Cash woes? A personal loan to the rescue!
  • Personal Loan BYTES FROM OUR KITCHEN

    BSN MyRinggit BPA (Klasik) Personal Loan

    BSN provides BPA (Klasik) Personal Loan specifically for Government servants and the employees of statutory bodies. You can get this unsecured loan at a flat interest rate if you have a permanent job. Otherwise, you can get the loan at a floating interest rate.

    Interest Rates

    The bank offers you the loan both in fixed interest rate and in floating interest rate. The details are given in the following tables:

    Fixed Rate:

    Monthly Income Interest Rate (% p.a.)
    RM1,500-RM5,000 4.75
    RM5,000 or more 4.60

    Floating Rate:

    Credit Score Interest Rate (% p.a.) Effective Lending Rate (% p.a.)
    1 Base Rate + 3.22 7.32
    2 and 3 Base Rate + 3.39 7.49
    4 Base Rate + 3.77 7.87

    Note: The current Base Rate of the bank is 4.10% p.a. (Effective from 7 February 2018)

    Benefits & Features

    The benefits and features of the personal loan in Malaysia are:

    • The loan term is flexible and varies from 2 years to 10 years.
    • You can borrow a sum of up to RM200,000.
    • The interest rate varies from 4.60% p.a. to 7.87% p.a.
    • You may have to provide a guarantor if you are a temporary/contractual employee.
    • The bank does not require a collateral to approve the loan.

    Eligibility

    The eligibility criteria for the loan applicant are:

    • Nationality: Malaysian citizens only.
    • Age:
      • Minimum age: 21 years.
      • Maximum age: 60 years.
    • Occupation: You must work for Government/Statutory Bodies/selected organisations that deduct the salary through BPA.
    • Income: Minimum monthly income of RM1,500.
    • Type of Employment:
      • If you are a permanent employee, you must be employed for 3 months or more.
      • If you are a temporary/contractual employee, you must be employed for 12 months or more.
    • Others: You must be a BSN GIRO/i account holder.

    The eligibility criteria for the guarantor are:

    • Nationality: Malaysian citizens only.
    • Age:
      • Minimum age: 21 years.
      • Maximum age: 58 years, if you are a Government/Statutory Bodies’ employee; 55 years, if you are an employee of a selected organisation that deducts salary through BPA.
    • Occupation: You must work for Government/Statutory Bodies/selected organisations that deduct the salary through BPA.
    • Must be employed for more than 6 months.
    • Income: Minimum monthly income expected is RM800; it must be equal to or greater than the applicant’s salary.
    • Others: You must be a BSN GIRO/i account holder.

    What documents do i need to submit for this?

    The following documents must be submitted by both the loan applicant and the guarantor:

    • Two copies of NRIC/MyKad
    • Employer’s Confirmation Letter to verify the following:
      • Name
      • NRIC number
      • Designation
      • Monthly salary
      • Joining date
      • Retirement date
    • Latest payslip
    • Employer’s Authorisation Letter to verify that the salary deduction is done via Biro Perkhidmatan Angkasa

    How to Apply for this?

    You can follow either of the methods mentioned below to apply for the personal loan with BSN:

    • The standard way to apply for a loan is to walk into your nearest BSN branch and discuss with the bank staff on your loan requirements. You can then fill the application form, attach the required documents and then submit your application to the bank staff.
    • You can also apply through BSN’s website by filling up the loan application form. Download the form, fill your details, and submit it along with the supporting documents at the nearest bank branch.

    Flexible tenures and a high financing limit make BPA (Klasik) Personal Loan a viable option for Government employees. Read the fine print thoroughly before signing the dotted line.

    FAQs

    Q. What is a Base Rate?

    A. A Base Rate is the sum of Cost of Funds (COF) and the Mandated Holding Cost.

    Q. Should I maintain a specified minimum balance in my GIRO Account?

    A. The bank has not mentioned any specific minimum balance to be maintained. However, you need to maintain your account in good standing terms with the bank i.e., do not let it be a dormant account.

    Q. Should I buy insurance for my loan? Is it mandatory?

    A. The bank has given you the freedom to opt for insurance on your choice and preference. But, it is recommended to buy the insurance so that the loan will not be a burden to the borrower’s family in case of any unfortunate events such as death or permanent disability of the borrower.

    Q. Should I make an advance payment of the monthly instalments?

    A. Yes. BSN specifies that you have to make an advance payment of two months’ instalment for this loan.

    Q. I have just joined a Government body. Am I eligible for the facility?

    A. You are eligible only if you have been employed for more than 6 months.

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