Who can apply for BSN MyRinggit Executive-1 personal loan?BSN MyRinggit Executive-1 personal loan opens to permanent and contracts employees with minimum 3-years working experience. Any Malaysian citizens aged between 21 to 55 / 60* years (*subjected to employer confirmation) with a minimum gross monthly income of RM3,000 and RM10,000 for permanent and contract staff respectively. This BSN personal loan is offered exclusively to those working in:
- Statutory Bodies, Government Linked Companies, selected Public Listed Companies in the Main Market Bursa;
- Professionals (such as, Doctors, Lawyers, Architects and Accountants);
- Premier Developer Panels, Private Hospitals, Telecommunication Companies, Licensed Financial Institutions, Multinational Companies;
- PETRONAS Group of Companies; AND
- Selected Private Universities & Colleges.
How much money can I borrow?Whatever your personal financing needs may be, BSN Executive-1 personal loan can help part-finance your dreams from a minimum of RM10,000, up to 10x of your gross monthly income, capped at RM200,000, with repayment terms between 2 to 10 years. You can choose to service your monthly installment over a fixed / flat or floating interest rate. If you want to maintain paying the same installment amount every month, a flat interest rate between 6% to 8.5% will be assigned to your loan amount.
Is there an Islamic option for this BSN personal loan?Absolutely. For borrowers who like to adhere to their religious values, i.e. non-interest based financing, BSN offers a Shariah-compliant Executive-1 facility that follows the concepts of Tawarruq or Commodity Murabahah at competitive profit rates. The profit rates, financing amount and tenures will be similar to its conventional counterpart.
What is my monthly commitment for BSN Executive-1 personal loan?Your BSN personal loan repayments start one month after you’ve received the money, with the payments that need to be made every month until the total loan amount is repaid. BSN requires you to enroll into its Giro or Giro-i Account and set up a Standing Instruction for this purpose. You can finish paying for your personal loan whenever you want as there is no lock-in period and no penalty for early settlement, just inform BSN by way of a written notice.
What documents do I need to prepare for this BSN personal loan application?You will need the following documents for your BSN Executive-1 application:
- A copy of your NRIC (front and back);
- A copy of latest 3-months salary slips;
- Latest EPF statement; AND
- A Confirmation Letter from your employer with details of your Name, NRIC number, Designation / Status, Monthly Salary, Date of Employment and Date of Retirement.