• Personal Loan BYTES FROM OUR KITCHEN

    BSN MyRinggit-i BPA (Klasik) Personal Loan

    BSN MyRinggit-i BPA (Klasik) Personal Loan is based on the (Islamic) Shariah concept of Tawarruq. The personal loan scheme is carefully crafted for government servants and employees of statutory bodies who are in need of monetary assistance.

    Profit Rates

    The profit rates for the scheme are described as follows:

    For income from RM800 to RM5,000:

    Loan Tenure Processing Fee Profit Rate
    2 to 10 years No processing fee is charged 4.75% p.a.

    For income more than RM5,000:

    Loan Tenure Processing Fee Profit Rate
    2 to 10 years No processing fee is charged 4.50% p.a.

    Features and Benefits

    • This is a form of unsecured personal financing and it is calculated on a flat rate basis.
    • The financing plan specifically caters to government service employees and statutory bodies’ staff.
    • The applicants who are allowed salary deduction from their employer via BPA can acquire the personal loan.
    • RM5,000 is the minimum loan amount available through this scheme.
    • The maximum loan amount available through the scheme is RM200,000.
    • No lock-in period is imposed on the customer in this scheme of personal financing.
    • A customer is not required to present collateral to obtain this loan facility.
    • A guarantor is required only if the applicant is a temporary or a contractual employee who is serving for more than 12 months.
    • A personal financing tenure from 2 years to 10 years as per the loaned amount is permitted to a customer.

    Fees and Charges

    The fees and charges need to be paid by an applicant are as follows:

    Fee Type Charges
    Processing fee No fee charged
    Late payment fee 1% p.a. of the unsettled instalment
    Early termination fee In accordance with the bank’s discretion
    Will fee RM530 (if any)
    Contribution of Cash Protection-i Scheme (optional) RM318
    Stamp duty According to the Stamp Duty Act 1949 (Revised 1989)
    Takaful Contribution Coverage fee Depends on age, tenure and loaned amount

    Eligibility Criteria

    For an applicant:

    • Nationality criterion: Malaysian.
    • Age criteria:
      • Minimum age: 21 years
      • Maximum age: 60 years (At the time of maturity of the financing term)
    • Income criteria:
      • Citizens and permanent residents: Minimum RM800 each month.
    • He/she should be a permanent employee and must have completed more than 3 months of service.
    • A guarantor is required for contract based or temporary employee who has been employed for more than 12 months at the work.
    • An applicant should be a BSN GIRO/i account holder.

    For a guarantor:

    • Nationality criterion: Malaysian.
    • Age criteria:
      • Minimum age: 21 years
      • Maximum age: Less than 55 years (At the time of completion of the applicant’s loan)
    • Income criteria: Minimum basic salary of RM800 per month
    • He/she needs to be an employee of government or statutory bodies or selected organizations that offers salary deduction facility through BPA.
    • He/she should have completed employment tenure of at least 6 months.
    • A guarantor should be a BSN Giro/i account holder.

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

    Further set of documents is required to present both by the applicant and the guarantor while applying for the personal loan scheme:

    For an applicant:

    • Two copies of NRIC (National Registration Identity Card), (showing both front and back sides)
    • A validation letter from the employer with the following details about the applicant:
      • Name and NRIC number of the candidate
      • Status and designation
      • Monthly salary details
      • Employment date
      • Retirement date
    • 2 Copies of latest salary slips of the applicant.
    • Authorisation Letter of Salary Deduction from his/her employer via BPA.

    For a guarantor:

    • Copies of NRIC (National Registration Identity Card), (showing both front and back sides)
    • An authentication letter from the employer with following details:
      • Name and NRIC number
      • Designation and status
      • Salary details
      • Employment date
      • Retirement date
    • Two copies of latest salary slips
    • Authorisation Letter of Salary Deduction from his/her employer via BPA.

    How to apply for BSN MyRinggit-i BPA (Klasik) Personal Loan?

    • Offline Application: Applicants can visit the nearest BSN branch and apply for personal financing. An applicant needs to submit all the mandatory documents along with the duly filled application form.
    • Online Application: The official website of BSN has a facility to apply for BSN MyRinggit-i BPA (Klasik) Personal Loan scheme on its product page. An applicant can click on the ‘Apply Now/Apply For’ tab seen on the website and can follow the procedure given on the site.

    FAQs

    1. Q. I have few queries regarding the personal financing scheme. How can I reach the customer care department?

      A. To address any query regarding the product, you can call on- 1300 88 1900 / 03-2613 1900 or you can also write an email to the bank on [email protected]

    2. Q. I am a permanent employee at a government department in Malaysia. Do I need to present a guarantor or collateral to obtain the loan?

      A. If you are a permanent employee who has completed the tenure of 3 months with the department of government, you do not need to present any guarantor or collateral.

    3. Q. How are the late payment charges calculated?

      A. The formula to calculate the late payment fees is as follows:

      Within the Facility Period:

      Overdue instalment(s) x 1% x No. of overdue day(s) / 365

      After Completion of the Facility Period:

      Outstanding principal x IIMM (Islamic Interbank Money Market) x No. of overdue day(s) / 365

    4. Q. Can a guarantor be aged just below 60 years at the time of the maturity of the applicant’s tenure?

      A. As per the eligibility criteria for the product, a guarantor’s age should be less than 55 years upon completion of customer’s loan tenure. A candidate who would be aged more than that at the end of the chosen tenure will not be eligible as a guarantor.

    5. Q. What is the mode of payment for the BSN MyRinggit-i BPA (Klasik) Personal Loan?

      A. The mode of payment is via Biro Perkhidmatan Angkasa.

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