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.
|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.|
|Loan Tenure||2 years to 10 years|
|Minimum Loan Amount||RM5,000|
|Maximum Loan Amount||RM200,000|
|Approval Duration||Not specified by BSN|
|Government Servant?||Yes (State government department employees)|
|Stamp Duty||As per the Stamp Duty Act 1949 (revised 1989)|
|Takaful||Would be based on financing amount, tenure and age of the applicant|
|Cash Protection-i Scheme||RM318|
|Advance Payment||Yes (amount equal to 2-month instalment payment)|
|Late Payment||Before the maturity date: 1% of the total outstanding dues After the maturity date: IIMM rate based on the total outstanding dues|
|Age||21 years to 60 years (retirement age at the end of loan tenure)|
|Employment||For state government department employees Permanent staff: In service for more than 3 months Temporary staff: In service for more than 12 months|
|Minimum Income||RM1,500 each month|
|Linked Bank Account||BSN Giro-i account|
|Guarantor/Collateral||Yes (Only for temporary staff)|
|Salaried Applicants||Photocopy of NRIC (both sides) Latest pay slip (1 month for floating profit rate and 2 months for fixed profit rate) Letter from employer confirming age, designation, retirement age, employment age, and salary Letter of authorisation of salary deduction (BSN 09-D)|
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.
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.
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.
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.
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.