The BSN MyRinggit Eksekutif-1 is a scheme of personal financing that is exclusively designed to help executives meet their personal loan requirements at affordable fixed rates. This is an unsecured personal loan calculated on the basis of flat rate and it is granted to a BSN Giro or BSN-i account holder.
As per the income limit of an applicant, the interest rates are determined by the bank as stated below:
|Income Limit||Interest Rate|
|RM3,000 to RM5,000||8.50% p.a.|
|More than RM5,000 up to RM10,000||7% p.a.|
|More than RM10,000||6% p.a.|
|Fee type||Fee details|
|Takaful Contribution (optional)||May vary according to the age, tenure and loan amount of the applicant|
|Cash Shield Insurance (optional)||RM318|
|Late Payment Fee||1% p.a. of the unsettled instalment, calculated on daily basis|
|Stamp Duty||As per the Stamp Duty Act 1949 (Revised in 1989)|
|Will Fee||RM530 (if any)|
An applicant needs to produce the following documents at the time of making an application for the personal financing:
A customer can apply for the BSN MyRinggit Eksekutif-1 in following ways:
Q. Is early settlement of the loaned amount allowed? Will the bank charge me any fees if I decide to pay my dues before the lock-in period?
A. There is no lock-in period imposed for the scheme. A customer can pay off his/her financed amount any time. He/she can carry out the early settlement by sending a written notice to the bank informing about the same in advance.
Q. Can the bank debit money from my account if I do not settle the instalments of my personal financing amount?
A. The bank may set-off or transfer the credit balance in your account maintained with the bank if you have any outstanding loan amount. The bank will inform you of this action by sending a prior notice to you.
Q. My income is RM6,000. What amount of personal loan can be granted to me and what will be the interest rate for the same?
A. For your income category, you will be granted a personal loan 7 times of your monthly gross income. The interest rate for your loaned amount will be 7% while you can choose the repayment tenures from 2 years up to 10 years.
Q. I am an employee at a government listed firm. My work experience at the company is that of 2 years, can I apply for the BSN MyRinggit Eksekutif-1?
A. BSN MyRinggit Eksekutif-1 personal financing is open to the permanent and contract based employees and staff that have minimum 3 years of working experience. By this criteria, you will not be eligible to obtain the loan as of now.
Q. How are the late payment charges calculated?
A. The bank will calculate the charges for the late payments as per the following formula:
Monthly Instalments in Arrears × 1% × Number Of Days Overdue ? 365.