BSN Personal Loan: Interest Rate & Eligibility


How to apply BSN Personal Loan application: Interest Rate & Eligibility for government servant and private sector in Malaysia

bsn personal loan

What is personal bank bsn? The Bank Simpanan Nasional (BSN) is a banking institution that offers banking products and services to urban, rural, and remote communities to help them manage their finances well. BSN creates an experience that is convenient for their customers when dealing with this banking institution. Many of the products and services offered by BSN include personal loans.

This personal loan was created and offered to BSN customers with the aim of helping them fulfill their dreams and needs.

There are two (2) types of personal loans offered under the BSN banking service. It’s BSN MyRinggit (public sector) and BSN MyRinggit (Eksekutif-1) loans.

Both of these loans provide different benefits depending on the customer’s need to apply for them.

BSN Personal Loan Myringgit (Public Sector)

BSN MyRinggit (Public Sector) is a personal loan offered under Bank Simpanan National’s banking institution.

It is a personal financing plan that allows borrowers to apply for a high amount of loan with long repayment periods, i.e., loans up to RM200,000 for a maximum period of 10 years.

These loans are offered to government employees, government affiliates (GLCs), and government-affiliated agencies (GLAs) who are permanent, contractual, or temporary.

The pay cuts will be made through the Skim Potongan Gaji Angkasa (SPGA) to repay this loan. Therefore, anyone who is a civil servant can apply for this personal loan.

1. Eligibility

Applications can be made by any civil servant in Malaysia who qualifies as specified under the BSN MyRinggit (Public Sector) personal loan scheme.

The following are the eligibility conditions that must be met to apply for this loan: 

  1. The applicant is a Malaysian citizen who is 21 to 60 years of age. 
  2. Applicants serving and working in the public sector who receive a monthly income exceeding RM1,500 (gross salary) or an annual income of RM18,000 (gross salary). 
  3. The applicant must work no less than 3 months (permanent) or 12 months (contact or temporary worker). 
  4. Applicants are also not blacklisted by any financial institution, whether bank, cooperative, community credit, such as licensed loans, or similar. 
  5. The applicant must not hold or have an account under Special Attention Account (SAA) in the CCRIS report. 
  6. The applicant is also not listed in the Credit Management Program (PPK) by AKPK.

2. How To Apply BSN Personal Loan Government Servant

This personal loan is an unsecured loan plan, and no guarantor is required to apply for this BSN MyRinggit (Public Sector) personal loan. Therefore, this application can be made online.

Here are the ways to apply for a personal loan from BSN MyRinggit for employees of the government: 

  1. Visit the website https://www.bsn.com.my as shown in Figure 1.0.
  2. Click on the “Apply Now” button. 
  3. Enter the applicant’s details and financial information correctly and completely. 
  4. Lastly, click on the “Submit” button to submit the application.

3. Interest Rate

Every banking institution that offers personal loans to their clients will charge the interest rate due on their loans.

The interest rate charged under this loan is 4.60% to 5.30% for fixed rates and SBR + 2.60% for SBR + 4.62% for floating rates.

Not only that, the borrower will also be charged an additional 1% from both interest rates.

Personal Loan BSN Myringgit (Eksekutif-1)

BSN MyRinggit (Eksekutif-1) is a Shariah-compliant personal loan offered under Bank Simpanan Nasional’s (BSN) banking institutions. The loan is a Tawarruq concept that combines Bai Murabahah and Wakalah contracts.

It is a personal financing plan that allows borrowers to apply for a high amount of loan with long repayment periods, i.e., loans up to RM200,000 for a maximum period of 10 years.

This loan scheme is offered to Malaysian professionals working in the private sector and selected staff of government-related companies (GLCs).

Therefore, anyone who is a private sector worker can apply for this personal loan.

1. Eligibility

An application can be made by any private employee or GLC company in Malaysia that qualifies as specified under the BSN MyRinggit personal loan scheme (Eksekutif-1).

The following are the eligibility conditions that must be met to apply for this loan: 

  1. The applicant is a Malaysian citizen who is 21 to 55 years of age. 
  2. Applicants serving and working in the private sector or working in GLC, such as selected developer panels, private hospitals, telecommunications companies, licensed financial agencies, multi-national companies, PETRONAS Group, private universities and colleges, statutory bodies, Government-Listed Companies (GLC), public companies listed on the Malaysian Stock Exchange Main Market, and recognized professional groups that receiving monthly income exceeding RM3,000 (gross salary) or an annual RM36,000 (gross salary). 
  3. The applicant must work no less than 3 years, whether on contract or on a permanent basis. 
  4. The applicant must be an account holder of BSN GIRO or GIRO-i.

2. How to Apply BSN Personal Loan Private Sector in Malaysia

This BSN MyRinggit (Eksekutif-1) personal loan application is applied online or through any BSN branch near the applicant.

Here are the ways to apply for this loan: 

  1. Go to https://www.bsn.com.my as in Figure 2.0.
  2. Click on the “Apply Now” button. 
  3. Enter the applicant’s details and financial information correctly and completely. 
  4. Lastly, click on the “Submit” button to submit the application.

3. What Is The Interest Rate For BSN Myringgit (Eksekutif-1)

The interest rate charged under this loan is 6.00% to 8.50% for fixed rates and SBR + 5.85% for floating rates.

Not only that, the borrower will also be charged an additional 1% from both interest rates.

Can I Borrow Money With Basn Personal Loan Zero Interest / 0 Interest Rate

The interest rate charged on personal loans is the highest compared to other products and services offered by banking institutions.

Therefore, the BSN personal loan does not offer any personal loan without interest charged to the borrower.

Therefore, the borrower may not borrow or apply for a BSN personal loan without paying any interest.