Home Renovation Loan Promotion

Home Renovation Loan Promotion (“this Promotion”) Terms and Conditions:

1. Term 
1.1 This Promotion begins on 9 March 2020 and ends on 30 June 2020, both dates inclusive (the “Promotion Period”).
2.  Eligibility
2.1 This Promotion is open to new and existing customers of Baiduri Bank who meet all of the following criteria (‘Eligible Applicants’):
  • apply for a new Home Renovation Loan; or
  • apply to transfer their existing Home Renovation Loan with other banks to Baiduri Bank during the Promotion Period; or
  • are full-time employees of the Brunei Government, semi-Government organisations, Brunei Shell Petroleum and subsidiaries, Petroleum Brunei; or
  • are full-time employees of any private sector companies; or
  • are sole proprietors or individuals receiving rental income; and
  • are Brunei citizens or permanent residents
2.2. Assignment of salary to the Bank is compulsory.
2.3. Approval of loan application is subject to the Bank’s credit assessment policies.
3. Offer
3.1 Eligible Applicants will be entitled to an Effective Interest Rate (EIR) as low as 6% per annum, 24-hour approval and shopping rewards under this Promotion.
3.2 Full-time employees of the Brunei Government, semi-Government organisations, Brunei Shell Petroleum and subsidiaries, and Petroleum Brunei will be entitled to:
  • Effective Interest Rate of 6% p.a. for maximum loan tenor of 6 years
  • Effective Interest Rate of 6.5% p.a. for loan tenor of above 6 years and maximum of 10 years
3.3 Full-time employees of any private sector companies; sole proprietors and individuals receiving rental income will be entitled to:
  • Effective Interest Rate of 7% p.a. for maximum loan tenor of 6 years
3.4 Effective Interest Rate quoted above is floating and pegged to the Bank’s Prime Lending Rate (PLR). Any change in PLR will result in a change in the applicable interest rate.
3.5 24-hour approval of loan application is subject to complete documentation at the time of application.
3.6 Shopping rewards under this Promotion are subject to a minimum approved loan amount of BND5,000 and capped at a maximum value of BND100,000.
3.7 Successful Applicants will be entitled to tiered rewards based on table below. Rewards will be given in the form of shopping vouchers.
Loan Amount Value of shopping vouchers
BND5,000 - BND15,000 BND20
Above BND15,000 - BND35,000 BND40
Above BND35,000 – BND55,000 BND50
Above BND55,000 – BND75,000 BND80
Above BND75,000 – BND100,000 BND100
4. General
4.1 This Promotion is governed by Baiduri Bank’s terms and conditions on the related products and any other documents forming the banking agreement.
4.2 Baiduri Bank may, at any time and without prior notice or liability to any party, suspend or terminate the Promotion or vary these terms and conditions.
4.3 The Bank reserves the right to determine at its sole and absolute discretion all matters arising out of or in connection with the Promotion. The Bank’s determination of all matters relating to this Promotion shall be final and conclusive and no correspondence will be entertained.