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Personal Loans for Low-income Earners

The Top Low Income Personal Loans In Malaysia 2021

We found 33 loans for low income earners(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 10 min with affordable repayment plan

      Enjoy 10 min 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
          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
                    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
                                                                    Last updated: Dec 1, 2021

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                                                                    How do you apply for a personal loan online?

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                                                                    Step 1

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

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                                                                    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

                                                                    If you are a low-income earner and you find yourself in need of money to cover living expenses, a personal loan might be your option. There are a variety of different types of loans available for low-income earners, and only accessible depending on the requirements of the financial institutions.

                                                                    • A low-income personal loan is an unsecured loan that caters to those with low salaries. For most financial institutions, this means individuals with an income of less than RM2,000 per month.

                                                                    • 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.

                                                                    • 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.

                                                                    • Personal loan requirements vary by lenders, but there are a few considerations, namely credit score and income level, that financial institutions always look at when reviewing applicants. Get familiar with the eligibility criteria so it may help streamline your application.

                                                                    • In Malaysia, one can be able to get access to personal loans which can be as low as RM1,000 with some even exceeding the RM150,000 mark. The loan amount is determined by the purpose of the loan, the individual needs as well as their ability to repay the loan.

                                                                    • Low-income personal loans usually have a fixed interest rate. A low interest rate means you will pay less over the life of the loan. Use our iMoney Personal Loan Calculator to find the best low income personal loan with low interest rate.

                                                                    • When applying for our best low-income personal loans, you can choose your repayment period from the options shown in our iMoney Personal Loan Calculator to get an idea of how much the monthly payments you can afford. Remember, a longer repayment period may result in a lower monthly payment but more total interest than if you choose a shorter repayment period for the same loan amount.

                                                                    • The minimum salary requirement for a personal loan is determined by the lender and the amount that you are looking to borrow. In general, you should have a monthly salary of RM1,500 to RM2,000 before applying for a low-income personal loan. However, some personal loans in Malaysia only require a minimum salary of RM800 per month.

                                                                    • Regardless of your salary, the best way to find a personal loan that suits your income is to use our iMoney Personal Loan Calculator. It takes your salary into account (which will determine how much you are able to borrow), the type of loan you want, and the amount you want to borrow. 

                                                                      Generally, the amount that you can borrow is based on many factors such as your salary, the type of loan and the amount you are borrowing. In Malaysia, Banks will typically look at these factors together with your Debt-to-Income (DTI) ratio and the multiplier of your income in order to calculate how much loan you can get before approving your application. Regardless of that, the best way to find a personal loan that suits your income is to use our iMoney Personal Loan Calculator.

                                                                    • All you need to do is click on the orange “Apply” button on the top right of your screen. Then fill in your contact details and we will get in touch to get started with your loan application.

                                                                    • There are a number of factors that affect your chances of being approved for a loan. These include:

                                                                      1. Your history of paying bills and other loans
                                                                      2. The types of other loans and credit cards that you own
                                                                      3. The length of your credit history
                                                                      4. The number of loan applications that you have made over the last 12 months
                                                                      5. Any legal action that has been taken against you

                                                                      All of these factors are calculated as part of your credit score. To learn more, visit our Learning Centre.

                                                                    • It is recommended that you go through the loan agreement to familiarise yourself with the other fees that may be required for a certain loan. These could include stamp duties, cancellation fees, processing fees as well as other one-time charges.

                                                                    • The documents needed to apply for a personal loan are:

                                                                      1. A copy of your NRIC

                                                                      2. Your payslip

                                                                      3. Your EPF statement

                                                                      Though, there are unsecured loans that don't require proof of income or payslip. You may also need other documents depending on your income status (salaried/self-employed/commission).

                                                                    • Yes, there are loans that don't require proof of income or a payslip.

                                                                      You may also need other documents depending on your income status (salaried/self-employed/commission).

                                                                    • Regardless of the health of your credit score, there is always a personal loan that suits you. Learn more about improving your credit score today.

                                                                    • The best personal loan for you is the one that meets your needs and will not financially burden you. You can check our list for the best low-income personal loan.

                                                                    • The following are general pros and cons of low-income personal loans:

                                                                      Pros

                                                                      1. An excellent credit score is not required
                                                                      2. Fast approvals

                                                                      Cons

                                                                      1. Higher interest rates than other loans
                                                                      2. Fees and penalties can be high
                                                                    • 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.

                                                                    • 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.