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.
|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.|
|Minimum Loan Amount||RM5,000|
|Maximum Loan Amount||RM200,000|
|Loan Tenure||2 years to 10 years|
|Approval Duration||Not specified|
|Government Servant?||Yes (Federal government employees)|
|Stamp Duty||As per the Stamp Duty Act 1949 (revised 1989)|
|Takaful||Would differ based on age of loan applicant, loan tenure and loan amount|
|Cash Protection-i Scheme||RM318|
|Late Payment||Before the end of loan tenure: 1% of the total outstanding amount After the end of loan tenure: IIMM rate based on the total outstanding amount|
|Age||21 years to 60 years (at the end of the loan tenure)|
|Employment||For federal government employees Permanent employees: More than 3 months in service Temporary employees: More than 12 months in service|
|Minimum Income||RM1,500 each month|
|Guarantor/Collateral||Yes (only for temporary employees)|
|Linked Bank Account||BSN Giro-i account|
|Salaried Applicants||Photocopy of NRIC (both sides) Letter of authorisation of salary deduction (BSN 09-D) Latest pay slip (1 month for floating profit rate and 2 months for fixed profit rate) Letter from employer confirming full details of the employment|
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.
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.
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.
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.
Q. Is there a benefit associated with early settlement of the loan?
A. Yes. You can earn a rebate (Ibra) in such cases.
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.