Monday, 17 December 2018,   07 Rabiulakhir 1440H

Islamic Banking

Home > Islamic Banking > Financing > BSN MyAuto-i


BSN MyAuto-i

 

 Own the car you’ve always wanted with BSN’s MyAuto-i.
 
Shariah Contract
Based on the Shariah contract Al-Ijarah Thumma Al-Bai' (AITAB), which refers to two contracts; Ijarah and Bai' contracts, which are undertaken separately and consequentially. Under the first contract, the hirer leases the vehicle from the owner at an agreed rental over a specified period. Upon expiry of the lease period, the hirer may enter into a second contract to purchase the goods from the owner at an agreed price.
 

Features & Benefits

» Competitive profit rates.
» Convenient repayment network via various BSN channels.
» Margin of Financing:
  - Minimum RM25,000 or up to 90% from the selling price.
» Tenure of Financing:
  - Minimum 36 months and Maximum 108 months (subject to retirement age).
» Opened to selected brand new national, non-national & unregistered reconditioned vehicles only.
   

Eligibility

 
Applicants with Salary Deduction Facility
» Employee of organisations that equipped with Biro Perkhidmatan Angkasa (BPA) enablement.
» Federal Government Employees (SKAP).
» Malaysian citizen aged 21 years and above at the time of application and NOT exceeding 60 years old upon completion of financing.
» Permanent employment with at least six (6) months working experience.
» Not a bankrupt.
» Total deduction should NOT exceed 60% of the monthly salary, including this financing instalments.
   
Documents Required
» Application form duly signed by applicant;
» Copy of NRIC (both sides);
» Copy of three (3) month latest Pay Slip;
» Copy of valid Driving License;
» BPA 1/79 Form (For BPA Scheme); or
» Arahan Potongan Gaji BSN 09-A Form (for SKAP Scheme)
» Confirmation Letter from employer, which shall states the followings:
  - Name
  - NRIC
  - Position
  - Status of Employment
  - Date of Employment
  - Monthly Salary
  - Fixed Allowance (if any)
   
Applicants WITHOUT Salary Deduction Facility
» Employee of private sector and selected organisations.
» Malaysian citizen aged 21 years and above at the time of application and NOT exceeding 65 years old upon completion of financing.
» Not a bankrupt
» Permanent employment with at least six (6) months working experience.
» Employees of the following organization:
  a. Selected Premier Developers Program (PDP)
  b. Selected Private Hospitals.
  c. Telecommunication Companies (Telco).
  d. Licensed Financial Institutions.
  e. Selected Private Universities & Colleges.
  f. Multi-National & Locally Incorporated Companies.
  g. PETRONAS Group of Companies (substantial shareholding held by Petronas).
  h. Statutory Bodies.
  i. Government Linked Companies(GLC) & Government Linked Agencies (GLA).
  j. Selected Public Listed Companies.
  k. Professional practitioners – such as Doctors, Architects, Lawyers, Accountants and other certified professional groups.
   
Documents Required
» Application form duly signed by applicant.
» Copy of NRIC (both sides);
» Copy of three (3) months latest pay slip;
» Copy of valid Driving License;
» Copy of Bank statement or latest EPF statement or EA form.
   
Guarantor, If applicable
» Copy of NRIC (both sides);
» Copy of three (3) months latest pay slip;
» Copy of bank statement, or latest EPF statement or EA form.
   

Profit Rate*

» Ranges from *2.55% p.a. to 3.15% p.a.
   
*Individual rate may vary due to category and at BSN's discretion.
   

Late Payment Charges (LPC)

Ta'widh (compensation on late payment), will be charged on overdue monthly rental, calculated on a daily basis from the due date of the rental payment until one day prior to the payment date.
   
The calculation of LPC is based on the formula below:

During financing
period

 

Overdue instalment(s) x 1% x No. of overdue day(s)
                                             365

After the
completion of
financing period

 

Outstanding principal x IIMM* x  No. of overdue day(s)
                                             365
Note :
*IIMM (Islamic Interbank Money Market) refer to the rate as may be determined by Bank Negara Malaysia (BNM) from time to time.

Early Settlement

Customer is entitled for Ibra' (rebate), which is refund of the term charges for the remaining tenure.
   
The calculation is based on the formula below:

 

Rebate =   n (n+1)     X   TC
    N (N+1)

 

n    =  Remaining Rental Period in Months
N   =  Original Rental Period in Months
TC =  Term Charges

Stamp Duties

» RM10 for Hirer's copy of the Hire Purchase-i Agreement.
» RM10 for Guarantor's copy of agreement (if applicable).
   
Note:

Any change in fees and charges will be notified by 21 days’ notice in advance from effective date with notification to be sent / posted at the BSN’s branches or uploaded in www.mybsn.com.my website.