BSN Hire Purchase-i

Found a car that you love? Next, you’ll want to find the best way to finance it with the best profit rates possible. BSN Hire Purchase-i doesn’t just give you the best rates, you’ll get financing which is Shariah compliant, according to two Islamic contracts of Ijarah and Bai.

What are the features of BSN Hire Purchase-i?

BSN Hire Purchase-i or BSN MyAuto-i offers a higher margin of financing up to 90% of the car’s value, with the minimum financing being RM20,000. You can borrow for a minimum of 2 years up to a maximum of 9 years. This facility is available for the purchase of new vehicles and selectively imported used vehicles.

Malaysians aged 21 years and above and not exceeding 65 years old can apply for this car loan. This car loan is favourable for those with Biro Perkhidmatan Angkasa (BPA), with or without a salary deduction facility.

Those in the private sector and professional line of work can also avail themselves of this hire purchase loan, subject to terms and conditions.

How will BSN determine the profit rates?

Your car financing from BSN is not different from any other Islamic bank. While credit rating will affect your approval and the rates you get, to a certain degree, the main factor is the car in question. 

Employees in the public sector, statutory bodies, co-operatives and unions, and GLC companies that are registered for BIRO Perkhidmatan Angkasa will also get the special low rates shown above.

How do I pay for my instalments?

There are two ways you can go about making your instalment payment:

• via salary deduction under Biro Perkhidmatan Angkasa or Jabatan Akauntan Negara, or
• via other channels such as Standing Instructions, over-the-counter, online banking, and ATM/CDM for non-salary deduction schemes.

What if I don't keep up with my repayments?

You are subject to pay a compensation charge (Ta'widh) of 1% when you are behind with your repayments. According to the Hire Purchase Act 1967, if you fail to make a payment for two (2) consecutive months the bank has the right to repossess your vehicle. So please make your car payments on time.

What documents do I need to apply for BSN Hire Purchase-i?

Applicants with BPA:

• BSN MyAuto application form;
• Letter of Authorisation for BSN to perform credit checking;
• Three (3) months' latest Salary Slip;
• Copy of NRIC (front and back);
• Copy of Driving License;
• 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/HR/HOD;
• BPA 1/79 Form or Arahan Potongan Gaji BSN 09-A (for SKAP Scheme); and
• Confirmation Letter from employer.

Applicants without BPA:

• BSN MyAuto application form;
• Three (3) months' latest Salary Slip;
• Letter of Authorisation for BSN to perform credit checking;
• Copy of NRIC (front and back);
• Copy of Driving License;
• Copy of Bank Passbook(or Bank Account Statement); and
• EPF statement or EA form.