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.
The effective interest rate is 6.5% per annum. Check with the provider to see how much interest rate that they are charging and if it is a flat interest rate or not.
The main features of the BSN personal loan for private sector are as follows:
- The minimum amount that is financed is RM5,000 or 5 times the monthly gross salary.
- The maximum amount financed is RM200,000 subject to the monthly deduction limit not being more than 60% and it must comply with the responsible financing guideline.
- The repayment term ranges from 2 years to 10 years.
- The repayment can be made via giving a standing instruction to your finance provider to credit the amount on your behalf or through BSN standing instruction.
The eligibility criteria are as follows:
- 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?
You will be required to submit the following documents along with the application form:
- Your latest 3 months original salary slips for verification.
- Copy of the latest 3 months’ salary slip
- Copy of your NRIC
- Latest EPF statement
- Confirmation letter from your employer that contains your name, NRIC, designation, employment status, date of employment and monthly salary.
- You can also submit your latest EA or EC statement and the J Form for the past 2 years or any other official document that is issued by the Inland Revenue Board.
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.