What does BSN Micro TemanMesra do?
Micro TemanMesra is a business microfinancing solution for small business owners who want to expand and enhance their businesses.
It’s a flexible loan you can take out with a financing amount between RM5,000 and RM50,000.
You get to choose a flexible loan period from 1 to 5 years and the loan can be used to finance any small businesses in the Manufacturing, Services, Retail or Wholesale business sectors.
The interest rate for your loan repayment is based on your loan amount and the tenure you choose. As it is the rate decreases the longer your financing term, with the lowest rate being 6.38%.
Am I eligible for BSN Micro TemanMesra?
This business loan is available to small or micro business owners between the age of 21 and 60 years old. You will also need to meet the following requirements if you’d like to take up this loan.
Self-employed individual / micro-enterprise:
- Owns a valid business registration and/or business license.
- Business/company must be in operation for at least 2 years on a full-time basis.
- Without a guarantor or with a guarantor earning RM2,000 per month.
- Guarantors comprise business partners/shareholders/directors (if applicable)
Do I need insurance coverage for BSN Micro TemanMesra?
Besides a financing plan for your business, you also get insurance coverage on your loan amount, managed by the bank with Reducing Term Assurance (RTA).
This coverage will be based on your financing amount.
Do I need a guarantor or collateral?
Yes, you are required to provide collateral in terms of a 2-months security deposit after your business loan is approved by BSN.
The bank may also request you to provide a guarantor, whose fixed income needs to be at least RM2,000 every month, if necessary.
How do I make payments, and can I finish the loan early?
You can make your premium payments, via auto debit, bank transfer, via and online banking facilities.
If you wanted to settle your loan early, you may submit a written notice to BSN and get the total remaining amount for early settlement.
Keep in mind that early settlements must be done in full.