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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.
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
For self-employed applicants
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.
The effective rate of interest which applies to BSN ASB customers working in the public sector is 5.30% per annum.
The effective rate of interest which applies to BSN ASB customers working in the private sector is 5.35% per annum.
The margin of finance for BSN ASB loans is 100% + 5% which includes stamp duty, collateral cost, and insurance and will fee.
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.
No guarantor is required for the BSN ASB loan.
No. You do not need to submit any collateral for obtaining BSN ASB loan.