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.
The bank offers you the loan both in fixed interest rate and in floating interest rate. The details are given in the following tables:
|Monthly Income||Interest Rate (% p.a.)|
|RM5,000 or more||4.60|
|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)
The benefits and features of the personal loan in Malaysia are:
The eligibility criteria for the loan applicant are:
The eligibility criteria for the guarantor are:
The following documents must be submitted by both the loan applicant and the guarantor:
You can follow either of the methods mentioned below to apply for the personal loan with BSN:
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.
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.