantation sector, industrial product sector, trading/service sector, technology sector, and property sector.
      • Certified professionals like the architect, accountants, doctors, lawyers etc.

    Documents Required

    The following are the lists of documents that applicants of BSN MyAuto-i require to present at the time of application:

    For Customers Who Have A Facility Of Salary Deduction):

    • A certified copy of customer’s NRIC (both sides).
    • Copies of the 3 latest months’ salary slips.
    • A certified copy of the driving license of the customer.
    • The BSN MyAuto-i application form completed and duly signed by the customer.
    • Authorisation letter for BSN for credit checking.
    • The employment confirmation letter provided by the customer’s employer that contains the following information: name and NRIC number of the customer, employment status, designation, monthly income, date of employment, date of retirement, and any fixed allowances.
    • BPA 1/79 form for BPA scheme or Arahan Potongan Gaji BSN 09-A form for SKAP scheme through Jabatan Akauntan Negara that the customer needs to complete and needs to be approved by /head of department /Human Resource/employer of payroll.

    For Customers Who Do Not Have A Facility Of Salary Deduction:

    • A certified copy of NRIC of the customer (both sides).
    • Copies of the 3 latest months’ pay slips.
    • EPF statement of EA form.
    • Authorisation letter for BSN for credit checking purpose.
    • A certified copy of customer’s driving license.
    • The completed and signed application form of BSN MyAuto-i.
    • Salary crediting account statement, or
    • One copy of bank’s passbook.

    Note: If the BSN MyAuto-i process requires the customer to bring a guarantor to the application process, the guarantors also needs to submit the same documents as mentioned above.

    How To Apply

    • Offline Application: Customers can reach out to the bank with the BSN MyAuto-i request through the customer service numbers of the bank. One can also visit the nearest BSN branch in order to apply for the BSN MyAuto-i.
    • Online Application: The BSN MyAuto-i loan can also be applied via the official web portal of BSN. Customers can apply for the financing facility by filling out the application form online and submitting the supporting documents along with it.

    Fees & Charges

    Here are the fees and charges associated with BSN MyAuto-i:

    Late Payment charges (During the facility period) Calculated using the formula below: L1 = (O x 1% x n) / 365 Where L = Late payment charges during the facility period; O = Overdue instalment amount; n = number of overdue days.
    Late Payment charges (After the facility matures) Calculated using the formula below: L2 = (O x IIMM% x n) / 365 Where L2 = Late payment charges after the facility’s maturity; O = Overdue instalment amount; n = number of overdue days; IIMM = Islamic Interbank Money Market.
    Stamp Duty Hirer purchase agreement: RM10.
    Guarantor purchase agreement (in cases where a guarantor is required): RM10.

    Contact Number

    The following are the customer service numbers through which any customer can approach the bank regarding a query about BSN MyAuto-i: 300 88 1900, 03-2613 1900, and 03-2613 1888.

    FAQs

    Q. Is it necessary for an applicant to be accompanied with a guarantor to the BSN MyAuto-i application process?

    A. The requirement of a guarantor can vary from application to application and it depends upon the credit assessment performed my BSN.

    Q. I’m a lawyer with 3 months of work experience. Can I apply for the BSN MyAuto-i?

    A. No. Only the professionals with a minimum of 6 months work experience can apply for this financing scheme.

    Q. What if I don’t want to opt for the takaful coverage with the BSN MyAuto-i?

    A. It is compulsory for everyone to take the motor takaful coverage with BSN MyAuto-i as per the Hire Purchase Act 1949.

    Q. Is it possible to make an early settlement on the remaining financing amount before the maturity of the period?

    A. Yes. You can opt for an early settlement any time during the period of this financing facility.

    Q. If I wish to fully settle the remaining financing amount before the maturity of the financing period, what kind of benefits I would get, if any?

    A. In such cases, you can earn a rebate (Ibra’) on the unused tenure period. Rebate can be calculated using the following formula:

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

    Where TC = Term charges; r = remaining tenure in months; T = Original tenure in months.

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