Bank Simpanan Nasional Personal Loan

About Bank Simpanan Nasional

Bank Simpanan Nasional (BSN) was established on December 1, 1974, to replace Post Office Savings Bank, which was established in 1948. It is a Malaysian government-owned bank. Not only that, but BSN also provides a variety of financial and services products to meet the needs and demands of customers in today’s world. Because of their great success, BSN now has 390 branches in Malaysia, with its main headquarters at Wisma BSN, 117, Jalan Ampang, 50450 Kuala Lumpur.

What is a personal loan?

A personal loan is a type of instalment credit provided by a financial institution (bank) to a borrower (you) in a one-time cash payment. You, as a borrower, must pay back the amount plus interest either in regular or monthly instalments over the loan’s term agreement. Personal loans can be divided into secured loans (backed by collateral) and unsecured loans (no collateral required).

What type of personal loan does BSN offer?

BSN provides 4 types of personal loans:

• BSN MyRinggit-i (Public Sector)
• BSN MyRinggit-i (Eksekutif-1)
• BSN MyRinggit-i Professional
• BSN MyRinggit-i (Financial Institution Employee)

What are the eligibility to apply for BSN personal loans?

The eligibility for individuals to apply for BSN personal loans are as follows:

1. BSN MyRinggit-i (Public Sector)
   • Malaysian citizen
   • Between 21 to 60 years old
   • Minimum monthly income of RM1,500
   • Types of employees:
     • Permanent employee: Over 3 months of employment
     • Contract/ temporary employee: Over 12 months of service
   • An employee of the government sector/ GLA/ GLC/ organisations with salary deduction facilities through BPA
   • An account holder of BSN GIRO / -i

2. BSN MyRinggit-i (Eksekutif-1)
   • Malaysian citizen
   • Between 21 to 55 or 60 years old (subject to retirement age at the end of the financing period)
   • Minimum monthly income:
     • Permanent employee: RM3,000
     • Contract/ temporary employee: RM10,000
   • Permanent and contract employees that have a minimum of 1 year of working experience
   • Working in the sector of Premier Developer Panel, Private Hospital, Telecommunication Company, licensed Financial Institution, multinational company, PETRONAS group of companies, selected private university & college and others
   • An account holder of BSN GIRO / -i

3. BSN MyRinggit-i Professional
   • Malaysian citizen
   • Must be at least 21 years old and not older than retirement age or 65 at the end of the financing period, whichever comes first
   • Minimum monthly income of RM3,000
   • Types of professionals include medical doctors, dentists, accountants, lecturers, architects, engineers, pharmacists, quantity surveyors, veterinarians, opticians or optometrists, and actuaries
   • Minimum tenure in service:
     • Permanent employee: 3 months
     • Contract/ temporary employee: 6 months
   • For sole proprietorship/ partnership, the business has been operated for at least 2 years
   • An account holder of BSN GIRO / -i

4. BSN MyRinggit-i (Financial Institution Employee)
   • Malaysian citizen
   • Must be at least 21 years old and not older than retirement age or 60 at the end of the financing period, whichever comes first
   • Minimum monthly income (basic salary + fixed allowance):
     • Permanent employee: RM3,000
     • Contract/ temporary employee: RM10,000
   • Minimum service of 1 year in the banking industry
   • An employee of a licensed Financial Institution as approved by Bank Negara Malaysia (BNM)
   • An account holder of BSN GIRO / -i

Why should I choose BSN personal loans?

• Shariah-compliant, Tawarruq (Commodity Murabahah) is applied to all types of personal loans
• BSN offers to finance amounts up to RM200,000 (depending on types of personal loans)
• The repayment tenure is offered for up to 10 years
• Interest fixed rates are as low as 4.60% to 5.30% p.a. (depending on types of personal loans)

There are numerous other reasons you should choose BSN personal loans.

What are the benefits I can enjoy from BSN personal loans?

BSN personal loans can provide you with the following benefits:

• Shariah-compliant personal loan, based on Tawarruq (Commodity Murabahah)
• No processing fee and no early settlement fee
• No guarantor or collateral is required (unless the Bank requests it explicitly)
• Flexible repayment tenure up to 10 years

*Terms and conditions apply.

What are the documents required for BSN personal loans?

When applying for BSN personal loans, the following documents are required:

1. BSN MyRinggit-i (Public Sector)
• Copy of NRIC (both sides)
• Confirmation letter from employer stating:
• Name, and
• NRIC, and
• Designation/ position, and
• Monthly salary, and
• Date of employment, or
• Latest EA/ EC statement for at least 1 year, and
• Latest e-filing form or any verified documents by the Inland Revenue Board (IRB)
• Latest 2-month salary slip
2. BSN MyRinggit-i (Eksekutif-1)
• Copy of NRIC (both sides)
• Latest 3-month salary slip
• Latest EPF statement
3. BSN MyRinggit-i Professional
• Payment via BSN Standing Instruction:
• Salary earner
• Copy of NRIC, and
• Latest 2-month salary slip, and
• Employer confirmation letter, and
• Valid certification/ registration with the respective Certification Authority/ Membership Registration Institution, and
• Latest income statement (EA/ EC/ e-B/ e-BT Form), or
• Latest 3-month bank statement of salary crediting account, or
• Any other latest supporting document such as EPF statement
• Sole proprietorship/ partnership
• Copy of NRIC
• Business Registration
• Latest 6-month bank statement
• Latest annual income statement (EA/ EC/ e-B/ e-BT Form) with the payment receipt
• Latest 2-year financial statement
• Valid certification/ registration with the respective Certification Authority/ Membership Registration Institution
• Payment via Salary Deduction (for salary earner only):
• Copy of NRIC
• Latest 2-month salary slip
• Employer confirmation letter
• Salary Deduction Form
• Valid certification/ registration with the respective Certification Authority/ Membership Registration Institution
4. BSN MyRinggit-i (Financial Institution Employee)
• Copy of NRIC (both sides)
• Latest 2-month salary slip
• Employer confirmation letter
• Latest EPF statement

What are the fees included in BSN personal loans?

Certain fees apply, including:

• Stamp duty

  As per the Stamp Duty Act 1949 (Revised 1989)

• Processing fee

  None

• Early termination fee

  None (1 month’s written notice in advance)

• Late payment fee

  Based on Ta’widh (compensation)

• Wakalah fee

  RM30

• Will fee (if any)

  RM500

• Perlindungan Tunai-i (optional)

  RM530

• Insurance/ Takaful (optional)

  Age, tenure, and total loan/ financing amount may influence the price

Who should I contact for further information about BSN personal loans?

For more information or assistance with BSN personal loans,

• Contact Bank Simpanan Nasional at 1-300-88-1900
• Visit Bank Simpanan Nasional branches nearby

What are the common terms of personal loan?

• Per Annum (p.a.)

  The interest rate over one year with the assumption that interest is compounded annually.

• Tenure

The period you must repay your loan.

• Principal

Principal is commonly known as the loan amount you requested from the bank.

• Interest rate

  Principal is commonly known as the loan amount you requested from the bank.

• Instalment

  Instalment is the fixed amount you must repay your personal loan every month until the term expires.

• Penalty

  A fee that a bank will levy on your overdue amount if you are late with your repayment.

• Default

  The term used to describe a situation in which a personal loan is not paid off for more than three months.