BSN MyRinggit (EKSEKUTIF-1)

Take charge of your financial path with BSN MyRinggit (EKSEKUTIF-1). Discover a personalized financial solution crafted for your requirements.

Por: juliana em dezembro 7, 2023 Última atualização em: abril 25, 2024

A personal loan is an unsecured financial arrangement designed for a range of individual needs, including consolidating debts, funding home improvements, covering education costs, managing medical expenses, or addressing other significant financial requirements.

About BSN | An Overview

Founded in 1974, Bank Simpanan Nasional (BSN) holds a significant position in Malaysia’s financial sector, committed to delivering extensive banking services. Prioritizing financial inclusion, BSN provides a varied array of services, encompassing savings accounts, fixed deposits, loans, and credit cards, serving the needs of both individual and business clientele.

Benefits of the Loan

You can explore the fantastic benefits of securing a loan from BSN Bank as followed:

The Loan Simulation

For those interested in exploring BSN Bank’s loan simulation, it is recommended to visit their official website or reach out to their customer service. If the simulation tool is available, it can offer valuable insights into the financial implications of obtaining a loan from BSN, empowering you to make well-informed decisions aligned with your financial goals and preferences.

What are the rates and fees?

Find the best rates for loan from here:

Perlindungan Tunai-i (optional) Amount: RM318
Will Fee (if any) Amount: RM500
Wakalah Fee Amount: RM30
Processing Fee: no processing fee charged
Request of certified true copy (CTC) of security document Amount: RM45 per request
Issuance of yearly financing statement Amount: RM10 per request

What are the loan limits?

Terms and Conditions of the Payment

In these terms and conditions, “BSN” refers to Bank Simpanan Nasional and its subsidiaries, either individually and/or collectively as the context requires.

The use of all products and services offered by BSN is governed by the terms and conditions specified in the relevant agreements
The agreement between the Customer and BSN, encompassing the Terms and Conditions along with any supplements, amendments, and variations, collectively applies to BSN Internet Banking services

Read complete terms and conditions

What are the eligibility requirements?

To qualify for the BSN MyHome loan, applicants must fulfill the following conditions:

Hold Malaysian citizenship
Be aged between 21 and 60 at the time of application, with a maximum age of 70 at the loan period’s conclusion
Have an existing BSN MyHome loan for a minimum duration of 2 years
Alternatively, eligibility is extended to individuals with an existing BSN MyHome (mandate) loan that has exceeded the lock-in period.

What are its Key Features?

Discover the key features of the BSN MyHome loan:

Minimum Tenure: 5 years
Maximum Tenure: 35 years or until the borrower reaches 70 years old at the end of the loan period, whichever comes first. In the case of a loan involving two generations, the financing period may align with the age of the child and must not exceed the existing BSN MyHome loan period
Loan Margin: enjoy a loan margin of up to 90% + 5% (FEC *) over the current market value (CMV)

Step By Step To APPLY for the BSN MyRinggit Loan

Securing a BSN MyRinggit loan involves a straightforward process. Follow these step-by-step guidelines:

Gather Documents: collect necessary documents like ID and income statements
Check Eligibility: ensure you meet criteria, including Malaysian citizenship and age requirements
Visit BSN Branch: head to the nearest BSN Main Branch or locate it online
Consult with Officer: discuss financial needs with a BSN loan officer for personalized advice
Apply and Await Approval: complete the application form, submit required documents, await processing, review terms upon approval, sign the agreement, and receive funds once paperwork is complete. Stay informed and contact BSN for assistance

Positive and Negative points of the BSN MyRinggit Loan

Considering a loan from BSN Bank? Take a moment to explore both the positive and negative aspects for a well-informed decision.

Positives:

Flexible Repayment Terms: the BSN MyRinggit loan provides borrowers with the flexibility to choose a repayment tenure aligned with their financial capacity.
Competitive Interest Rates: this loan offers potentially competitive interest rates, enhancing its cost-effectiveness for borrowers.
Generous Loan Margin: with a loan margin of up to 90% + 5% (FEC *) over the current market value, borrowers can access a substantial portion of their property’s value.
User-Friendly Application: the application process is convenient and user-friendly, available at all BSN Main Branches nationwide for enhanced accessibility.

Negatives:

Strict Eligibility Criteria: stringent eligibility requirements, including age and existing BSN MyHome loan prerequisites, may limit accessibility for certain individuals.
Potential Additional Fees: despite competitive rates, borrowers should be mindful of potential additional fees and charges, impacting the overall cost of the loan.
Limited Information: as of my last update in January 2022, detailed information on fees, interest rates, and terms may not be readily available, necessitating direct contact with BSN for comprehensive details.
Variable Processing Time: the processing duration for loan applications may vary, requiring applicants to be patient while BSN completes the assessment.

What other types of loan does the BSN MyRinggit bank offer?

You can discover the Array of Loans at BSN Bank:

BSN MyHome Loan: financing for residential property purchases with flexible terms and competitive interest rates
BSN MyAuto Loan: tailored financing options for new and used vehicles, providing affordability and customization
BSN MyRinggit-i Personal Loan: unsecured personal loan for diverse financial needs, including debt consolidation, education, and medical expenses
BSN MyHome Youth Housing Scheme: geared towards young adults, offering favorable financing solutions to support home ownership
BSN MyHome Youth Affordable Financing Scheme: specifically designed for young adults, providing affordable financing options for home ownership

Read around: CIMB Cash Plus Persinal Loan