BSN Personal Loan
BSN Executive 1 Personal Loan is a personal loan that was only accessible by a handful of selected and exclusive public listed companies employees and professionals who were able to show proof of their qualifications. This personal loan is now available to the more people that fit the requirements and it allows a financing amount from RM10000 to RM200000 with a minimum of 2 years repayment period and up to a maximum of 10 years repayment period.
Being an unsecured type of loan, there is no need for the loan applicant to provide neither a collateral nor a guarantor but it is important for the loan applicant to keep in his or her mind that it is quite stringent for an unsecured loan to be approved by BSN. If your loan gets rejected, you can try applying for other personal loan packages offered by the bank. Upon the approval of this loan package, the applicant has to open either a BSN Giro or Giro-i account.
To make up for its strict requirements, the interest rates that are offered by BSN are considered attractive and competitively priced when you compared it to personal loan packages offered by other banks in Malaysia. It is also important to understand that 6.5% per annum interest rate translates to somewhere around 11.7% effective interest rates per annum.
BSN Executive 1 Personal Loan Interest Rates
The interest rates for BSN Executive 1 Personal Loan depends on several factors including monthly gross income, the loan tenure and the credit score of the borrower. The list below will give you a better understanding in this personal loan package interest rates:
- If you have a monthly gross salary of RM3000 to RM5000, your interest rate is 8.5% per annum
- If you have a monthly gross salary of RM5000 to RM10000, your interest rate is 7% per annum
- If you have a monthly gross salary of more than RM10000, your interest rate is 6% per annum
It is also important to note that the minimum loan amount that you can apply starts at RM10000. If your loan amount is below that amount, you are not qualified for this personal loan package. In addition, you are only allowed to borrow up to 5 times of your monthly gross salary if your monthly gross salary is between RM3000 and RM5000 while you can borrow up to 7 times of your monthly gross salary if your monthly salary is between RM5000 to RM10000. Applicants with a monthly gross salary that exceeds RM10000 can borrow as high as up to 10 times of their monthly gross salary.
Besides the requirements mentioned above for you to be eligible to apply for this personal loan package, you will also need to be an employee from a list of panel public listed companies selected by BSN, a Malaysian citizen and between 21 to 55 or 60 year old depending on the age of your retirement at the end of the loan tenure. On top of these strict requirements, you as the loan applicant is also required to have at least 3 years of working experience. Even though it was stated above that minimum monthly gross salary is RM3000, it is only applicable to full-time employees. Part-time and contract based workers need to have a minimum monthly gross salary of RM10000 to apply for this personal loan package.
BSN Executive 1 Personal Loan Fees and Charges
While there is a penalty fee of 1% per annum of the outstanding amount for late repayments that is calculated on the daily basis, there is no processing fee and hidden fees involved for the loan application. However, the loan applicant will have to pay 0.5% of the loan amount as a Government stamping duty fee and further charges may incur if you are also required to take the Takaful insurance coverage that is based on your total loan period and these service charges are subjected to GST charges. It is also possible to pay off your BSN Executive 1 Personal Loan amount early. In order to do so, you will need to give an advance notice to the BSN bank in writing before you make your final payment. There is no lock-in period hence no penalty fees will be charged for early settlements.
Before you apply for this personal loan package, prepare a photocopy of your MyKad for front and back, the latest 3 months bank statements, the latest EPF statement and a confirmation letter with your full name, MyKad number, designation, employment status, stated salary and employment date from your employer.
List of Public Sectors Recognized By BSN
Please see below for the list of public sectors that are recognized by BSN for this BSN Executive 1 Personal Loan package:
- PETRONAS Group of Companies
- Private healthcare
- Government Linked Company (GLC)
- Private colleges are exclusively selected by BSN
- Public listed companies that are found on the main board
- Several professionals including lawyers, doctors, accountants, information technology experts along with the proof of their employment status and certifications
In conclusion, this BSN Executive 1 Personal Loan package is an ideal package to consider if you have a high income and work in a private sector or the listed public sectors that are recognized by BSN because you can enjoy higher financing amount with lower interest rates. The drawback of this personal loan package is it is only available to a selected number of people and the minimum requirement of RM3000 monthly gross income is considered to be very high in the market.