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BSN MyRinggit Eksekutif-1 Personal Loan is a loan facility by BSN Bank that offers funds on a flat rate basis. The facility follows the Shariah concept of Tawarruq that comprises of Wakalah and Bai Murabahah contracts.
The following are the interest rates of the BSN MyRinggit-i Eksekutif-1 Personal Loan:
|Monthly income||Profit Rate|
|More than RM10,000||6.00% p.a.|
The fees and charges associated with BSN MyRinggit-i Eksekutif-1 Personal Loan are listed below:
|Fee type||Fee details|
|Handling and disbursement fee||No charge|
|Stamp Duty||0.5% of the total loan amount that is approved as per the Stamp Duty Act 1949|
|Early settlement fee||No charge|
|Wakalah or Will Fee||RM530|
|Contribution of Cash Protection-i scheme||RM318|
|Advance Payment||One monthly instalment needs to be paid as the advance payment|
|Late Payment charges (Before maturity)||Late payment charges within the facility period are calculated using the following formula: (Monthly instalment amount x 1% x number of days overdue)/365|
|Late Payment charges (After maturity)||Late payment charges after the facility period are calculated using the following formula: (Outstanding principal x IIMM% x number of days overdue)/365 Where IIMM = Islamic Interbank Money Market|
Q. What is the minimum amount I can apply for through this facility?
A. You can apply for a minimum of RM10,000 through BSN MyRinggit-i Eksekutif-1 Personal Loan.
Q. My monthly salary is RM12,000. What is the maximum loan amount can I apply for?
A. You can apply for a maximum of RM120,000 with this facility. To have a better understanding of loan amount under BSN MyRinggit-i Eksekutif-1 Personal Loan, please refer to the table below:
|Monthly Income||Loan Limit|
|RM3,000 to RM5,000||Can apply for up to 5 times the monthly income|
|RM5,000 to RM10,000||Can apply for a maximum of 7 times the monthly income|
|More than RM10,000||10 times the monthly income or RM200,000, whichever is lower|
Q. Can I get a 1-year repayment tenure with this facility?
A. No. The minimum tenure is 2 years. However you can choose to settle the loan amount before the dedicated repayment period.
Q. What kind of charges do I have to bear if settle the loan amount fully before the maturity date?
A. You won’t be charged with any early settlement fee. Also, you can earn a rebate (Ibra) in such cases.
Q. Is the takaful coverage mandatory with this loan facility? How much will it charge if I opt for it?
A. No. It is optional to take the takaful coverage. However it is recommended to opt for the takaful coverage. The coverage however varies in accordance with age, tenure, and the financing amount.
Q. Is it mandatory to opt for will and cash protection scheme?
A. No. It’s optional to choose the will and cash protection service.