What is this BSN MyRinggit-i PRIMA about?
For aspiring doctors, nurses, pharmacists and many other medical practitioners out there, BSN Aflah Prima Personal Financing-i (now BSN MyRinggit-i PRIMA) is your go-to personal financing to jump start your own healthcare facility, whether a pharmacy, medical center or hospital.
This Islamic personal financing works just as good as a business loan but with added values such as no guarantor or collateral required in addition to a competitive flat profit rate chargeable throughout the borrowing period.
Who can apply for this Islamic personal loan from BSN?
This Islamic personal loan is specially tailored for medical practitioners with a valid certificate issued by the Malaysian Medical Council.
Only Malaysian citizens aged between 21 years to 65 years (for Medical Doctors) or 50 years (for Medical Officers) can apply for BSN MyRinggit-i PRIMA.
Whether you are employed in the government or private sector, the minimum gross income requirement is RM3,000 per month.
How much money can I borrow?
BSN MyRinggit-i PRIMA offers a higher financing limit of up to RM200,000, where you can borrow from as low as RM10,000 and get charged with a flat profit rate for the whole tenure, which is flexible between 2 to 10 years.
This total amount of financing is, of course, subject to a government Stamp Duty of 0.50%. There is no processing fee under this Islamic financing.
Do I need a Takaful coverage?
Takaful contribution coverage is optional for this Islamic personal financing.
Should you want to have an extra peace of mind, you can include Cash Protection-i Scheme for a one-time charge of RM318.
What is my monthly commitment?
You start repaying your monthly instalment on the date stated in the BSN's personal financing table, which is one month following the date you received the money.
Instalments must be paid every month as per the schedule until the end of the financing tenure.
Once your personal financing is approved, you will be enrolled into BSN Giro or Giro-i account (if you don't have one yet).
Your monthly instalments will automatically be deducted from this account via Standing Instruction.
You are allowed to make an early settlement of your BSN MyRinggit-i PRIMA at any time by giving BSN a written notice.
There is no penalty for early settlement, however an Ibra' (rebate) will be granted to you.
What documents do I need to prepare for BSN MyRinggit-i PRIMA application?
You first need to complete the application form. Upon submission, you will also need to provide these supporting documents:
Both for government and private practice:
- Copy of MyKad (front and back)
- Copy of certificate issued by Malaysian Medical Council:
- Perakuan Pendaftaran Sementara (Borang 5-Peraturan 20, Akta Perubatan 1974); OR
- Perakuan Amalan Tahunan (Borang 12-Seksyen 20, Akta Perubatan 1974)
- Authorised business registration
- Latest 3-months Bank Statement (business or personal)
- Authorised documents: Specialist Doctor or Confirmation Letter from Employer / Supervising Doctor
Am I qualified to apply for BSN personal financing if I'm blacklisted?
Depending on your credit history with other financial institutions because all these information (outstanding credit card, personal financing, home financing or car financing debts) will be captured in CCRIS / CTOS (a system that collect credit information on borrowers, not blacklisting them).
Assuming you have poor credit standing due to irregular payments, the best course of action would be to break the habit and start making your payments on time to avoid future hurdles.
BSN is more likely to approve your personal financing application if you can show that you are managing your personal finances, rather than accumulating more debt.