{"id":22576,"date":"2016-03-17T14:11:41","date_gmt":"2016-03-17T06:11:41","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=22576"},"modified":"2021-08-26T11:58:45","modified_gmt":"2021-08-26T03:58:45","slug":"3-best-personal-loans-for-low-income-earners","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/3-best-personal-loans-for-low-income-earners","title":{"rendered":"3 Best Personal Loans For Low Income Earners"},"content":{"rendered":"<p>On July 5, 2013, Bank Negara Malaysia announced the implementation of a set of measures aimed to reduce household debt and reinforce responsible lending practices by key credit providers. One of these measures is the enforcement of the maximum loan term of 10 years for personal loan.<\/p>\n<p>With this new regulation, borrowers must repay the loan and the interest for the personal loan in a short time. As a results, banks prefer to give personal loans to the affluent or have a high credit score. So, what about the fate of the poor in need of a personal loan to pay for their expenses or start their own small business?<\/p>\n<p>Don\u2019t worry, there are some banks out there who still offer personal loans to individuals with low or moderate income.<\/p>\n<p>Here are three of the best personal loans in terms of product features and minimum income eligibility:<\/p>\n<h2><span class=\"ez-toc-section\" id=\"1-RHB-Easy-Pinjaman-Ekspres\"><\/span><strong style=\"line-height: 1.5;\">1. RHB Easy-Pinjaman Ekspres<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Annual flat rate: From 11.63% per annum<\/li>\n<li>Maximum loan amount: RM150,000<\/li>\n<li>Loan categories:\n<ul>\n<li>Tier 1: RM2,000 to RM10,000<\/li>\n<li>Tier 2: RM11,000 to RM50,000<\/li>\n<\/ul>\n<\/li>\n<li>Tenure: 1 to 5 years<\/li>\n<li>Approval duration: 10 minutes<\/li>\n<li>Minimum income: RM1,500 a month<\/li>\n<li>Age: 21 to 60 years old<\/li>\n<li>Eligibility: Malaysian<\/li>\n<\/ul>\n<h4><strong>Product features:<\/strong><\/h4>\n<p>The application process for <a href=\"https:\/\/www.imoney.my\/personal-loan\/easy\/easy-pinjaman-ekspres\" target=\"_blank\" rel=\"noopener noreferrer\">RHB personal loan<\/a> is simple and short, if you fulfil all the criteria listed above. This product is best suited for fresh graduates who have just joined the workforce.<\/p>\n<p>Before this group of young adults can attain high income, they are already burdened with debt repayments for PTPTN, a car and also mobile phone expenses.<\/p>\n<p>However, the condition set out by RHB for this personal loan is a minimum income requirement of RM1,500 only, and a citizen of Malaysia.<\/p>\n<p>There are also some drawbacks for this product. The flat interest rate is on the high side compared to the personal loans offered by other banks. If you would like to apply for a loan under Tier 1, the flat rate is 13.38%, while the effective rate is 24% per annum.<\/p>\n<p>This makes it the best personal loan for those who are committed to settle their loan in full in a short time.<\/p>\n<p>Even so, the benefits still beat disadvantages. The application process for this product is easy to understand, with a maximum loan amount of up to RM50,000 and approval period of no more than 10 minutes!<\/p>\n<div class=\"block block--success\"><div class=\"block__title\">Pro<\/div><div>Low minimum income requirement.<\/div><\/div>\n<div class=\"block block--warning\"><div class=\"block__title\">Con<\/div><div>Low maximum loan amount and high interest rate.<\/div><\/div>\n<p><strong><a href=\"https:\/\/www.imoney.my\/personal-loan\/easy\/easy-pinjaman-ekspres\" target=\"_blank\" rel=\"noopener noreferrer\">Apply Now!<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"2-Mach-IOU-Personal-Loans\"><\/span><strong style=\"line-height: 1.5;\">2. Mach I.O.U Personal Loans<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Annual interest rates: 7% p.a. to 13.5% p.a.<\/li>\n<li>Maximum loan amount: RM250,000<\/li>\n<li>Tenure: 2 to 7 years<\/li>\n<li>Approval duration: 1 hour<\/li>\n<li>Minimum income: RM2,000 a month<\/li>\n<li>Age: 21 to 60 years old<\/li>\n<li>Eligibility: Malaysian<\/li>\n<\/ul>\n<h4><strong>Product features:<\/strong><\/h4>\n<p><a href=\"https:\/\/www.imoney.my\/personal-loan\/mach\/iou-personal-loan\" target=\"_blank\" rel=\"noopener noreferrer\">Mach I.O.U Personal Loan<\/a> by Hong Leong Bank is known for its high approval rates. If your personal loan application are rejected by other banks, you might still stand a chance with this personal loan from Mach.<\/p>\n<p>You can apply online directly on Mach by Hong Leong for a quicker application approval process. You will only need to submit a copy of your MyKad, salary slip, Employees Provident Fund statement, bank statements and also your utility bill.<\/p>\n<p>The interest rates offered by Mach I.O.U. can go as high as 13.5% a year, hence you need to repay your instalments promptly. If you are able to consistently make your payment on time, you will enjoy a 20% cash back as a reward.<\/p>\n<p>With a monthly income as low as RM2,000, you are eligible to apply for a personal loan of up to RM250,000. This personal loan product is perfect for entrepreneurs or small businesses.<\/p>\n<div class=\"block block--success\"><div class=\"block__title\">Pro<\/div><div>High approval rate.<\/div><\/div>\n<div class=\"block block--warning\"><div class=\"block__title\">Con<\/div><div>High interest rate.<\/div><\/div>\n<p><strong><a href=\"https:\/\/www.imoney.my\/personal-loan\/mach\/iou-personal-loan\" target=\"_blank\" rel=\"noopener noreferrer\">Apply Now!<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"3-Bank-Rakyat-Personal-Financing-i-Aslah-Swasta\"><\/span><strong>3. Bank Rakyat Personal Financing-i Aslah Swasta<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Effective\u00a0interest rates: 9.22% to 23.38% p.a.<\/li>\n<li>Maximum loan amount: RM150,000<\/li>\n<li>Tenure: 1 to 10 years<\/li>\n<li>Approval duration: 5 business days<\/li>\n<li>Minimum income: RM1,000 a month for permanent position\/RM8,000 for contract position<\/li>\n<li>Age: 18 to 60 years old<\/li>\n<li>Eligibility: Malaysians working in the private sector<\/li>\n<\/ul>\n<h4><strong>Product features:<\/strong><\/h4>\n<p>This personal loan is slightly different from the others, as it is offered to permanent private sector employees only. If you fall in this category, congratulations!<\/p>\n<p><a href=\"https:\/\/www.imoney.my\/personal-loan\/bank-rakyat\/personal-financing-i-aslah-swasta\" target=\"_blank\" rel=\"noopener noreferrer\">Bank Rakyat Personal Financing-i Aslah Swasta<\/a> is your best bet if you are shopping for personal loan. The interest rate offered is much lower compared to other banks and you do not need to crack your head to pay your monthly instalment.<\/p>\n<p>The application for this personal loan is also believed to have a higher approval rate. Unfortunately, it also has some drawbacks. The approval takes a long time, from five working days to up to two weeks.<\/p>\n<p>On top of that, the repayment method is not the same as other banks. Bank Rakyat offers low interest rates if you opt to pay your repayment via\u00a0Perkhidmatan Angkasa (BPA), employer payroll deduction (PGM) or salary transfer to Bank Rakyat. However, Bank Rakyat also accepts cash payment, but with a higher interest rate.<\/p>\n<div class=\"block block--success\"><div class=\"block__title\">Pro<\/div><div>Low interest rate<\/div><\/div>\n<div class=\"block block--warning\"><div class=\"block__title\">Con<\/div><div>Long approval duration<\/div><\/div>\n<p><a href=\"https:\/\/www.imoney.my\/personal-loan\/bank-rakyat\/personal-financing-i-aslah-swasta\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Apply Now!<\/strong><\/a><\/p>\n<p>So, what are you waiting for? Apply for the best personal loan for you now!<\/p>\n<p>Head on over to our personal loan comparison page to see the <a href=\"https:\/\/www.imoney.my\/personal-loan\" target=\"_blank\" rel=\"noopener noreferrer\">personal loans in Malaysia<\/a> available for you.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lack of money to fund for your daily expenses? Try to apply for these three personal loans with minimum income requirement as low as RM1,500!<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9],"tags":[],"class_list":["post-22576","post","type-post","status-publish","format-standard","hentry","category-personal-loan"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>3 Best Personal Loans For Low Income Earners | iMoney<\/title>\n<meta name=\"description\" content=\"Lack of money to fund for your daily expenses? Try to apply for these three personal loans with minimum income requirement as low as RM1,500!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.imoney.my\/articles\/3-best-personal-loans-for-low-income-earners\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"3 Best Personal Loans For Low Income Earners\" \/>\n<meta property=\"og:description\" content=\"Lack of money to fund for your daily expenses? Try to apply for these three personal loans with minimum income requirement as low as RM1,500!\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.imoney.my\/articles\/3-best-personal-loans-for-low-income-earners\" \/>\n<meta property=\"og:site_name\" content=\"iMoney Malaysia\" \/>\n<meta property=\"article:published_time\" content=\"2016-03-17T06:11:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-26T03:58:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2016\/03\/img-5536ae1e14d81.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"423\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Stephanie Tiow\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Stephanie Tiow\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/3-best-personal-loans-for-low-income-earners#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/3-best-personal-loans-for-low-income-earners\"},\"author\":{\"name\":\"Stephanie Tiow\",\"@id\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/#\\\/schema\\\/person\\\/586dfcad70c7b6dd604d91c6853e4c43\"},\"headline\":\"3 Best Personal Loans For Low Income Earners\",\"datePublished\":\"2016-03-17T06:11:41+00:00\",\"dateModified\":\"2021-08-26T03:58:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/3-best-personal-loans-for-low-income-earners\"},\"wordCount\":879,\"commentCount\":0,\"articleSection\":[\"Personal Loan\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.imoney.my\\\/articles\\\/3-best-personal-loans-for-low-income-earners#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/3-best-personal-loans-for-low-income-earners\",\"url\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/3-best-personal-loans-for-low-income-earners\",\"name\":\"3 Best Personal Loans For Low Income Earners | iMoney\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/#website\"},\"datePublished\":\"2016-03-17T06:11:41+00:00\",\"dateModified\":\"2021-08-26T03:58:45+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/#\\\/schema\\\/person\\\/586dfcad70c7b6dd604d91c6853e4c43\"},\"description\":\"Lack of money to fund for your daily expenses? Try to apply for these three personal loans with minimum income requirement as low as RM1,500!\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/3-best-personal-loans-for-low-income-earners#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.imoney.my\\\/articles\\\/3-best-personal-loans-for-low-income-earners\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/3-best-personal-loans-for-low-income-earners#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Personal Loan\",\"item\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/category\\\/personal-loan\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"3 Best Personal Loans For Low Income Earners\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/#website\",\"url\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/\",\"name\":\"iMoney Malaysia\",\"description\":\"Everything you need to know about improving your personal finances.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/#\\\/schema\\\/person\\\/586dfcad70c7b6dd604d91c6853e4c43\",\"name\":\"Stephanie Tiow\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/2f0b4ebcd321ed791f9b76430795490272947f6594cc1b266a0f71cac7fcaee4?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/2f0b4ebcd321ed791f9b76430795490272947f6594cc1b266a0f71cac7fcaee4?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/2f0b4ebcd321ed791f9b76430795490272947f6594cc1b266a0f71cac7fcaee4?s=96&d=mm&r=g\",\"caption\":\"Stephanie Tiow\"},\"sameAs\":[\"https:\\\/\\\/www.imoney.my\"],\"url\":\"https:\\\/\\\/www.imoney.my\\\/articles\\\/author\\\/stephanie-tiow\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"3 Best Personal Loans For Low Income Earners | iMoney","description":"Lack of money to fund for your daily expenses? Try to apply for these three personal loans with minimum income requirement as low as RM1,500!","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.imoney.my\/articles\/3-best-personal-loans-for-low-income-earners","og_locale":"en_US","og_type":"article","og_title":"3 Best Personal Loans For Low Income Earners","og_description":"Lack of money to fund for your daily expenses? Try to apply for these three personal loans with minimum income requirement as low as RM1,500!","og_url":"https:\/\/www.imoney.my\/articles\/3-best-personal-loans-for-low-income-earners","og_site_name":"iMoney Malaysia","article_published_time":"2016-03-17T06:11:41+00:00","article_modified_time":"2021-08-26T03:58:45+00:00","og_image":[{"width":800,"height":423,"url":"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2016\/03\/img-5536ae1e14d81.jpg","type":"image\/jpeg"}],"author":"Stephanie Tiow","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Stephanie Tiow","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.imoney.my\/articles\/3-best-personal-loans-for-low-income-earners#article","isPartOf":{"@id":"https:\/\/www.imoney.my\/articles\/3-best-personal-loans-for-low-income-earners"},"author":{"name":"Stephanie Tiow","@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/586dfcad70c7b6dd604d91c6853e4c43"},"headline":"3 Best Personal Loans For Low Income Earners","datePublished":"2016-03-17T06:11:41+00:00","dateModified":"2021-08-26T03:58:45+00:00","mainEntityOfPage":{"@id":"https:\/\/www.imoney.my\/articles\/3-best-personal-loans-for-low-income-earners"},"wordCount":879,"commentCount":0,"articleSection":["Personal Loan"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.imoney.my\/articles\/3-best-personal-loans-for-low-income-earners#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.imoney.my\/articles\/3-best-personal-loans-for-low-income-earners","url":"https:\/\/www.imoney.my\/articles\/3-best-personal-loans-for-low-income-earners","name":"3 Best Personal Loans For Low Income Earners | iMoney","isPartOf":{"@id":"https:\/\/www.imoney.my\/articles\/#website"},"datePublished":"2016-03-17T06:11:41+00:00","dateModified":"2021-08-26T03:58:45+00:00","author":{"@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/586dfcad70c7b6dd604d91c6853e4c43"},"description":"Lack of money to fund for your daily expenses? Try to apply for these three personal loans with minimum income requirement as low as RM1,500!","breadcrumb":{"@id":"https:\/\/www.imoney.my\/articles\/3-best-personal-loans-for-low-income-earners#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.imoney.my\/articles\/3-best-personal-loans-for-low-income-earners"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.imoney.my\/articles\/3-best-personal-loans-for-low-income-earners#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.imoney.my\/articles\/"},{"@type":"ListItem","position":2,"name":"Personal Loan","item":"https:\/\/www.imoney.my\/articles\/category\/personal-loan"},{"@type":"ListItem","position":3,"name":"3 Best Personal Loans For Low Income Earners"}]},{"@type":"WebSite","@id":"https:\/\/www.imoney.my\/articles\/#website","url":"https:\/\/www.imoney.my\/articles\/","name":"iMoney Malaysia","description":"Everything you need to know about improving your personal finances.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.imoney.my\/articles\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/586dfcad70c7b6dd604d91c6853e4c43","name":"Stephanie Tiow","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/2f0b4ebcd321ed791f9b76430795490272947f6594cc1b266a0f71cac7fcaee4?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/2f0b4ebcd321ed791f9b76430795490272947f6594cc1b266a0f71cac7fcaee4?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/2f0b4ebcd321ed791f9b76430795490272947f6594cc1b266a0f71cac7fcaee4?s=96&d=mm&r=g","caption":"Stephanie Tiow"},"sameAs":["https:\/\/www.imoney.my"],"url":"https:\/\/www.imoney.my\/articles\/author\/stephanie-tiow"}]}},"_links":{"self":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/22576","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/comments?post=22576"}],"version-history":[{"count":5,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/22576\/revisions"}],"predecessor-version":[{"id":49293,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/22576\/revisions\/49293"}],"wp:attachment":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/media?parent=22576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/categories?post=22576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/tags?post=22576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}