BSN Personal Loan

Good news to most employees especially the executive levels, BSN is offering personal loans to the private sector. The types of personal loan being offered are known as Executive-1 and Executive-1 with floating rate. The purpose of these types of loan is specifically to help the executive employees in order to meet their financial needs with a reasonable interest rate, unlike the previous offered loans which are only limited to professionals with confirmed specific capabilities from selected public listed companies only.  

The current loan from BSN starts from RM10000 to RM200000 with quite a long tenure up to 10 years for the repayment time. There will also be a minimum years for repayment which would be only 2 years. Do take note that the bank offers loan at a fixed rate as well as at a floating rate. As this is an unsecured loan, a guarantor or collateral is not required. Thus, the approval process is stricter due to this reason. There are other secured personal loan in case you are interested to venture into it. Once your loan is approved by BSN, you are required to open an account with the bank.     

In order for you to apply for a personal loan with BSN, as mentioned, you must either be an employee from any listed private sector companies, an employee who works in a company linked to government, work in a multi-national company (MNC) or public listed company. The BSN personal loan is available for all Malaysian citizens above the age of 21 and less than the age of 60. Besides, you need to be within the mentioned range of age at the end of the tenure of the loan. If not, you are not consider qualify to apply. On top of that, you must have at least 3 years of working experience in order to get the loan. You must have permanent employment with a minimum salary of RM3000 for permanent staff whereas for contract staffs, the minimum salary requirement is RM5000. For the repayment, you can make additional payment or settle the loan completely anytime that you wish to, as there is no lock-in period for this loan.   

If you are successful in your application for the loan, you will be charged with all the relevant fees like stamp duty and insurance. The insurance fee depends on the tenure and the amount of your loan. As usual, you will be fine for failed or late payment of 1% daily.  


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