Who is eligible for BSN MyRinggit (Public Sector)?
As straightforward as the name suggests, BSN MyRinggit (Public Sector) is a personal loan by Bank Simpanan Nasional (BSN) specially tailored for employees that are working and serving in the Government sector.
Eligible individuals are those in the age bracket of 21 to 60 years with a minimum monthly income of RM1,500 and have been employed for 3 months and above, or contracted for over 12 months for contract / temporary staff.
This unsecured personal loan does not require you to provide a guarantor or collateral to back up the application. Unless you do not meet the eligibility criteria above, your guarantor must be a permanent employee with the Government for over 6 months.
How much money can I borrow from BSN personal loan?
The minimum amount you can borrow from BSN MyRinggit (Public Sector) is RM5,000 with a maximum amount of RM200,000, subject to deductions not exceeding 60% of your monthly salary.
This personal loan also offers flexible repayment tenures from one year up to ten years.
You will be charged with flat competitive interest rates based on your income, from 4.60% to 5.30% per annum. Additionally, you may opt for a Floating Rate as well with the below calculation:
|SBR + 2.60% to SBR + 4.62%|
*The current Standardised Base Rate (SBR) is 2.75%. Plus, an additional 1% from the above interest rate for Loans without Insurance (if applicable).
Is there an Islamic option for this personal loan?
Absolutely. For borrowers who like to adhere to their religious values, i.e. non-interest-based financing, BSN offers a Shariah-compliant MyRinggit (Public Sector) that follows the concepts of Tawarruq or Commodity Murabahah at competitive profit rates.
The profit rates, tenures and financing amount will be similar to its conventional counterpart.
What is my monthly commitment for BSN MyRinggit (Public Sector)?
Once your BSN MyRinggit (Public Sector) application has been approved and fully disbursed, you are required to start repaying the monthly amount over the instalment period you have chosen.
Late repayment of your monthly instalment will result in you in trouble as a 1% penalty will be charged on the unpaid amount until you fully settled the outstanding balance.
BSN allows you to make an early settlement of your personal loan as there is no lock-in period. You only need to inform BSN of your intention to prepay your personal loan in a written notice, and no penalty or fee will be charged to you.
What documents do I need to prepare for this personal loan application?
You will need the following documents for your BSN MyRinggit (Public Sector) application:
- A copy of your IC (front and back)
- Latest 2 months' salary slips; AND
- Confirmation letter from employer with details of your Name, IC number, Designation/Status, Monthly Salary, Date of Employment and Date of Retirement
If your application requires a guarantor, he or she will need to prepare the same documents as above.
Am I qualified to apply for BSN MyRinggit (Public Sector) personal loan if I'm blacklisted?
Depending on your credit history with other financial institutions, all this information (outstanding credit card, personal loan, home loan, or car loan debts) will be captured in CCRIS/CTOS (a system that collects credit information on borrowers, not blacklisting them).
Assuming you have poor credit standing due to irregular payments, the best course would be to break the habit and start making your payments on time to avoid future hurdles.
BSN is more likely to approve your BSN MyRinggit (Public Sector) application if you can show that you are managing your personal finances, rather than accumulating more debt.