BSN car loan refers to vehicle financing options offered by Bank Simpanan Nasional (BSN) under two main schemes BSN MyAuto (conventional hire purchase) and BSN MyAuto-i (Islamic financing via AITAB). These loans allow borrowers to purchase new or reconditioned vehicles with repayment tenures up to 9 years and financing margins up to 90% of the vehicle price. The bank provides both fixed and floating interest rates, starting from 2.35% p.a. for conventional loans and SBR + 1.59% p.a. for Islamic financing, subject to credit evaluation.
BSN car loans cater to Malaysian citizens aged 18–65, with eligibility extending to government employees, private-sector workers, and professionals. Key requirements include a minimum annual income of RM24,000, three months of employment, and a clean credit record. The application process mandates documents such as NRIC copies, pay slips, and driving licenses, with salary deduction schemes like BPA or SKAP available for public-sector applicants.
BSN Car Loan Rates and Application
How Do BSN Conventional and Islamic Car Loans Differ?
BSN MyAuto (conventional) operates under standard hire purchase agreements, charging interest rates as low as 2.35% p.a. fixed or floating rates tied to market benchmarks. In contrast, BSN MyAuto-i follows Shariah principles using Al-Ijarah Thumma Al-Bai (AITAB), where profit rates start at SBR + 1.59% p.a. The Islamic model involves two phases—leasing the vehicle first, then transferring ownership post-tenure—with late payments incurring Ta’widh (compensation) instead of conventional penalties.
Both schemes share similar structures, including 36–108-month tenures and RM20,000 minimum financing. However, MyAuto-i imposes additional fees like RM10 for Service Agency Agreements, while conventional loans apply an 8% p.a. late penalty. Borrowers under salary deduction programs (e.g., BPA) enjoy streamlined approvals, whereas private-sector applicants must submit three months’ bank statements or EPF records.
What Are the Current BSN Car Loan Rates?
BSN’s 2025 rates for conventional loans range from 2.35% to 3.00% p.a. for new national cars and 2.85–3.80% p.a. for foreign or used vehicles. Islamic profit rates fluctuate with Bank Negara Malaysia’s Standardised Base Rate (SBR), currently 2.75%, making the effective rate approximately 4.34% p.a. (SBR + 1.59%). High-ranking officials qualify for discounted rates, such as 2.53% p.a. for non-national cars under MyAuto.
Floating rates adjust with market conditions, while fixed rates remain constant. For example, a RM100,000 loan over 5 years at 2.35% fixed interest incurs RM558.75 monthly payments. Borrowers opting for floating rates must account for potential SBR increases, which directly impact repayments.
Who Is Eligible for BSN Car Loans?
Eligibility hinges on employment status, age, and income. Government employees (SKAP/BPA schemes) need only one month’s pay slip, while private-sector workers must provide three months’ proof of income. Applicants must be Malaysians aged 18+ with guarantors if under 21, and not exceeding 60–65 years at loan maturity. Professionals like doctors or accountants face relaxed criteria if employed by PETRONAS, GLCs, or licensed institutions.
Total debt obligations, including the proposed car loan, must not exceed 60% of monthly income. For instance, a borrower earning RM5,000 monthly cannot have existing debts surpassing RM3,000, ensuring manageable repayments.
What Documents Are Required for Application?
Salary-deducted applicants submit an application form, NRIC, one pay slip, driving license, and BPA/SKAP forms. Non-salary-deducted applicants additionally provide three months’ bank statements or EPF records. Guarantors, if required, must furnish identical documents alongside their financial proofs.
BSN verifies employment via HRMIS or employer confirmation letters detailing salary, position, and tenure. Missing documents delay processing, which typically takes 3–7 working days for complete submissions.
How Does the BSN Car Loan Calculator Work?
The calculator estimates monthly installments using loan amount, tenure, and interest rate. For a RM80,000 loan over 7 years at 2.75%, the tool computes RM1,012 monthly payments, including RM15,008 total interest. This aids borrowers in budgeting, though final rates may vary based on credit assessments.
BSN’s online calculator excludes insurance or stamp duties, which add RM10–20 to costs. Users should cross-check results with branch officers for accuracy, as the tool serves only as an illustrative guide.
What Fees and Penalties Apply to BSN Car Loans?
Conventional loans impose an 8% p.a. late fee on overdue amounts, while Islamic loans charge 1% p.a. Ta’widh. Early settlements qualify for rebates calculated via the Rule of 78, refunding unused interest. For example, settling a 5-year loan after 3 years yields a rebate of [n(n+1)/N(N+1)] × total interest, where n is remaining months and N is the original tenure.
Stamp duties cost RM10 per agreement copy, and certified document requests incur RM45. Mandatory insurance premiums are excluded from these fees but must cover the vehicle’s full value.
How Does BSN Compare to Other Banks’ Car Loans?
BSN offers among the lowest rates in Malaysia, undercutting competitors like Maybank (3.40% p.a.) and CIMB (3.75% p.a.). Its Islamic option is cheaper than Bank Muamalat’s 3.10% GradPack and Public Bank’s 3.31% AITAB. However, RHB’s 3.18% p.a. conventional loan provides marginally better terms for foreign vehicles.
Approval rates depend on credit scores, with BSN favoring applicants tied to government or stable corporations. Borrowers with CTOS scores above 650 secure faster approvals, while those below 500 may require guarantors.