• Personal Loan BYTES FROM OUR KITCHEN

    BSN Eksekutif-1 Personal Loan

    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.

    Interest Rates

    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.

    Benefits and features

    • This personal financing is granted to permanent as well as contract based officers and employees who are permanent residents or citizens of Malaysia.
    • A customer can opt for an easy payment method such as the BSN Standing Instruction to make his repayments.
    • Minimum financing amount available under this scheme is RM10,000.
    • Maximum amount of personal finance obtained through the loan scheme is RM200,000 or 10x of monthly gross income of the applicant, whichever is lesser.
    • The financial tenure ranges from 2 years to 10 years.

    Fees and Charges

    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)

    Eligibility Criteria

    • An applicant needs to be a Malaysian citizen or a permanent resident.
    • The minimum age of the applicant should be 21 years old.
    • His/her maximum age should not be more than 55/60* years old (*subject to the employer’s confirmation) at the time of the maturity of the loan tenure.
    • Permanent and contract based officers/employees who have more than 3 years of working experience, can obtain the BSN MyRinggit Eksekutif-1.
    • Minimum gross income for a permanent employee should be RM3,000 per month and RM10,000 for a contract-based worker.
    • He/she needs to be a BSN GIRO or BSN-i account holder to obtain the personal financing.

    What documents do i need to prepare for this loan application?

    An applicant needs to produce the following documents at the time of making an application for the personal financing:

    • A copy of both sides of his/her Malaysian NRIC number (National Registration Identity Card).
    • Copies of latest 3 months’ salary slips.
    • Latest EPF statement.
    • Confirmation Letter by the Employer
    • Latest EA/EC Statement and latest e-filing form or any verified documents by the Inland Revenue Board (LHDN).

    How to apply for this loan?

    A customer can apply for the BSN MyRinggit Eksekutif-1 in following ways:

    • Offline Application: He/she can visit the nearest branch of the BSN to apply personally for the personal financing. The application form must be duly filled and submitted alongside the required supporting documents.
    • Online Application: He/she can go to the online website of the BSN and click on ‘Apply For BSN MyRinggit’ button. The applicant needs to download and fill this form before submitting it to the concerned department.

    FAQs

    1. 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.

    2. 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.

    3. 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.

    4. 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.

    5. 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.

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