What does BSN Micro TemaNiaga-i Tawarruq have to offer?
The BSN Micro TemaNiaga-i Tawarruq is a Shariah compliant business loan offered by Bank Simpanan Nasional for all you Malaysians, who want to start up small businesses.
It operates under the concept of Tawarruq and allows for micro entrepreneurs inject the capital they need to take their business to the next level.
This financing plan allows you to borrow any amount between RM5,000 to RM50,000 with a flat profit rate from as low as 6.38% over a flexible financing tenure of up to 5 years or 60 months.
What can I finance with this business loan?
With this business loan you have several choices when it comes to investing your capital in. You can use it in Manufacturing, the Service and either the Retail or Wholesale business sectors.
Use it to grow your business, with buying machinery or equipment, as well as to manage your daily expenses.
Do I get Takaful coverage?
With BSN Micro TemaNiaga-i Tawarruq you will be required to subscribe to a Reducing Term Takaful plan, subject to the purchase amount. This coverage will be activated in the event of your death or total and permanent disability.
Contribution for this Takaful plan will only be charged once, and will later be deducted from the financing amount during disbursement.
Who can apply for BSN Micro TemaNiaga-i Tawarruq?
This business financing plan is open to all Malaysian citizens aged 21 to 60 years old. You can either go without a guarantor if that is your choice, but if you do choose to go with a guarantor they will need to have an average earning of RM2,000 per month or more.
You will also need to meet the following requirements;
- Owns a valid business registration and/or business license
- Registered with SSM / LA / respective Professional Bodies (for Professional business)
- Business/Company must be in operation for at least 2 years on a full-time basis.
How can I pay back the instalment?
There are several ways you can choose to pay your instalments, among them are manually via your savings or current accounts, using a bank transfer, or even an auto-debit facility.
On that note you can even do manual bank-ins at any ATM or online banking facility convenient to you.