Best Low Income Personal Loans in Malaysia 2025

When it comes to approving personal loan applications, most banks favour people with high credit scores and a certain range of income.

However, there are still several banks offering personal loans for earners with low salaries. Let's find out!

What are the options for low-income personal loans in Malaysia?

The minimum wage in Malaysia is currently standing at RM1,700 per month, which is still considered low, especially for those living in the city. We truly understand that making every Ringgit count can be tough, even as our economy works hard to improve everyone's quality of life. It's a very common concern for many individuals and families here. If you find yourself in need of some urgent financial support today but worry about your eligibility for a personal loan because of your income level, please don't lose hope yet! 

It's important to know that while the economy strives for progress, many financial institutions are also stepping up. They are actively offering solutions designed to help those with lower incomes access the funds they need. RinggitPlus has a wide range of low-income personal loans and financing that can meet your income level.

Personal loan for private company employees with low income:

Personal loan for government and/or GLC employees with low income:

Tips: If you need a head start, you can get loan recommendations from us. Just click the Apply For Loan button above to proceed and it shouldn't take you more than 10 minutes!

What is the maximum amount of personal loan that low income earners can borrow?

Even for low-income earners in Malaysia, the maximum amount you can borrow for a personal loan can be quite substantial. While each bank has its own limits, some might offer as much as RM300,000. It's important to remember, though, that the exact loan amount you qualify for isn't just a fixed number.

How do banks decide my loan amount if I have a low income salary?

The amount of personal loan you actually receive largely depends on two main factors that banks carefully review. Firstly, your monthly salary is assessed to ensure you can comfortably manage the repayments without financial strain. Secondly, banks thoroughly check your credit report to understand your past repayment habits and overall financial reliability. Based on these crucial details, the bank will then decide the maximum loan amount they can responsibly offer to you.

How do you choose the right personal loan for low income in Malaysia?

Taking a personal loan when you’re earning a low salary may be scary because what if you’re unable to repay the loan? Don’t worry, there are ways to choose the perfect personal loan according to your circumstances. But here's the good news: you absolutely don't have to navigate this alone! There are truly effective strategies to help you pick the ideal personal loan that genuinely suits your specific financial circumstances, ensuring comfort and peace of mind.

Tip 1: Compare Personal Loans With Low Interest Rates

The first thing you need to look at when comparing personal loans for low-salary earners is the interest rate. Securing the lowest possible interest rate can make a massive difference, significantly reducing your total repayment amount over the life of the loan. Always start by listing out a few loans with lower interest rates!

Tip 2: Compare Loan Tenure

Next up, it’s absolutely crucial to carefully compare the loan tenure, which is simply the length of your repayment period. A personal loan for low-income earners with the lowest interest rate may have short tenure, making it unsuitable for some people. Finding that sweet spot where the tenure offers comfortable monthly instalments is key to a stress-free repayment journey.

Tip 3: Use Personal Loan Calculator

Lastly, to truly ensure your chosen loan is affordable and fits perfectly into your budget, always use a reliable personal loan calculator, like the one available right here on RinggitPlus. This helpful digital tool allows you to accurately estimate your monthly payments based on different loan amounts and repayment periods. It’s your best friend for double-checking affordability and making a smart, confident decision before you commit!

What are the documents to apply for low income loans?

In general, below are some of the documents that you need to prepare to apply for low-income personal loans:

Salaried Employee:

• Copy of your IC (front and back)
• Latest 3-months or 6-months salary slip (depending on the bank)
• Latest 3-months or 6-months EPF statement (depending on the bank)
• Latest BE Form, with an official tax payment receipt
• Latest EA Form

Self-Employed:

• Copy of IC (front and back)
• Business Registration Certificate
• Latest 3-months or 6-months company bank statement (depending on the bank)
• Latest BE Form, with an official tax payment receipt
• Latest 6-months commission statements and bank statement (for commission earners and depending on the bank)

How to increase the approval rate of low salary personal loan?

Show the banks that you’re trustworthy by providing original documents, especially your address and monthly commitments such as your electricity and water bills, or telco bills. Please note that some personal financing may require you to take out a Takaful plan in case you get into unfortunate events, resulting in you being unable to repay the financing.

To top it off, your credit or financial background also plays an important role as it could influence the chances of approval of your loan. Hence, we suggest that you have a credit background check as the first step and you can do so online via Experian, for example.

Overall, please consult with the bank of your choice before you decide to take up a loan.

How to apply for a low salary personal loan with RinggitPlus?

Now that you are equipped with the necessary information about this personal loans for low income individuals, you can easily apply online here at RinggitPlus! Just hit the Apply Now button above and we'll assist you accordingly.

Don't forget that you can also get loan recommendations with RinggitPlus too!