BSN MyRinggit-i SKAN (Klasik) Personal Loan is a loan facility by BSN that is exclusively designed for the State Government Department employees. The personal loan facility provides the individuals with a range of funds at a competitive profit rate and help them achieve the financial freedom they need.
|Loan Amount||Loan Tenure||Minimum Annual Income||Profit Rate|
|RM5,000 to RM200,000||2 years to 10 years||RM18,000||Fixed Rate: 4.60% p.a. to 4.75% p.a. Floating Rate: BR + 3.22% p.a. to BR + 3.77% p.a.|
|Profit Rate||Fixed Rate: 4.60% p.a. to 4.75% p.a. Floating Rate: BR + 3.22% p.a. to BR + 3.77% p.a.|
|Effective Profit Rate||7.32% p.a. to 7.87% p.a.|
|Loan Tenure||2 years to 10 years|
|Minimum Loan Amount||RM5,000|
|Maximum Loan Amount||RM200,000|
|Approval Duration||Not specified by BSN|
|Government Servant?||Yes (State government department employees)|
|Stamp Duty||As per the Stamp Duty Act 1949 (revised 1989)|
|Takaful||Would be based on financing amount, tenure and age of the applicant|
|Cash Protection-i Scheme||RM318|
|Advance Payment||Yes (amount equal to 2-month instalment payment)|
|Late Payment||Before the maturity date: 1% of the total outstanding dues After the maturity date: IIMM rate based on the total outstanding dues|
|Age||21 years to 60 years (retirement age at the end of loan tenure)|
|Employment||For state government department employees Permanent staff: In service for more than 3 months Temporary staff: In service for more than 12 months|
|Minimum Income||RM1,500 each month|
|Linked Bank Account||BSN Giro-i account|
|Guarantor/Collateral||Yes (Only for temporary staff)|
|Salaried Applicants||Photocopy of NRIC (both sides) Latest pay slip (1 month for floating profit rate and 2 months for fixed profit rate) Letter from employer confirming age, designation, retirement age, employment age, and salary Letter of authorisation of salary deduction (BSN 09-D)|
Q. What is the range of amount one can apply for through this loan?
A. BSN MyRinggit-i SKAN (Klasik) Personal Loan allows you to apply for a minimum amount of RM5,000 and a maximum amount of RM200,000.
Q. What are the repayment tenures available with this loan?
A. You can opt for tenures ranging from 2 to 10 years with this loan facility.
Q. Does the process require me to bring a guarantor?
A. If the applicant is a permanent employee of State Government Department, he/she doesn’t need to bring a guarantor for the process. But the employees working on a contract basis need to be accompanied with a guarantor in order to get the request approved.
Q. Is there an option where I can settle the loan amount before the dedicated period I chose for?
A. Yes. You can opt to fully settle the loan amount any time before the approved tenure. You just need to provide the bank with a written notice before doing the same.
Q. What are the major risks or benefits (if any) with settling the loan amount before the maturity period ends?
A. The bank has a right to charge you in case of an early settlement. However, you are also eligible to get rebate (Ibra) in such cases.
Q. What if I don’t take the takaful coverage with the loan? How much will I be charged if I opt for it?
A. It’s not mandatory to opt for the takaful coverage. However, it is suggested to opt for it to get a security against death and total permanent disability.