MyRinggit SKAP (Klasik) Personal Loan is one of the personal loans offered by BSN which has been designed specifically for Federal Government Servants. The bank does not require you to have a high income in order to get a hassle-free loan approval.
|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?||For federal government servants|
|Stamp Duty||As per the Stamp Duty Act 1949 (Revised 1989)|
|Insurance||Based on loan amount, tenure and age of applicant|
|Cash Shield Insurance||RM318|
|Late Payment||1% of the total outstanding arrears|
|Age||21 years to 60 years (at the time of loan maturity date)|
|Employment||Permanent federal government employees Permanent staff: More than 3 months in service Temporary staff: More than 12 months in service|
|Minimum Income||RM1,500 each month|
|Guarantor/Collateral||Only for temporary staff in service for more than 12 months|
|Linked Bank Account||Yes (BSN GIRO account)|
|Salaried Applicants||Copy of NRIC (front and back) Latest salary slip (2 months for fixed interest rate and 1 month for floating interest rate) Letter from employer confirming full details of employment including age, position, pay, employment date, and retirement date Salary deduction authorisation letter (BSN 09-D)|
Let us consider a loan amount of RM10,000 at an interest rate of 4.6% p.a. Say, the loan repayment tenure is 1 year. Then, the total sum you will be paying to the bank is RM10,460.04 and the monthly instalment is RM871.67. The repayment table for this loan is given below:
|Month||Principal Deduction||Interest Paid||Remaining Balance|
BSN provides the loan application form on its website. You can download the form, fill it and submit the application form along with the required documents at the nearest branch office.
Alternately, you can also visit the nearest branch along with the supporting documents, get the application form from the bank staff, fill it and submit your personal loan application.
Q. Does the loan include a lock-in period?
A. No. The loan does not include a lock-in period.
Q. What is the maximum loan amount offered by the bank?
A. The maximum loan amount offered by the bank is RM200,000.
Q. Should I pay an Early Settlement Fee if I clear the loan before the tenure?
A. No. You can clear the loan before the scheduled tenure without paying any fee for early settlement.
Q. How much late penalty charges are levied if I fail to pay the instalment by the due date?
A. You have to pay a late payment fee of 1% p.a. on the overdue amount that is calculated on a daily basis.
Q. What is the interest rate offered on BSN GIRO Account?
A. The interest rate applicable to BSN GIRO Account is 0.25% p.a.