• Personal Loan BYTES FROM OUR KITCHEN

    BSN MyRinggit SKAN (Klasik) Personal Loan

    BSN MyRinggit SKAN (Klasik) Personal Loan is an ideal personal loan facility for the employees of State Government Department. The facility provides the financial flexibility to individuals by providing them with easy and fast funds with low interest rates.

    Interest Rates

    The interest rates of the BSN MyRinggit SKAN (Klasik) Personal Loan are mentioned in the table below:

    Tenure Monthly salary of the applicant Interest Rates
    Up to 10 years From RM800 to RM5,000 4.75% p.a.
    Up to 10 years More than RM5,000 4.50% p.a.

    Benefits & Features

    • You can apply for funds of up to RM200,000 with this personal financing facility.
    • The facility comes with repayment tenures of up to 10 years.
    • You can get funds at interest rates as low as 4.50% p.a.
    • You can make the repayments through easy payment methods like salary deduction from the salary crediting account.
    • The permanent employees don’t need a guarantor to get this loan approved.
    • The employees working on contract basis need to be accompanied with a guarantor along with themselves at the time of application.

    Fees and charges

    The fees and charges associated with BSN MyRinggit SKAN (Klasik) Personal Loan are listed in the table below:

    Fee type Fee details
    Monthly repayment To be calculated by BSN in accordance with the selected tenure and the loan amount approved.
    Handling and disbursement fee No charge.
    Stamp Duty 0.5% of the total approved loan amount as per the Stamp Duty Act 1949.
    Early settlement fee Early settlement fee depends upon the amount to be recovered during early settlement.
    Insurance (Optional) Insurance charges depend upon the age of the applicant, repayment tenure chosen, and the approved loan amount under the facility.
    Will Fee RM530.
    Cash Shield Insurance (Optional) RM318.
    Advance Payment No advance payment.
    Late Payment charges Late payment charges are calculated using the following formula: (Monthly instalment amount x 1% x number of days overdue)/365.

    Eligibility Criteria

    • For applicants:
      • Must be a Malaysian citizen.
      • Must be 21 years old or above at the time of application and must not exceed retirement age by the end of the loan tenure.
      • Must be employed under State Government Department.
      • Must have salary account under Finance Department/State Treasury.
      • Must have a monthly income of RM800 or above.
      • Must be either a permanent employee with 3 months in service or an employee on contract basis with at least 12 months in service.
      • Must be a BSN Giro/i account holder.
    • The guarantor
      • Must be a Malaysian citizen
      • Must be 21 years old or above at the time of application and must not exceed retirement age by the maturity of the loan facility.
      • Must be an employee of Federal Government/State Government Department.
      • Must have salary account under Treasury/State Finance.
      • Must be in service for 6 months or more.
      • Must have a monthly income of RM800 or more.
      • Must be a BSN Giro/i account holder.

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

    For applicants:

    • A copy of both front as well as back page of NRIC, and
    • Employment confirmation letter disclosing Name and NRIC No., salary details, designation, date of employment and date of retirement
    • Copies of last 2 months’ salary slips, and
    • The authorisation letter of salary deduction (BSN 09-D), and

    Documents required for the guarantor:

    • A copy both sides of NRIC, and
    • Copies of latest 2 months’ salary slips, and
    • Employment confirmation letter disclosing Name and NRIC No., salary details, designation, date of employment and date of retirement
    • Authorisation letter of salary deduction (BSN 09-D)

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

    • Offline application: You can walk into the nearest BSN Bank’s branch and apply for the loan. The application form available needs to be filled with the necessary details and needs to be submitted along with the supporting documents for both applicants as well as for the guarantor (if applicable). Another option to apply for BSN MyRinggit SKAN (Klasik) Personal Loan is to put in your request telephonically by calling the bank’s helpline numbers.
    • Online Application: You can also choose to apply for BSN MyRinggit SKAN (Klasik) Personal Loan on the BSN Bank’s web portal. You need to fill up the application form that is available online and upload the supporting documents for both applicants as well as for the guarantor along with it.

    FAQs

    1. Q. I need a loan of RM300,000. Can I apply for this amount through the loan facility?

      A. No. You can apply for a range of RM5,000 to RM200,000 through this loan facility.

    2. Q. What is the minimum repayment period one can choose for?

      A. You can opt for a minimum of 2 years of the repayment tenure with this loan facility.

    3. Q. I’m set to retire in next 4 years. What is the maximum repayment tenure I can apply for?

      A. The maximum tenure you can opt for is four years. As the applicant should not exceed his/her retirement age by the time this facility matures.

    4. Q. What happens when I decide to settle the full loan amount before the facility’s maturing date?

      A. You can opt to fully settle the loan amount at any time before the maturity date. In order to do the same, you just need to provide the bank with a written notice prior to the early settlement of the loan.

    5. Q. Should I opt for cash shield insurance and will with this loan facility?

      A. Although it’s not absolutely mandatory to opt for either of these two options with this loan, it is highly recommended to get the insurance on the loan.

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