• Personal Loan BYTES FROM OUR KITCHEN

    BSN MyRinggit-i SKAP (Klasik) Personal Loan

    BSN MyRinggit-i SKAP (Klasik) Personal Loan is a loan scheme by BSN Bank that is tailor made to suit the financial needs of the Federal Government servants. The financing facility is based upon the Shariah concept of Tawarruq and provides the Federal Government servants with funds for better financial flexibility at a lower profit rate.

    Profit Rates

    The profit rates associated with the BSN MyRinggit-i SKAP (Klasik) Personal Loan are as follows:

    For the applicants with monthly salary ranging from RM800 to RM5,000:

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

    For the applicants with a monthly salary of RM5,000 or more:

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

    Benefits & Features

    • One can get funds of up to RM200,000 with BSN MyRinggit-i SKAP (Klasik) Personal Loan.
    • The facility comes with repayments periods of up to 10 years.
    • The profit rate associated with this loan facility is as low as 4.50% p.a.
    • The facility comes with easy repayment modes like salary deduction from the salary crediting account.
    • The personal loan scheme may or may not require the applicant to be accompanied with a guarantor at the time of application depending upon the type of employment of the individual.

    Fees and charges

    Fee type Fee details
    Processing fee No charge.
    Late Payment charges (Before the maturity date) The charges are calculated using the formula below: (Overdue instalment amount x 1% x number of overdue days)/365.
    Late Payment charges (After the maturity date) The charges are calculated using the formula below: (Total due principal x IIMM% x No. of overdue days)/365
    Early Termination Fee As per the bank’s discretion.
    Stamp Duty 0.5% of the total loan amount as per the Stamp Duty Act 1949.
    Wakalah or Will Fee RM530.
    Contribution of Cash Protection-i Scheme RM318.
    Takaful contribution coverage The takaful coverage contribution depends upon the applicant’s age, loan amount approved under the loan scheme, and the financing tenure.

    Where IIMM stands for Islamic Interbank Money Market.

    Eligibility Criteria

    • For the applicants:
      • Nationality criteria: The applicant must be a Malaysian citizen.
      • Age criteria:
        • Minimum age: The applicant must be 21 years old or older on the application date.
        • Maximum age: The applicant must younger than 60 years (or his/her retirement age) at the end of the repayment period.
      • Income criteria: The applicants must have a monthly income of RM800 or above.
      • Employment criteria: Permanent employees of Federal Government with a minimum of 3 months of employment and employees working for the Federal Government on contract basis with at least 12 months of employment.
      • Active BSN Giro/i account holders.
    • For the guarantor
      • Nationality criteria: The guarantor must be a Malaysian citizen.
      • Age criteria:
        • Minimum age: The guarantor must be at least 21 years old on the application date.
        • Maximum age: The guarantor must be 58 years old or younger and should not be older than his/her retirement age at the maturity date of the facility.
      • Income criteria: The guarantor must have a minimum basic salary of RM800 per month.
      • Employment criteria: An employee of Federal Government who is employed for 6 months or more.
      • Active account holders of BSN Giro/i.

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

    The list of documents required for BSN MyRinggit-i SKAP (Klasik) Personal Loan process is given below:

    For the applicants:

    • Copies of both front and back page of NRIC
    • The confirmation letter provided by the applicant’s employer
    • The authorisation letter of salary deduction (BSN 09-D)
    • Copies of last 2 months’ salary slips

    For the guarantor:

    • Copies of front and back page of NRIC
    • Letter of authorisation for salary deduction (BSN 09-D)
    • Copies of salary slips for last 2 months
    • The confirmation letter provided by the employer of the guarantor

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

    • Offline application: The application process can be carried out at the nearest BSN Bank’s branch by filling up the application form and submitting the supporting documents along with it. The request for the BSN MyRinggit-i SKAP (Klasik) Personal Loan can also be put in through hotline numbers of BSN.
    • Online Application: The applicants can also put the application online at BSN Bank’s official website. For BSN MyRinggit-i SKAP (Klasik) Personal Loan approval, applicants need to fill up the application form online and upload the supporting documents with it.

    FAQs

    1. Q. What is the range of funds I can get through this loan?

      A. With BSN MyRinggit-i SKAP (Klasik) Personal Loan, one can get loans from RM5,000 to RM200,000 depending upon the income of an individual.

    2. Q. Do I need to bring a guarantor to the application process?

      A. If you are a permanent employee of Federal Government with a minimum of 3 months in service, you don’t need a guarantor for the process. But if you’re working for the Federal Government on contract basis, you need to bring a guarantor for the application process.

    3. Q. Can I apply for a loan for an amount of RM8,000 with one year tenure?

      A. No. The minimum tenure available with this loan scheme is 2 years. However you can decide to fully settle the loan amount at any time during the period.

    4. Q. What is the procedure for settling the loan before its maturity?

      A. You need to inform the bank prior to settling the early settlement in form of a written notice.

    5. Q. Is there a benefit associated with early settlement of the loan?

      A. Yes. You can earn a rebate (Ibra) in such cases.

    6. Q. What is the benefit of takaful coverage? What if I choose to not take the coverage with my loan?

      A. The takaful coverage will cover any unpaid loan amount in the unfortunate case of against death or total permanent disability of the borrower during the loan tenure. So it’s highly recommended to opt for it, however it’s not mandatory to opt for the same.

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