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Bank Simpanan Nasional (BSN) provides the MyAuto financing package to facilitate the purchase of a vehicle for up to 90% of its selling price. The loan comes with competitive profit rates and offers flexible repayment tenures.
Margin of Finance | Loan Tenure | Guarantor Requirement | Interest Rates |
Up to 90% | Up to 9 years | As per the bank’s discretion | From 2.55% to 3.15% p.a. |
Salary Deduction Limit: Up to 60% of monthly salary, including the repayment of the loan
For Applicants Without Salary Deduction Facility:
Nationality Criterion: Malaysian Citizen
Age Criteria:
Minimum Age: 21 years and above
Maximum Age: Not more than 65 years old at the time of maturity of the loan tenure
For Applicants Without Salary Deduction Facility:
For guarantor: A guarantor (if applicable) needs to submit all mandatory documents similar to the applicant.
BSN MyAuto | Fees & Charges |
Stamp Duty Charges | RM10.00 for hire purchase agreement RM10.00 for guarantee agreement (if applicable) |
Late Payment Charges | 8% p.a. on the outstanding monthly instalment |
For any queries regarding the product or the application process or for any information regarding the BSN MyAuto scheme, a customer can contact on the hotline: 1300 88 1900 or 03-2613 1900 or 03-2613 1888. The customer care representative will then address the issue regarding any inconvenience.
Q. In case of repossession of my vehicle by the bank, what measures I need to take?
A. The bank may repossess your vehicle if you repeatedly fail to pay the monthly instalments. To gain back the vehicle, you need to pay full outstanding instalments arrears and any incidental expenses incurred by BSN for repossession of the vehicles that includes repossession cost or the cost of towing and vehicle storage etc.
Q. Do I need to have insurance coverage while obtaining the BSN MyAuto?
A. Yes, insurance coverage is compulsory for the scheme. For the duration of the financing tenure, it is mandatory under the Hire Purchase Act 1967 to have an insurance coverage.
Q. Do I need to present a guarantor for BSN MyAuto?
A. Having a guarantor is not compulsory for an applicant. However, the need for a guarantor or a collateral depends on the credit assessment made by BSN. In short, your creditworthiness decides whether you need a guarantor or not.
Q. How is the rebate calculated if I settle the loan before its maturity?
A. According to the Hire Purchase Act 1967, the formula that calculates the rebates is:
Rebate = n (n+1) X TC / N (N+1)
Where,
n = Remaining Rental Period in Months
N = Original Rental Period in Months
TC = Term Charges
Q. Do I get the ownership of the vehicle while my monthly instalments are still going on?
A. The ownership of your car remains with the bank until you make the full settlement of the hire purchase facility. The facility is calculated on the fixed interest rate. These operations are governed by the Hire Purchase Act 1967.
Q. I am working as a doctor at a private hospital. Am I eligible for the car loan scheme of BSN?
A. Yes. You can opt for the car loan under BSN MyAuto scheme. You need to be a permanent employee at the hospital with at least 6 months of working experience under your name. This way, by providing your employer’s validation letter, you will be qualified for the car loan scheme.
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