Multiple banks. Different interest rates. Call it a "conflict of interest".
Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Personal Loan BYTES FROM OUR KITCHEN

    BSN ASB Loan

    ASB loan is finance offered by banks to Malaysian nationals or bumiputeras who wish to avail ASB units but do not have the money to buy those. ASB loans function as standard loan offerings offered by banks where a certain loan amount is sanctioned and the repayment is made via monthly installments.

    ASB stands for Amanah Saham Bumiputera and is used to buy ASB units which is unit trust fund used to generate long term, consistent and competitive returns for investors. ASB has been designed as a fixed price equity income fund with a price of RM 1 per unit. No fees is charged for buying this unit fund and the redemption of the units too is free of cost.

    Features and benefits of BSN ASB Loans

    • Minimum loan amount that can be sanctioned under the BSN ASB loan scheme is RM 10,000
    • Maximum loan amount that can be availed under the BSN ASB loan scheme is RM 2,00,000
    • The tenure of the BSN ASB loan is between 5 and 30 years subject to the maximum age of the loan borrower which is 65 years
    • The interest rates varies for people with different job profiles. Customers working in public sector companies get to avail 1.2% per annum as rate of interest. Private sector employees are offered a rate of 1.25% on their BSN ASB loan
    • In case you are late in repaying your loan installment a penalty fee is levied. This fee is calculated as monthly installment *1%*number of days/365

    Documents required to obtain BSN ASB Loan

    Following is the list of documents that need to be submitted by the loan applicant in order to get his/her ASB loan sanctioned by BSN.

    For permanent employees

    • A duly filled and signed BSN ASB loan application form
    • Photocopy of NRIC (front and back)
    • Photocopy of last 2 month’s salary slips
    • Photocopy of ASB passbook (applicable for existing ASB unit holders)

    For self-employed applicants

  • A duly filled and signed BSN ASB loan application form
  • Photocopy of NRIC (front and back)
  • Photocopy of last 3 bank statements
  • Photocopy of ASB passbook (applicable for existing ASB unit holders)
  • Fees and charges pertaining to BSN ASB Loan

    Late payment charges are applicable if the loan borrower is late in paying off the monthly loan installment. This is dependent upon the amount of loan and the number of days the loan installment is late as compared to the installment deadline.

    FAQs

    What is the effective applicable rate of interest on BSN ASB loan for government employees?

    The effective rate of interest which applies to BSN ASB customers working in the public sector is 5.30% per annum.

    What is the effective applicable rate of interest on BSN ASB loan for private sector employees?

    The effective rate of interest which applies to BSN ASB customers working in the private sector is 5.35% per annum.

    What is the margin of finance for BSN ASB loans?

    The margin of finance for BSN ASB loans is 100% + 5% which includes stamp duty, collateral cost, and insurance and will fee.

    Can I settle my BSN ASB loan prior to the lock-in period?

    There is no lock-in period for BSN ASB loans. You can repay the full loan anytime you wish and there is no pre-closure fee also for the same.

    Do I need a guarantor for the BSN ASB loan?

    No guarantor is required for the BSN ASB loan.

    Do I need to submit a collateral to avail BSN ASB loan?

    No. You do not need to submit any collateral for obtaining BSN ASB loan.

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