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.
|Loan Amount||Loan Tenure||Minimum Annual Income||Interest 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.|
|Interest 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 Interest 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?||Members of the Royal Malaysian Police Force (PDRM)|
|Stamp Duty||As per Stamp Duty Act 1949 (Revised 1989)|
|Will (if applicable)||RM530|
|Insurance||As per age, loan amount and loan tenure|
|Cash Shield Insurance||RM318|
|Late Payment||1% of the total outstanding dues|
|Age||21 years to 60 years (at time of loan maturity)|
|Employment||Employees of PDRM with salary account (Bahagian Akaun, KDN) Permanent employees: In service for more than 3 months Temporary employees: In service for more than 12 months|
|Minimum Income||RM1,500 each month|
|Guarantor/Collateral||Only for temporary staff|
|Linked Bank Account||BSN Giro account|
|Salaried Applicants||Copy of NRIC (front and back) Letter from employer confirming name, designation, employment date, retirement date, and monthly salary Latest salary slip (2 months for temporary staff, and 1 month for permanent staff) Salary deduction authorisation letter (BSN 09-D)|
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.
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.
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.
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.
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.