Bank Simpanan Nasional (BSN) is a Malaysian government-owned bank. BSN branches and BSN banking agents provide banking services. BSN was founded on December 1, 1974, by Tengku Razaleigh Hamzah, the Minister of Finance at the time. Asset management, insurance, and takaful are among the services provided by the agency’s subsidiaries and collaborators.
Car loan is a popular choice for many people in Malaysia, and it is also known as hire purchase. With this type of financing, you can apply from selected banks to finance your vehicle- whether new or used (or even reconditioned). You will have up to 9 years with an option margin of 90%-100%, depending on which bank offers them!
BSN offers 2 types of car loans, which are:
Profit rate for new cars
from 2.55% to 3.15% p.a., depending on the car brand, borrowing amount, and period
Early settlement fee
Late penalty fee
8% of the outstanding balance (1% p.a. in arrears for BSN Hire Purchase-i)
Yes. Under the Hire Purchase Act of 1967, Takaful coverage is required for the duration of the financing tenure.
This form of loan, also known as a title loan, uses the equity you have in your vehicle in return for your title. You get a cash loan, and the lender returns your car title once you’ve paid it back.
A balloon payment reduces monthly payments on a vehicle loan, but it necessitates a hefty amount after the term.
When buying a new or used automobile, the buyer may be given the option of lowering their car loan’s interest rate.
A form of refinance loan that allows you to utilise the equity in your automobile to get cash while refinancing it.
A term that refers to your credit history and can help determine whether you will be able to repay a car loan.
The interest rate is the percentage that the bank will charge on top of the principal amount or the amount that must be repaid.
The upfront payment for a car covering a portion of the cost. It is typically 10% of the total cost of a new car and 20% of the total cost of a used car.
The loan amount granted by the financial institution is expressed as a percentage of the property’s value pledged to secure the loan.
The total number of months or years required to pay off your loan.
Someone who is legally obligated to repay your loan if you cannot do so.
The monthly payment you must pay to the bank to pay off your loan.
The borrower violates the loan agreement, most commonly by failing to make the agreed-upon monthly payments.