Who is eligible for BSN SKAP?
SKAP, or Skim Kakitangan Awam Persekutuan, is a personal loan by Bank Simpanan Nasional (BSN) developed especially for Federal Government servants. To qualify, you need to be at least 21 years old and earn a minimum of RM1,500 every month.
There is no guarantor required for this personal loan, unless if you are only employed for less than 3 months or has been on contract with the federal government for over 12 months; your guarantor must be a permanent employee with the federal government for over 6 months.
How much money can I borrow from BSN personal loan?
The minimum amount you can borrow from BSN SKAP is RM5,000, with the maximum amount not exceeding RM200,000, subject to deductions not exceeding 60% of your monthly salary. You can borrow BSN personal loan from a minimum 2 years to maximum 10 years.
The best part about this BSN personal loan is that you will be charged with a competitive interest rates, calculated on a flat rate basis, on the total approved borrowing amount. Additionally, BSN will open a GIRO or GIRO-i Savings Account for you upon application - if you don't have one already!
Is there an Islamic option for this BSN personal loan?
Absolutely. For borrowers who like to adhere to their religious values, i.e. non-interest based financing, BSN offers a Shariah compliant SKAP that follows the concepts of Tawarruq or Commodity Murabahah at competitive profit rates.
The profit rates, financing amount and tenures will be similar to its conventional counterpart, except that you get to enjoy the benefit of advance payment under this Islamic personal loan option.
My credit score is bad. Can I still apply for this personal loan?
Depending on your CCRIS reading, you could potentially get your loan approved with BSN. However, you will be subject to a Risk Base Pricing, i.e. a different method of pricing your loan after considering your credit history such as repayment capability and other risk factors.
|Borrowing Period||1 - 5 years||6 - 10 years|
|Interest Rate (Flat)||4.60%||5.30%|
What is my monthly commitment for BSN personal loan?
Once your BSN personal loan application 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 get 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 written notice and no penalty or fee will be charged on you.
What documents do I need to prepare for this personal loan application?
You will need the following documents for your BSN SKAP application:
- A copy of your NRIC (front and back);
- A copy of latest 2-months salary slips;
- A Confirmation Letter from your employer with details of your Name, NRIC number, Designation / Status, Monthly Salary, Date of Employment and Date of Retirement; AND
- Authorisation Letter of Salary Deduction (BSN 09-D).
If your application requires a guarantor, he or she will need to prepare the same documents as above.