Cash woes? A personal loan to the rescue!

Low income Personal Loan

Income is one of the main qualifying criteria for a personal loan. Also, the eligible loan amount depends on your gross monthly income. If your monthly income is lower than the general minimum income criterion of RM3,000, fret not. You can still apply for loans offered by certain banks that cater to borrowers with lower incomes.

Compare Personal Loans for Low Income Earners in Malaysia

Personal Loan Min Monthly Income Max Loan Amount Offered Interest Rate Loan Term More Info.
BSN MyRinggit SKAP (Klasik) Personal Loan RM800 RM200,000 4.5% - 7.72% p.a. 2-10 years
AEON i-Cash Personal Financing RM800 RM100,000 10% - 18% p.a. Up to 7 years
Bank Rakyat Personal Financing-i for Pensioner RM800 RM100,000 4.63% - 5.60% p.a. Up to 10 years
CIMB Xpress Cash Financing-i RM800 RM50,000 18% - 24% p.a. 6 months-5 years

BSN MyRinggit SKAP (Klasik) Personal Loan

Minimum Loan Amount Offered RM5,000
Islamic/Conventional Conventional

Eligibility Criteria

The eligibility criteria specified by BSN are given below:

  • Nationality: Malaysian citizens only.
  • Age: The minimum age is 21 years and the maximum age is 60 years.
  • Occupation: Permanent Federal Government Servant.


  • The bank offers the loan at both fixed and floating rates.
  • The loan is specifically designed for Permanent Federal Government Servants.
  • The interest rate ranges from 4.50% p.a. to 7.87% p.a.

How to Apply for this loan?

You can either visit the bank’s branch to get the application form, fill and submit the form or you can download the application form from the bank’s website and submit the duly filled form at the nearest branch office.

AEON i-Cash Personal Financing

Minimum Loan Amount Offered RM1,000
Islamic/Conventional Islamic
Processing Fee Up to 4% of the approved loan amount
Approval Period 1 to 3 days

Eligibility Criteria

  • Nationality: Malaysian citizens only
  • Age: 18 years or above


  • The bank assures fast approval of your loan application.
  • Interest rate starts at as low as 9.6% p.a.
  • Loan repayment period can be as long as 84 months.
  • Hassle-free application process requiring minimum documentation.
  • You don’t have to provide a guarantor, collateral or a security deposit.

How to Apply for this loan?

The modes of loan application are listed below:

  • You can apply on the bank’s website by filling the online application form.
  • You can visit the bank’s branch and submit your loan application.
  • You can download the application form available on the bank’s website, fill the form and then submit it to the bank’s branch.

Bank Rakyat Personal Financing-i for Pensioner

Islamic/Conventional Islamic

Eligibility Criteria:

  • Age: Your age must not exceed 65 years at the time of maturity of the loan.
  • Income: You must earn a minimum pension of RM800 per month.
  • Occupation: You must be a Government Pensioner to get the loan.


  • You can borrow the loan amount at an interest rate as low as 4.63% p.a.
  • The bank provides you with a loan amount up to 15 times your monthly pension amount.
  • You can choose to get a cover on your loan with Takaful Coverage.

How to Apply for this loan?

You can apply for the loan online or by visiting the nearest branch office.

CIMB Xpress Cash Financing-i

Minimum Loan Amount Offered RM3,000
Islamic/Conventional Islamic

Eligibility Criteria:

  • Nationality: Malaysian citizens or permanent residents of Malaysia.
  • Age: At the time of application submission, your age must be above 21 years but not above 60 years.
  • Applicant type: Individual applicants only.


  • You can get a loan amount of up to 8 times your monthly income.
  • Takaful Coverage is optional.
  • No Early Settlement Fees.
  • If you settle the loan before maturity, you can get rebate/Ibra’.

How to Apply for this loan?

  • You can call the Consumer Contact Centre at the number +603 6204 7788 to express your interest in CIMB Xpress Cash Financing-i. The consumer support executives will guide you on the steps to be taken to apply for the loan.
  • You can walk into the nearest branch office of CIMB to get the application form. You can then fill the form, attach all the necessary documents and submit your loan application.


  1. Q. How does a bank calculate the late payment charges?

    A. Any bank calculates the late payment charges based on the formula given below:

    [Monthly Installments in Arrears × 1% × Number Of Days Overdue]? 365

    Note: The late payment charge is usually 1% of the outstanding instalment amount calculated on a daily basis from the due date until the day when full instalment is paid.

  2. Q. Can a full commission earner apply for CIMB Xpress Cash Financing-i?

    A. Yes. A full commission earner can apply for CIMB Xpress Cash Financing-i.

  3. Q. Can a foreigner apply for any of these loans?

    A. No. The banks providing these loans have not considered foreigners yet.

  4. Q. Does the interest rate vary based on the criterion of being a new or an existing customer for AEON i-Cash Personal Financing?

    A. Yes. An existing customer of AEON Bank gets a flat interest rate of 10.08% p.a., whereas a new customer gets a flat rate of 18% p.a.

  5. Q. Does the profit rate remain the same if I choose a Takaful Coverage or otherwise?

    A. No. The profit rate increases if you do not choose a Takaful Coverage. For example, Bank Rakyat imposes an additional 1.5% on the actual profit rate if a Takaful Coverage is not chosen.

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