Best Low Income Personal Loans in Malaysia 2022

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*Personal loans on your terms

Who Can Apply for Low Income Personal Loans?

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 banks offering personal loans for low-income earners.

Which personal loan match my income level?

The minimum wage in Malaysia is currently standing at RM1,200 per month, which is considered very low, especially for those living in the city. 

While every sector of the economy is working hard to improve our living quality, banks are also lending their credits to the needy.

If you are strapping for some cash but are not sure whether you are eligible to apply for a personal loan, don't lose heart just yet. 

RinggitPlus has a wide range of low-income personal loans and financing that can meet your income level.  

Personal loan for low-income salaried employees:

Monthly Income Bank/Finance Company Personal Loan/Financing
RM800 CIMB CIMB Express Cash Financing-i 
RM1,000 JCL JCL i-Fund Personal Financing
RM1,500 RHB RHB Personal Financing
RM2,000 Hong Leong Bank Hong Leong Personal Financing-i

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

Monthly Income Bank/Finance Company Personal Loan/Financing
RM800 Bank Rakyat Bank Rakyat Personal Financing-i for Pensioner
RM1,000 Bank Rakyat Bank Rakyat Personal Financing-i Public
RM1,500 AmBank
Affin Islamic Bank
Yayasan Ihsan Rakyat
Yayasan Dewan Perniagaan Melayu Perlis Berhad
AmBank Islamic Personal Financing-i
Affin Islamic Personal Financing-i
Yayasan Ihsan Rakyat Personal Financing-i
Yayasan Dewan Perniagaan Melayu Perlis Berhad Personal Financing-i
RM2,000 Bank Islam Bank Islam Flat Rate Personal Financing-i Package

What is the maximum personal loan I can borrow?

Each bank offers a different range of personal loans for low-income, the maximum loan could reach up to RM250,000. 

However, the amount of personal loan you’ll get is depending on your monthly salary and credit report.

How to choose the best personal loan for low income in Malaysia?

Taking a personal loan when you’re earning a low income may be scary. 

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.

The first thing you need to look at when comparing the best personal loan for low-income is the interest rate. 

List down a few low-income personal loans that offer low-interest rates. 

Secondly, compare the loan tenure. A low-income personal loan with the lowest interest rate may have short tenure, making it unsuitable for some people. 

Lastly, use the personal loan calculator on our website.

Documents to apply for low-income personal 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 IC or Passport
  • Latest 3-months or 6-months salary slip (depending on the banks)
  • Latest 6-months EPF statement
  • Latest BE Form, with an official tax payment receipt
  • Latest EA Form

Self-Employed:

  • Copy of IC or Passport
  • Business Registration Certificate
  • Latest 3-months or 6-months company bank statements
  • Latest BE Form, with an official tax payment receipt
  • Latest 6-months commission statements and bank statements (for commission earner)

How to increase the approval rate of low-income personal loans?

Show the banks that you’re trustworthy by providing original documents, especially your address. 

Please take note that some Personal Financing requires you to take out a Takaful plan in case you got into unfortunate events, resulting in you being unable to repay the financing.

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