• Personal Loan BYTES FROM OUR KITCHEN

    BSN MyRinggit-i SKAN (Klasik) Personal Loan

    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.

    Profit Rates

    • Profit rates for the applicants having the monthly salary in RM800 to RM5,000 range:
    Loan Tenure Processing Fee Profit Rate
    Up to 10 years No charge 4.75% p.a.
    • Profit rates for the applicants having a monthly salary of RM5,000 or above:
    Loan Tenure Processing Fee Profit Rate
    Up to 10 years No charge 4.50% p.a.

    Benefits & Features

    • The loan facility is based on Shariah concept of Tawarruq that consists of Wakalah and Bai Murabahah contracts.
    • One can apply for funds up to RM200,000 with this personal financing facility.
    • The facility comes with flexible repayment tenure range of up to 10 years.
    • The profit rates on the financing amount are as low as 4.50% p.a. with this loan facility.
    • Depending upon the type of employment of the applicant, the process may or may not an individual to bring a guarantor for the application.
    • The repayments for the loan facility can be made through simple modes of payment like salary deduction from the account where the salary is being credited.

    Fees and charges

    Fee type Fee details
    Processing fee No charge.
    Late Payment charges (Before the maturity date) The charges are calculated as: (Overdue instalment x 1% x number of overdue days)/365.
    Late Payment charges (After the maturity date) The charges are calculated as: (Total outstanding principal x IIMM% x number of overdue days)/365
    Early Termination Fee Early termination fee is charged according to the bank’s discretion.
    Stamp Duty 0.5% of the total loan amount that is approved as per the Stamp Duty Act 1949.
    Wakalah or Will Fee RM530 will be charged for a written will.
    Contribution of Cash Protection-i Scheme RM318.
    Takaful contribution coverage The takaful coverage contribution is calculated in accordance to the age of the applicant, the repayment tenure opted for, and the total approved financing amount.

    Where IIMM stands for Islamic Interbank Money Market.

    Eligibility Criteria

    • For applicants:
      • Nationality criteria: Malaysian citizen.
      • Age criteria:
        • Minimum age: 21 years (At the time of application)
        • Maximum age: 60 years or the retirement age (At the time of maturity of loan facility)
      • Income criteria: The applicants must have a minimum income of RM800 per month or more.
      • Employment criteria: A permanent employee (with 3 months or more in service) or an employee on contract basis (with at least 12 months in service) of State Government Department.
      • The applicant must be an account holder of BSN Giro/i.
    • For the guarantor:
      • Nationality criteria: Malaysian citizen.
      • Age criteria:
        • Minimum age: 21 years (At the time of application)
        • Maximum age: 58 years (At the time of completion of customer’s loan)
      • Income criteria: The guarantor must have an income of RM800 per month or more.
      • Employment criteria: The guarantor accompanying the applicant must be an employee of State Government Department with a minimum of 6 months into the service.
      • The guarantor must be an account holder of BSN Giro/i.

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

    • For the applicants:
      • A copy of front and back side of NRIC, and
      • Copies of the latest 2 months’ salary slips, and
      • The authorisation letter of salary deduction (BSN 09-D), and
      • Employment confirmation letter disclosing salary details, destination, employment date and retirement date
    • For the guarantor:
      • A copy of front and back page of NRIC, and
      • Letter of authorisation for salary deduction (BSN 09-D), and
      • Copies of last 2 months’ salary slips, and
      • Employment confirmation letter

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

    • Offline application: The BSN MyRinggit-i SKAN (Klasik) Personal Loan application process can also be carried out at the nearest BSN Bank’s branch. The applicants need to fill up the application form available at the bank’s branch with required details and submit it along with their as well as the guarantor’s supporting documents. Another method to apply for the BSN MyRinggit-i SKAN (Klasik) Personal Loan is by putting in the request telephonically through bank’s hotline numbers.
    • Online Application: One can apply for The BSN MyRinggit-i SKAN (Klasik) Personal Loan online at the official website of BSN Bank. The applicants need to upload the supporting documents and fill up the application form with necessary details. Applying online is the easier and faster way to complete the process.

    FAQs

    1. 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.

    2. 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.

    3. 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.

    4. 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.

    5. 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.

    6. 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.

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