BSN MyAuto-i Review

So basically you’ll have a competitive profit rate with BSN MyAuto-i.

You can pay through any BSN branches nationwide with margin of financing of RM25k to 90% of the selling price.

You will have a minimum financing tenure of 36 months and maximum tenur of 108 months.

It is open for selected brand new and recon vehicles only.

Who is eligible for MyAuto-i?

It is eligible for Malaysian aged 21 years old and above and must not be more than 60 years old or pensioned at the end of that said tenure – whichever is earlier.

You should be a permanent employee of government department and its subsidiaries, federal government servant, statutory bodies and its subsidiaries or any employee that has payroll deduction scheme under Biro Perkhidmatan Angkasa (BPA).

OR

A permanent employee with at least 6 months working experience.

Your salary deduction MUST NOT BE MORE than 60% monthly salary including the repayment of this financing.

If you want to apply for this, you have to have 60 year old retirement option.

What are the documents required for this?

You’ll need these:

  1. Completed application form duly signed by applicant.
  2. Letter of Authorisation for BSN to perform credit checking.
  3. One (1) certified copy of NRIC (both sides).
  4. Latest three (3) months’ Salary Slip.
  5. One (1) certified copy of Driving License.

Confirmation Letter from the employee which tell all these:

  1. Name
  2. NRIC
  3. Designation
  4. Employment Status
  5. Date of Employment
  6. Retirement Date
  7. Monthly Salary
  8. Fixed Allowances (if any)

By the way you’ll need BPA 1/79 Form for BPA scheme or Arahan Potongan Gaji BSN 09-A Form (for SKAP Scheme) through Jabatan Akauntan Negara and completed by the applicant and approved by the employer of Payroll / Human Resource / Head of Department.

Don’t have salary deduction facility? Don’t worry!

If you don’t have it, these are the eligibility:

Above 21 years old and not more than 65 years old when the financing tenure ends – whichever is earlier.

Must have at least 6 months of working experience.

This financing scheme is open for employees from:

  1. Premier Developer Panel (PDP)
  2. Premier Developer Panel (PDP)
  3. Private Hospital
  4. Telecommunications Company
  5. Licensed Financial Institution
  6. Selected Private University & College
  7. Multi-National & Locally Incorporated Company
  8. PETRONAS Group of Companies
  9. Statutory Body
  10. Government-Linked Company & Government-Linked Agency

As well as public listed companies in BSKL such as those in:

  1. Financial Sector
  2. Plantation Sector
  3. Property Sector
  4. Technology Sector
  5. Trading / Service Sector
  6. Industrial Product Sector
  7. Consumer Sector

If you are a professional such as architect, doctor, accountant, lawyer and other certified professionals, you are welcome to apply.

These are the documents that you need to apply for this loans:

  1. Completed application form duly signed by applicant.
  2. Letter of Authorisation for BSN to perform credit checking.
  3. One (1) certified copy of NRIC (both sides).
  4. Three (3) month latest Salary Slip.
  5. One (1) certified copy of Driving License.
  6. A copy of Bank Passbook (or Bank Account Statement) and
  7. EPF Statement or EA form.

    And if guarantor is required, mandatory documents are similar to applicant.

The profit rate for this loan is from 2.55% to 3.15% and it subject to BSN’s discretion.

There are late payment charges.

If you are overdue, you will be charged 1% p.a for any overdue payment.

And upon expiry of financing period, you will be charged based on Islamic Interbank Money Market (IIMM) Rate as may be determined by Bank Negara Malaysia (BNM) from time to time and calculated on outstanding principal only.

What if you wanted to settle early? Great!

You will be given a rebate on that unexpired loan period.

Stamp Duties are RM10 for Hirer Purchase Agreement-i  and RM10 for Guarantee Agreement (if applicable).

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