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Personal Loan BYTES FROM OUR KITCHEN

BSN Personal Loan for Private Sector

Bank Simpanan Nasional (BSN) offers a special finance package that caters to the executives of the private sector. The loan doesn’t require you to have a collateral and you will get immediate approval if you are meeting all the requirement criteria.

Interest rate

Scheme Name Loan Amount Loan Tenure Minimum Income Interest Rate
Eksekutif-1 Up to a maximum of RM200,000 and 10x of monthly gross income (whichever is lower) 2 to 10 years RM3,000 (for permanent employees) RM10,000 per month (for contract based employees) 6% p.a. to 8.50% p.a.
Eksekutif-1 with Floating Rate A maximum of RM200,000 2 to 10 years RM3,000 per month (for permanent employees) RM10,000 per month (for contract based employees) BR + 5.00% (monthly rest basis)

*(Current BR = 4.10%)

Features

Interest Rate Fixed interest rate of 6% p.a., 7% p.a., or 8.50% p.a. (depending on income and loan limit) Floating interest rate of BR + 5.00% (monthly rest basis)
Effective Rate 9.1% p.a. (for the plan on floating rate basis)
Minimum Loan Amount RM5,000
Maximum Loan Amount Up to RM200,000
Loan Tenure Up to 10 years
Islamic/Conventional NA
Debt Consolidation NA
Takaful Coverage NA
Approval Duration NA
Government Servant? Private sector

Fees and Charges

Stamp Duty Charges As per the Stamp Duty Act 1949
Processing Fee NA
Disbursement and Miscellaneous Fee NA

Penalties

Early Settlement Charges No fee imposed
Late Payment Charges/Ta’widh 1% p.a. of the unresolved instalments (calculated on daily basis)

Eligibility Criteria

Nationality Malaysian citizen
Age Requirement Minimum age: 21 years Maximum age: 55/60 years at the end of loan tenure
Employment Permanent or contract-based employee at private sectors
Minimum Income Requirement RM3,000.00 per month (for permanent staff) RM10,000 per month (for contract based staff)
Guarantor/Collateral Requirement Guarantor or collateral not required
Should I have a linked bank account? NA
  • Only a Malaysian citizen can avail the BSN Personal Loan for Private Sector.
  • The citizen must be above the ages of 21 years and at the time of completion of the loan, his maximum age must be 55 years.
  • He or she must hold a position of an Executive and above.
  • He or she must be a permanent employee who has served more than 3 years of service.
  • This loan is offered to the employees of Statutory Body and GLC or GLA, public listed company in the Main Market Bursa Malaysia and to Professionals such as doctors, architects, lawyers, accountants and other certified professionals.
  • The borrower's minimum fixed salary that is the basic salary and allowance must be RM3,000.
  • Borrower must be BSN GIRO or GIRO-I account holder.

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

For Eksekutif-1 For Eksekutif-1 with Floating Rate
A copy of NRIC (both sides) A copy of NRIC (front and back)
Latest salary slips (for 3 months) Latest salary slips (for 3 months)
Latest EPF statement Latest EPF statement
Confirmation letter by an employer with following details:
  • Name and NRIC
  • Employment status and designation
  • Monthly salary
  • Date of employment, or
Confirmation letter by an employer with following details:
  • Name
  • NRIC
  • Designation
  • Monthly salary
  • Date of employment, or
Latest EA/EC Statement and latest e-filing form or any certified documents by the Inland Revenue Board (LHDN) Latest EA/EC Statement and latest e-filing form or any certified documents by the Inland Revenue Board (LHDN)

How to apply for BSN Personal Loan for Private Sector?

If you want to take a BSN Personal Loan for Private Sector, visit http://www.mybsn.com.my/ and download the application form and fill it up and submit it to the nearest BSN Branch.

To check how much you will be paying towards the monthly repayment, you can use the loan calculator and fill in the details of the loan amount and the tenure for which you want it and provide the interest rate.

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