Bank Simpanan Nasional (BSN) Personal Loan

BSN or Bank Simpanan Nasional is one of Malaysia’s most trusted names in finance. They believe in improving the quality of life for all Malaysians. As such, their financial products are created to fit the needs, preferences, and profiles of its customers.

BSN was first launched in 1949 as the Post Office Savings Bank. It was then officially established as Bank Simpanan Nasional in 1974 with over 2.5 million depositors and RM 537 million in accumulated assets. In a span of just 40 years, BSN has grown to more than 300 branches all around the country and over 5,000 employees, serving at least 5 million customers.

Today BSN offers many financial products and services including savings deposits, credit and debit cards, a variety of loans, investments ,and wealth management. It is also a recognized Islamic bank with Sharia-compliant solutions.

As of 2014, the BSN Group has garnered over RM33 million in total assets, along with a slew of awards like the Brand Excellence in Banking Award from Asia Pacific Brands Foundation in 2015, and Best Greentech Practice Award and Best In-house Outbound Contact Centre in 2013 to name a few.

Compare Personal Loans by BSN Malaysia

About the loan

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A personal loan designed for the executive employee to fulfil their financing needs with fixed interest rates.

Benefits & features

  • Fixed Interest Rate
  • Flexible loan limit (depending on monthly income)
  • Tenure
    • Minimum: 2 years
    • Maximum: 10 years
  • Repayment by BSN Standing Instruction

Interest Rates

Fixed Interest Rate

  • Income: RM3,000 to RM5,000
    • 8.50% p.a.; maximum loan: 5x monthly gross income
  • Income: RM5,0001 to RM10,000
    • 7% p.a.; maximum loan: 7x of monthly gross income
  • RM10,001 and above
    • 6% p.a.; maximum loan: 10x monthly gross income or RM200,000

Fees & Charges

  • Late Payment Charge: 1% x number of days overdue / 365
  • Stamp Duty
  • Will Fee: RM500 (if any)
  • BSN Cash Shield (optional): RM 318

Eligibility

  • Malaysian
  • Aged 21 to 55/60 years old (by loan tenure-end)
  • Permanent or contract officers and staff with minimum 3 years of working experience
  • Minimum monthly income of RM3,000 for permanent staff and RM10,000 for contract staff
  • BSN GIRO/i Account holders
  • Only open to Employees of:
    • Premier Developer Panel
    • Private Hospital
    • Telecommunication Company
    • Licensed Financial Institution
    • Multi-national Company
    • Petronas Group of Companies
    • Selected Private Universities and Colleges
    • Statutory Body
    • Government Linked Company
    • Selected Public Listed Companies in Main Market Bursa Malaysia
    • Professionals (Doctor, Architect, Lawyer, Accountant etc)

Required Documents

  • NRIC
  • Latest 3-month payslip
  • Latest EPF statement
  • Employment Confirmation Letter with the following information:
    • Name and NRIC
    • Designation and Employment Status
    • Monthly Salary
    • Date of Employment
  • Latest EA/EC statement and latest e-filing form or any verified documents by the Inland Revenue Board (LHDN)

A personal loan that can help fulfil your financial and personal needs at a floating market rate that meets the latest market conditions.

Benefits & features

  • Floating Interest Rate
  • Flexible loan limit (depending on monthly income)
  • Tenure
    • Minimum: 2 years
    • Maximum: 10 years
  • Repayment by BSN Standing Instruction

Interest Rates

  • Base Rate + 5%

Fees & Charges

  • Late Payment Charge: 1% x number of days overdue / 365
  • Stamp Duty
  • Will Fee: RM500 (if any)
  • BSN Cash Shield (optional): RM 318

Eligibility

  • Malaysian
  • Aged 21 to 55/60 years old (by loan tenure-end)
  • Permanent or contract officers and staff with minimum 3 years of working experience
  • Minimum monthly income of RM3,000 for permanent staff and RM10,000 for contract staff
  • BSN GIRO/i Account holders
  • Only open to Employees of:
    • Government Link Company
    • Government Link Agency
    • Public Listed Company
    • Multi-National Corportation
    • Other companies and organizations listed by BSN

Required Documents

  • NRIC
  • Latest 3-month payslip
  • Latest EPF statement
  • Employment Confirmation Letter with the following information:
    • Name and NRIC
    • Designation and Employment Status
    • Monthly Salary
    • Date of Employment
  • Latest EA/EC statement and latest e-filing form or any verified documents by the Inland Revenue Board (LHDN)

Bank Simpanan Nasional, or BSN for short, is a Malaysian government owned bank. BSN’s mission is to encourage better and smarter money management among Malaysian citizens, including savings and investments. Aside from their mission, they also provide financial products such as personal loans.

Malaysians who are aged 21 to 55 years old with a monthly income of RM3,000, and is an employee of:

o   Premier Developer Panel

o   Private Hospital

o   Telecommunication Company

o   Licensed Financial Institution

o   Multi-national Company

o   Petronas Group of Companies

o   Selected Private Universities and Colleges

o   Statutory Body

o   Government Linked Company

o   Selected Public Listed Companies in Main Market Bursa Malaysia

o   Professionals (Doctor, Architect, Lawyer, Accountant etc

No, a guarantor or collateral is not necessary.

The maximum amount that you can borrow depends on your income. If your monthly income is between RM3,000 to RM5,000, you can borrow up to 5x your monthly income; if RM5,001 to RM10,000, you can borrow up to 7x your monthly income; and if your monthly income is above RM10,000, you can borrow up to 10x your monthly income or a maximum of RM200,000.

The base rate on the loan is comprised of two different parts: Cost of Funds (COF) at the highest rate and Mandated Holding Cost.  The current Base Rate as of 7th February 2018 is 4.10%.

The Base Rat may change due to changes in the COF and Mandated Holding Cost because of plans, strategies, and the general market conditions as decided by Bank Negara Malaysia.

Yes, you can. You can do so at any time during the loan tenure of EKSEKUTIF-1 with Floating Rate Personal Loan. There is no Early Settlement Charge.