Presently, BSN has also began to offer personal loans service to employees working in the private sector. The two types of personal loans offered by BSN to employees working in the private sector are known as the Executive – 1 and Executive – 1 with floating rates or pinjaman peribadi in Malaysia. In the past, this personal loans service is only available to employees working in a few selected public listed companies and they must confirm their specific professional positions and capabilities.
Currently, the BSN Personal Loan financing service starts from as low as RM1,000 up to a maximum amount of RM 200,000 and has a long tenure that is up to 10 years for the period to repay back the loans. However, there is a minimum amount of years for repayment and that minimum amount of years is 2 years.
The objective of this BSN Personal Loan service is to extend help to employees to meet and fulfil their individual financing needs at an interest rate that is reasonable. In addition, BSN also offers personal loans with a fixed rate and personal loans with a floating rate. There is no need for you to provide any collaterals and guarantor in order to apply for this BSN Personal Loan because this is considered as an unsecured loan plan. However, do remember that they are very strict with applicants and the personal loans plan is difficult to be approved. In the event that you failed to get this BSN Personal Loan approved, BSN also offers other secured personal loans. Upon successful loan endorsement, the candidates will have to open either a BSN GIRO or Giro-i account to begin the plan.
Terms and Conditions
- The applicant have to be working in the private sector and the company must be listed in the list of panel public listed companies
- The applicant have to be a BSN Giro account holder, an Executive, a professional or a salaried employee
- The applicant must either be working for a Government Linked Company (GLC), Multi-national Company (MNC) or a Public Listed Company
- This personal loan plan is available to all citizens with Malaysian nationality from the age of 21 years old up to a maximum age of 60 years old and the applicant has to be within this age range at the end of the tenure for the loan for him or her to qualify for this personal loan plan
- You will need to have at least three years of working experience in order for the loan to be approved
- There is a minimum salary prerequisite for the personal loan plan and that amount would be a minimum of RM3000 on a month to month basis while the minimum salary prerequisite for contract staffs is RM1000 on the similar basis
- The applicant should likewise have either a current BSN-Giro or Giro-i account
- If you have a monthly income of between RM3000 and RM5000, the loan amount limit that you can apply for is only 5 times of your monthly gross income and the interest rate for it is 8%
- If you have a monthly income of between RM5000 and RM10000, the loan amount limit that you can apply for is 7 times of your monthly gross income and the interest rate for it is 6.5%
- If you have a monthly income of more than RM10000, the loan amount limit that you can apply for is 10 times of your monthly gross income or a maximum limit of RM20000 and the interest rate for it is 5.5%
- There is no lock-in period so you can make excess payments or settle the loan completely anytime you wish
- A photocopy of your MyKad identity card for front and back
- A copy of your last 3 months salary slip or payslip
- Latest copy of your EPF statement
- An employee confirmation letter that must be written by your current employer and the letter has to state your full name, Mykad number, designation, monthly salary, date of your employment and the status of your current employment
- A copy of your latest E-filing form or EC/EA statement
- You can also submit the other verified documents through the Inland Revenue Board which is also known as LDHN