How this personal loan works?
BSN Sandaran Sijil Simpanan Tetap (or Sandaran BSN Term Deposit) is a personal loan that is supported by your BSN Term Deposit. It works very simply; instead of providing a guarantor or pledging a collateral to your personal loan, you mortgage your term deposit certificate to BSN.
The best part is, you can access a loan amount of up to 95% of your BSN Term Deposit value.
How much money can I borrow?
You can borrow from a minimum of RM5,000 to a maximum of 95% of the amount held in your BSN Term Deposit. The repayment period is flexible, ranging from 2 to 10 years.
There is no processing fee when you apply for a BSN Sandaran Sijil Simpanan Tetap. However, BSN requires you to pay an Advance Payment, which is equivalent to 1-month instalment.
Besides that, your personal loan is also subject to a Government Stamp Duty, which is calculated as 0.50% of the total amount borrowed.
What is my monthly instalment payment?
You will start repaying your personal loan the month after you have received the money and shall continue at monthly intervals until the total borrowed amount has been fully repaid.
For this purpose, BSN demands that you set up a Standing Instruction - so you don't have to miss a payment.
If you, somehow, late on your repayment, BSN will charge you a late payment fee of 1% p.a. on the overdue amount, which is calculated daily until you settled the outstanding.
Can I pay my BSN MyRinggit personal loan off early?
There is no lock-in period for this personal loan and you can finish paying for your personal loan whenever you want by giving BSN a written notice prior to the settlement. Don't worry as no penalty fee will be charged on an early settlement.
Who can apply for this BSN MyRinggit personal loan?
Any Malaysian individuals, with a minimum age of 18 years and not exceeding 65 years, who is also a BSN Term Deposit certificate holder can apply for this secured personal loan.
What documents are required to apply for BSN Sandaran Sijil Simpanan Tetap?
This is a personal loan secured against your BSN Term Deposit. To make an application you must provide these supporting documents:
- Copy of MyKad (front and back);
- Original certificate of BSN Term Deposit; and
- Copy of GIRO/GIRO-i Passbook / Statement.
Am I qualified to apply for BSN personal loan if I'm blacklisted?
Depending on your credit history with other financial institutions because all these information (outstanding credit card, personal loan, home loan or car loan 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 loan application if you can show that you are managing your personal finances, rather than accumulating more debt.