• Personal Loan BYTES FROM OUR KITCHEN

    BSN MyRinggit SCOP (Klasik) Personal Loan

    The BSN MyRinggit SCOP (Klasik) is a type of personal financing offered by the Bank Simpanan Nasional (BSN) of Malaysia. It is an exclusively designed plan for the employees of the Royal Malaysian Police Force (PDRM). The personal financing scheme helps its customers to obtain the required sum of loan when they need to address their personal financial predicaments.

    Interest Rates (Normal)

    Income Limit Interest Rate
    RM800 to RM5,000 4.75%
    More than RM5,000 4.50%

    Interest Rates (Risk Based Pricing or RBP)

    Loan Tenure Interest Rate
    1 to 5 years 4.60% p.a.
    6 to 10 years 4.50% p.a.

    Benefits and features

    • The personal loan scheme is specially designed for the members of the Royal Malaysian Police Force (PDRM).
    • This is an unsecured personal loan facility and offers interest rates calculated on a flat rate basis.
    • The loan offers convenient mode of payments such as via the Bahagian Akaun, KDN (Account Division).
    • No advance payment is required to be made by the borrower.
    • Minimum personal financing amount is RM5,000.
    • A customer can obtain a personal loan up to RM200,000 under the scheme.
    • There is no need of presenting a guarantor or any collateral while applying for the loan..
    • No lock-in period is imposed on a customer when he/she acquires the loan.
    • The customer can conveniently choose to make an early settlement of his finances at any time. Early settlement is not chargeable to the customer.
    • The loan period scales from minimum 2 years to a maximum of 10 years.

    Fees and Charges

    Fee type Fee details
    Insurance (optional) Depending on the age, tenure and loan amount of the customer
    Advance Payment No Advance Payment
    Late Payment Fee 1% p.a. of the pending instalment, which is calculated on daily basis
    Stamp Duty According to the Stamp Duty Act 1949 (Revised in 1989)
    Will Fee RM530 (if any)

    Eligibility Criteria

    • He/she should be a citizen of Malaysia.
    • The applicant’s minimum age should be at least 21 years.
    • The maximum age of an applicant should not exceed 60 years at the time of the completion of the loan tenure.
    • He/she needs to be a PDRM employee and should possess a salary account under the Bahagian Akaun, KDN.
    • He/she should be a permanent employee who has completed at least 3 months of employment tenure.
    • The applicant should earn a minimum fixed income of RM800 per month.
    • The BSN MyRinggit SCOP (Klasik) personal loan applicant needs to be a BSN GIRO or BSN-i account holder.

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

    • The copy of NRIC (both front and back)
    • A confirmation letter from the employer
    • Copies of latest 2 months’ salary slips
    • Authorisation Letter of Salary Deduction (BSN 09-D)

    How to Apply for this loan?

    • Offline Application: An applicant can go to the nearest BSN branch in Malaysia to obtain the application form for BSN MyRinggit SCOP (Klasik) scheme of personal financing. After presenting the required documents, he/she can complete the application procedure with the help of bank representatives available at the branch.
    • Online Application: A customer can download a printable form available on the official website of the BSN and fill it with all required details. He/she can then submit the application at the designated department with the required supporting documents attached to it.

    FAQs

    1. Q. What documents do I need to provide if I want to go for an early settlement of my payment dues?

      A. You can go for early settlement of your financed amount by sending a prior notice to the bank informing about the same. The service is not chargeable, thus you can choose to settle your loan at any point during your tenure.

    2. Q. How the bank will decide my late payment fee if I miss on my repayment instalments?

      A. A late payment fee of 1% p.a. of the pending instalments is charged to a customer which is calculated on the daily basis.

      The late payment charges are calculated by the bank as per the following formula:

      Monthly Instalments in Arrears × 1% × Number of Days Overdue ? 365.

    3. Q. I am a Royal Malaysian Police Force employee for about 2 months and I have the salary slip of only one month. Am I eligible to apply for the personal loan under this scheme?

      A. As per the bank’s regulations, you need to present the latest salary slips for at least 2 months to obtain the loan. When you complete the employment tenure of 3 months, you can produce your salary details to the bank and then you will be qualified to acquire the personal loan.

    4. Q. Why are documents pertaining to my retirement date needed to apply for the personal loan?

      A. The BSN MyRinggit SCOP (Klasik) personal financing scheme requires the customer to be under 60 years old at the time of the maturity of his financing period. To determine the valid age of the applicant, it is requested to produce the necessary documents from your employer.

    5. Q. I am not employed under the Royal Malaysian Police Force (PDRM) but I am a government employee for last 3 years. Can I apply for personal loan under this scheme?

      A. No, the BSN MyRinggit SCOP (Klasik) personal loan scheme is specifically for the members of the police force.

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