Car Loan BYTES FROM OUR KITCHEN

BSN MyAuto

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.

Features & Benefits

  • The hire purchase is offered at a competitive interest rate by the BSN branches located across Malaysia.
  • The bank offers various convenient repayment channels to its customers via all its branches as well as by online transactions.
  • A customer can get a good margin of finance (MOF) if he/she opts for BSN MyAuto- the loan offers a minimum amount of RM25,000 or up to 90% of the selling price of the vehicle.
  • Minimum loan tenure offered by the bank is 36 months i.e. 3 years.
  • The maximum loan tenure obtained by a customer is up to 108 months i.e. 9 years and also depends on the borrower’s retirement age.
  • A customer can acquire the BSN MyAuto only for selected brand new vehicles and reconditioned vehicles.

Interest/Profit Rates

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.

Eligibility Criteria

For Applicants With Salary Deduction Facility:

  • Nationality Criterion: Malaysian Citizen
  • Age Criteria:

    • Minimum Age: 21 years and above
    • Maximum Age: Not more than 60 years old at the time of maturity of the loan tenure

  • Permanent employee with minimum 6 months of working experience
  • 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

  • Permanent worker with at least 6 months of working experience

Documents Required

For Applicants With Salary Deduction Facility:

  • Completed application form signed by the applicant
  • Latest salary slip (1 month)
  • A copy of NRIC (both sides)
  • A copy of driving license
  • BPA 1/79 Form (For BPA Scheme) or
  • Arahan Potongan Gaji BSN 09-A Form (for SKAP Scheme)
  • Confirmation Letter from employer

For Applicants Without Salary Deduction Facility:

  • Completed application form duly signed by applicant
  • Latest Salary Slips (for 3 months)
  • A copy of NRIC (both sides)
  • A copy of Driving License
  • A copy of Bank Passbook(or Bank Account Statement) and
  • EPF statement or EA form

For guarantor: A guarantor (if applicable) needs to submit all mandatory documents similar to the applicant.

How To Apply

A customer can apply for the BSN MyAuto scheme by following ways:
  • Offline Application: Applicants can visit any branch of BSN and apply for the loan scheme. The customer care representatives will then guide the customer regarding the application and approval processes and brief them about other necessary details such as document submission, financing tenure, profit rates etc.
  • Online Application: An applicant can also find online application facility on the official website of the bank. After filling in all the required details, a customer care representative will reach out to the applicant to take the process forward.

Fees & Charges  

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

Contact Number

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.

FAQ's

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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