Good news for Malaysians with small and medium enterprises (SMEs) as well as micro-entrepreneurs. Bank Simpanan Nasional (BSN) has abolished the 2% interest rate for SME and Micro entrepreneurs affected by the COVID-19 outbreak.
This BSN move is in line with the Government’s concern with the SME Insider Package with additional funding of RM10 Billion. It is hoped that SME entrepreneurs will be able to continue their business in this difficult situation. This COVID19 outbreak was an unexpected one. The current catastrophe is affecting the entire country. With death rates increasing every day.
The maximum loan provided by BSN Micro / i Kredit Prihatin is RM75 thousand with a repayment period of one year to 5.5 years. One of the advantages of BSN Micro / i Kredit Prihatin is that entrepreneurs will receive a 6-month moratorium on monthly instalment payments.
Who Is Eligible to Apply For the BSN Micro / i Kredit Prihatin
Some of the requirements that must be met to apply for BSN Micro / i Concerned Credit are as follows:
- Micro entrepreneurs affected by the COVID-19 outbreak
- Micro-Enterprise- Sole Proprietorship Companies / Partnerships / Companies Sdn Bhd
- Owned by Malaysian Citizens
- Business is conducted full-time or part-time
- The business has been in operation for 6 months or more
Required Support Document
- Company Registration Certificate with SSM or Business License with a valid Local Authority
- Copy of Identity Card of all directors / sole proprietors/partners
- Company bank account statement for the last 3 months
- Other supporting documents as required by the bank
Approval of the application will take 6 business days and the application can be made by December 31, 2020. No collateral is required although instalment payments will start on the 7th.
For interested SMEs and Micro entrepreneurs, you can contact a responsible BSN Business Financing officer. Please see HERE to identify officers near your area.
To obtain the BSN Micro / i Credit Card application form, please download HERE