Compare and Choose the best

Personal Loans for Low-income Earners

The Top Low Income Personal Loans In Malaysia 2021

We found 33 Personal Loan(s) for you!

You Pay
/mth
Interest Rate
% p.a.
Max. Loan Amount
RM 150,000
Total Repayment
    You Pay
    /mth
    Interest Rate
    % p.a.
    Max. Loan Amount
    RM 100,000
    Total Repayment
      You Pay
      /mth
      Interest Rate
      % p.a.
      Max. Loan Amount
      RM 150,000
      Total Repayment

      Within 24 hours with affordable repayment plan

      Enjoy 24 hours express approval that is convenient & flexible at the same time

        You Pay
        /mth
        Interest Rate
        % p.a.
        Max. Loan Amount
        RM 50,000
        Total Repayment

        Stand a chance to win 4,500 Boost Coins redemption worth RM45*

        With minimum Disbursement of MYR 2,200

          You Pay
          /mth
          Interest Rate
          % p.a.
          Max. Loan Amount
          RM 200,000
          Total Repayment
            You Pay
            /mth
            Interest Rate
            % p.a.
            Max. Loan Amount
            RM 100,000
            Total Repayment
              You Pay
              /mth
              Profit Rate
              % p.a.
              Max. Financing Amount
              RM 150,000
              Total Repayment
                You Pay
                /mth
                Profit Rate
                % p.a.
                Max. Financing Amount
                RM 150,000
                Total Repayment
                  You Pay
                  /mth
                  Profit Rate
                  % p.a.
                  Max. Financing Amount
                  RM 200,000
                  Total Repayment

                  Guaranteed RM120 Cashback*

                  Bonus Cashback RM5,000 and RM1,000 awaits!

                    You Pay
                    /mth
                    Interest Rate
                    % p.a.
                    Max. Loan Amount
                    RM 250,000
                    Total Repayment
                      You Pay
                      /mth
                      Profit Rate
                      % p.a.
                      Max. Financing Amount
                      RM 100,000
                      Total Repayment
                        You Pay
                        /mth
                        Profit Rate
                        % p.a.
                        Max. Financing Amount
                        RM 100,000
                        Total Repayment
                          You Pay
                          /mth
                          Interest Rate
                          % p.a.
                          Max. Loan Amount
                          RM 250,000
                          Total Repayment
                            You Pay
                            /mth
                            Interest Rate
                            % p.a.
                            Max. Loan Amount
                            RM 100,000
                            Total Repayment
                              You Pay
                              /mth
                              Profit Rate
                              % p.a.
                              Max. Financing Amount
                              RM 150,000
                              Total Repayment
                                You Pay
                                /mth
                                Profit Rate
                                % p.a.
                                Max. Financing Amount
                                RM 300,000
                                Total Repayment
                                  You Pay
                                  /mth
                                  Profit Rate
                                  % p.a.
                                  Max. Financing Amount
                                  RM 250,000
                                  Total Repayment
                                    You Pay
                                    /mth
                                    Profit Rate
                                    % p.a.
                                    Max. Financing Amount
                                    RM 200,000
                                    Total Repayment
                                      You Pay
                                      /mth
                                      Profit Rate
                                      % p.a.
                                      Max. Financing Amount
                                      RM 100,000
                                      Total Repayment
                                        You Pay
                                        /mth
                                        Profit Rate
                                        % p.a.
                                        Max. Financing Amount
                                        RM 200,000
                                        Total Repayment
                                          You Pay
                                          /mth
                                          Profit Rate
                                          % p.a.
                                          Max. Financing Amount
                                          RM 400,000
                                          Total Repayment
                                            You Pay
                                            /mth
                                            Profit Rate
                                            % p.a.
                                            Max. Financing Amount
                                            RM 200,000
                                            Total Repayment
                                              You Pay
                                              /mth
                                              Profit Rate
                                              % p.a.
                                              Max. Financing Amount
                                              RM 100,000
                                              Total Repayment
                                                You Pay
                                                /mth
                                                Profit Rate
                                                % p.a.
                                                Max. Financing Amount
                                                RM 200,000
                                                Total Repayment
                                                  You Pay
                                                  /mth
                                                  Interest Rate
                                                  % p.a.
                                                  Max. Loan Amount
                                                  RM 2,000
                                                  Total Repayment
                                                    You Pay
                                                    /mth
                                                    Profit Rate
                                                    % p.a.
                                                    Max. Financing Amount
                                                    RM 150,000
                                                    Total Repayment
                                                      You Pay
                                                      /mth
                                                      Interest Rate
                                                      % p.a.
                                                      Max. Loan Amount
                                                      RM 150,000
                                                      Total Repayment
                                                        You Pay
                                                        /mth
                                                        Profit Rate
                                                        % p.a.
                                                        Max. Financing Amount
                                                        RM 150,000
                                                        Total Repayment
                                                          You Pay
                                                          /mth
                                                          Profit Rate
                                                          % p.a.
                                                          Max. Financing Amount
                                                          RM 100,000
                                                          Total Repayment
                                                            You Pay
                                                            /mth
                                                            Profit Rate
                                                            % p.a.
                                                            Max. Financing Amount
                                                            RM 200,000
                                                            Total Repayment
                                                              You Pay
                                                              /mth
                                                              Interest Rate
                                                              % p.a.
                                                              Max. Loan Amount
                                                              RM 10,000
                                                              Total Repayment
                                                                You Pay
                                                                /mth
                                                                Interest Rate
                                                                % p.a.
                                                                Max. Loan Amount
                                                                RM 250,000
                                                                Total Repayment
                                                                  You Pay
                                                                  /mth
                                                                  Profit Rate
                                                                  % p.a.
                                                                  Max. Financing Amount
                                                                  RM 50,000
                                                                  Total Repayment

                                                                  Stand a chance to win 4,500 Boost Coins redemption worth RM45*

                                                                  With minimum Disbursement of MYR 2,200

                                                                    Other Personal Loan categories

                                                                    Prefer to talk to our customer care agents?

                                                                    How do you apply for a personal loan online?

                                                                    Step 1 Image

                                                                    Step 1

                                                                    Use our personal loan calculator to find the best personal loan based on your requirements and eligibility.

                                                                    Step 2 Image

                                                                    Step 2

                                                                    Select the best product that fits your requirements from the list of recommended personal loan products listed and click on the Apply button.

                                                                    Step 3 Image

                                                                    Step 3

                                                                    Fill in a form with your details to be submitted for application, and a representative from iMoney or the bank will call you to process the application.

                                                                    FAQs Loans for Low Income Earners - FAQ

                                                                    Your short-term money needs can be met by applying for a personal loan. Get relieved off the stress occasioned by urgent needs in times when you are hard up. This could help in scenarios when you want to acquire new furniture or when you have run short of funds for your honeymoon or wedding. This is highly convenient and it is a quick option for those who are in dire need of funds to rescue themselves from sudden money deficits or even the acquisition of a property that has been desired for long at the cost of an arm and a leg.

                                                                    • A personal loan is an unsecured loan you borrow from a bank. This means that you can borrow money from the bank without the bank asking for any collateral. However, you should still repay your personal loan on time to avoid late penalty charges or negative impact on your credit score. 

                                                                    • Firstly, let’s find out what is a conventional loan

                                                                      A conventional loan follows conventional financing principles where lenders lend money to customers like you and earn profit from the interest you paid on your loan every month.

                                                                      What is an Islamic loan?

                                                                      An Islamic loan follows Shariah financing principles which prohibits Riba (interest-based transactions). Instead, it is based on the concept of earning through the sale of commodities which looks like this:

                                                                      • Lending you the money is equivalent to the bank buying the item that you want to finance (e.g. car, renovation). This item is then sold to you at a markup price.
                                                                      • Refinancing: This is equivalent to you “buying the item from the bank” in your monthly repayments.  

                                                                      You can read more about it here.

                                                                    • What are secured loans? 

                                                                      Secured loans are where you are required to offer an asset (e.g. car, house) as a collateral in case you cannot repay your loan. 

                                                                      This means that the lender has a legal right to seize the asset you listed in the event you cannot repay your loan within the agreed repayment terms.

                                                                      Bigger loans like home loans may also require you to list a guarantor in case you fail to repay your loan.

                                                                      What are unsecured loans?

                                                                      Unsecured loans are loans where the lenders are not required to list any asset as a collateral. Instead, they will assess you’re your creditworthiness based on the following criteria among other factors before they decide if they want to lend you the money:  

                                                                      • Your employment status 
                                                                      • Your proof of income (at least 6 months)
                                                                      • Your credit score 

                                                                      These criteria will also determine how much you can borrow, your personal loan terms and interest rate.

                                                                      Read more about it here.

                                                                    • In Malaysia one can be able to get access to personal loans, which can be as low as RM 1000 with some even exceeding the RM 150,000 mark. The loan amount that one can be able to access is determined by the individual needs as well as their ability to repay the loan. The terms offered by the given lender will also influence the decision to be made by the client. In a situation where one needs a loan amount that exceeds what is being offered by the lender one has the alternative of taking a secured loan.

                                                                      If you choose the lender to be a bank, you have to follow the necessary procedure which could involve a loan agreement which will specify details such as the amount borrowed, the interest rate being charged and the amount that is to be paid on a monthly basis. The repayment terms will also be included in the loan agreement that is the monthly payment and how long the loan payment period will be. It is a given fact that the longer repayment periods will attract higher cumulative amounts for the payment of the loan.

                                                                      The types of loan offered could either be secured or unsecured loans. The personal loans that most opt for in Malaysia are the unsecured type.

                                                                    • Personal loans, just like other loans, come in different forms. All the lenders have different packages with various terms. To make a prudent decision especially in the times that you are short of money, you ought to compare the different rates available in the market. You could best achieve this by making use of the iMoney's online calculator. 


                                                                      Getting started is pretty easy, all you have to do is to indicate the loan you prefer and specify the amount and period you want to clear the payment of it in the various available fields. The online calculator will then make it easy for you by providing suitable loan packages that are available on the market, and it is worth noting that the best rates will feature at the top. If you wish to sign for a personal loan you will then click on the Apply button.

                                                                    • As alluded to earlier the good packages are the ones that attract relatively lower interest rates. This will make the cumulative amount to be paid to be much less. The market situation in Malaysia is one in which the interest rates are charged on a flat rate basis. The flat interest rate refers to a type of interest in which case the interest is charged on the original amount, this having nothing to do with what was paid initially.

                                                                    • The Early Settlement Penalty;

                                                                      Some banks will charge one a penalty fee for paying an amount earlier than agreed as they feel that they would not have earned enough interest on the amount loaned. The figure for this is highly variable but at times it could be as high as the interest that could be accrued in three months.
                                                                       

                                                                      Other Fees;

                                                                      It is recommended that you go through the loan agreement to familiarize yourself with the other fees that may be required for a certain loan. These could include the stamp duties, processing fees as well as other one-time charges.
                                                                    • Most of the lender have tight rules as far as eligibility is concerned. The eligibility terms could range from the income or even age requirements. At times the client may be asked to give the lender proof for the ownership of certain property or any other assets. Your debt liabilities would not be spared either.

                                                                    • Collateral:
                                                                      This refers to the asset the borrower pledges to a given lender in order to secure a loan and this will be impounded by the lender in case of default in payment of the loan. The case in Malaysia particularly for the islamic personal loans don require the need for a collateral.
                                                                       
                                                                      Early settlement penalties:
                                                                      The fees that the borrower will have to pay in the event that he/she had settled the loan at an earlier date from the one specified on the loan agreement. This is usually estimated as a percentage of the initial loan amount.
                                                                       
                                                                      Guarantor:
                                                                      This a person who agrees to be liable for the payment of a loan in the event that the borrower will not be in a position to pay it in time.
                                                                       
                                                                      Late Payment Charges:
                                                                      This is the fee that the bank will charge you in the event you are not able to pay your loan in the agreed time schedule. The borrower has to pay for this additional fee and it is mostly at the rate of 1 % per annum.
                                                                       
                                                                      Loan/Financing tenure:
                                                                      This refers to the period for a certain loan. At the end of the loan tenure the borrower is supposed to have cleared the loan taken.