Agrobank has introduced Agro GIG, a financing facility designed to support Malaysians working in the gig economy, including self-employed individuals registered on digital service platforms.

The facility is aimed at gig workers who need access to working capital to support income-generating activities, particularly those who may not qualify for conventional financing due to irregular income patterns.

Financing Designed For Registered Gig Workers

According to Agrobank, the financing is available to gig workers registered on platforms such as Grab, Foodpanda, AirAsia Ride, Shopee, Lalamove, and other similar digital service providers.

The financing can be used to cover operational costs or to purchase or upgrade fixed assets related to gig work. These include vehicles, work equipment, and digital devices such as mobile phones that are required to carry out daily tasks.

Financing Amounts And Tenure

Under the Agro GIG facility, eligible applicants can apply for financing starting from RM5,000, with a maximum amount of RM50,000.

The financing tenure is available for up to seven years, providing flexibility for repayment over a longer period. Agrobank states that the profit rate starts from 4.75 percent per year, calculated on the monthly outstanding balance, and no collateral is required.

Shariah-Compliant Structure

Agro GIG operates under a Shariah-compliant Tawarruq structure. This involves two separate sale transactions, where a commodity is sold on deferred payment terms and then resold for cash through a third party.

This structure allows gig workers to access financing while complying with Islamic banking principles.

Eligibility Requirements For Applicants

To qualify for Agro GIG, applicants must be Malaysian citizens aged between 21 and 70 years old.

They must have been working or operating for at least 12 months and be registered under a service contract with a recognised digital platform. The facility is open to self-employed individuals who fall within the Small and Medium Enterprise definition and are not registered with other authorities for separate business operations.

Applicants must also have a clean credit record, with no bankruptcy status and no adverse listings under relevant credit reporting and monitoring systems.

Documents Required For Agro GIG Application

Applicants are required to submit a completed financing application form along with identification documents for themselves and any joint applicants, if applicable.

They must also provide bank statements or business sales records for the most recent 12-month period. For gig workers operating from fixed premises, proof of business registration or a business licence is also required.

Added Protection For Early Approved Applicants

Agrobank noted that eligible gig workers may also receive coverage under the Kasih Plus Takaful Protection Plan, with protection valued at up to RM50,000 at no additional cost.

This protection is limited to the first 1,000 approved applicants who successfully obtain and begin repayment under the financing facility.

What This Means For Gig Workers

For gig workers, the introduction of Agro GIG reflects a growing recognition of non-traditional income earners within Malaysia’s financial system. Access to financing without collateral may help workers address practical needs such as vehicle maintenance, equipment upgrades, or digital tools required to maintain earnings.

However, longer financing tenures and higher borrowing limits also mean that repayment commitments need to be carefully matched with income stability. As profit rates are calculated on outstanding balances, repayment discipline will directly affect total financing costs over time.

The facility is already in effect, and eligibility is based on current criteria set by Agrobank. Gig workers considering financing should assess how the repayment structure fits with variable monthly income and ongoing operating expenses, particularly in periods of lower demand.

Follow us on our official WhatsApp channel for the latest money tips and updates.