Updated 3rd November 2019
Whether you are a freelancer, running your own business or a work-at-home housewife, you are considered as self-employed. In Malaysia, it may not be easy for you to apply for a loan or a credit card. However, it does not mean that it is impossible. You just need to know where to look!
Typically, a salaried Malaysian will need to have three to six months of latest salary slips and latest 6 months of EPF statements. However, this does not apply to the self-employed Malaysians. Though it may be hard to look for a personal loan dedicated for self-employed, you should know that banks offer these loans to the group under different requirements.
See also: Personal Loan Application Guide
To help identify the best personal loans for self-employed, we have listed the top 5 personal loans in Malaysia as below.
Top 5 Personal Loans For Self-Employed In Malaysia
1. Alliance Bank CashFirst Personal Loan
This fast approval loan from Alliance Bank Malaysia allows you to borrow up to RM150,000 and enjoy flexible tenure up to 7 years. With that being said, you can adjust your monthly repayment to as low as RM94 at an interest rate as low as 5.33%.
You can save money from zero early settlement fee and processing fee too. With no collateral or guarantor needed to apply for this loan, you will have to prepare:
- Copy of NRIC (Front & Back)
- Copy of the Bank Statement/Passbook (first page) of Disbursement Account with Applicant's sole name.
- Copy of current and valid Business Registration Card* (business MUST be at least 2 years)
- Latest 6 months payslip or;
- Latest 6 months company's principal bank statement reflecting business turnover or;
- Latest 6 months EPF statement or;
- Latest BE Form together with validated payment slip/receipt to LHDN.
Income Requirement: RM3,000 monthly
|fast approval loan
interest rate as low as 5.99%
2. Hong Leong Bank Personal Loan
From as low as RM5,000 to RM250,000, you can apply for a Hong Leong Bank personal loan even if you are self-employed. The most interesting feature of this personal loan is the 20% cashback on the interest charges.
|Hong Leong Bank Personal Loan|
|Loan amount (RM)||Monthly Instalment For 7 Years||Monthly Instalment For 7 Years (cashback)|
If you apply for a loan amounting to RM5,000, you will need to pay RM115 of monthly repayment. However, after the 20% cashback on interest charges, you only have to pay RM103. At the end of the day, you will save a total of RM1,008.
You will need to prepare these documents to apply for a Hong Leong Personal Loan:
- Photocopy IC ( Front & back)
- Most recent income tax B/BE form with receipts
- Copy of Company Registration
- Most recent EPF statement
- Most recent Company and Personal bank statement (Minimum 90 days)
|20% cashback on the interest charges|
3. Standard Chartered CashOne
With interest rate as low as 0.583% depending on your loan amount and tenure, you do not have to worry about processing fee and early settlement fee for this personal loan. You can borrow between RM1,000 to RM250,000 and enjoy duration from 12 months to 84 months, depending on your preference.
No guarantor or collateral is needed to apply for this personal loan. On top of that, you will be issued with a Standard Chartered Platinum Credit Card free for life upon approval of your application.
For self-employed Malaysians, these are the documents you will need to prepare to apply for Standard Chartered CashOne:
- 6 months bank statements
- Business Registration Form 9, 24, 49 or;
- Latest EPF statement or;
- Latest Borang B (Full submission to Lembaga Hasil Dalam Negeri)
4. RHB Bank Personal Financing
From as low as RM2,000 to as high as RM150,000, you can apply for an RHB personal loan at any amount to resolve your financial problems or achieve your financial goals. With a flexible repayment tenure up to 7 years, you can easily adjust your finances by opting for the repayment period you prefer!
Same as above, no guarantor or collateral is needed to apply for this loan and the best thing is, the low-income requirement for this loan, which is RM2,000 monthly. For freelancers who have just begun their careers out there, this is a perfect fit for you if you need a personal loan.
Documents required by RHB Bank:
- Copy of IC (front and back)
- Form 9, 24, 49 or Business Registration
- 6 months bank statement
5. UOB Bank Personal Loan
You can choose from RM5,000 up to a maximum of RM50,000 when applying for a personal loan from UOB Bank Malaysia. However, UOB has a lower range of loan tenure of 12 months to 60 months compared with others mentioned above.
Minimum income requirement for self-employed to apply for this loan is RM3,000 per month. With no guarantor or collateral needed, you can easily apply for the loan based on your needs.
Nonetheless, make sure you have these documents in place before applying:
- Copy of I.C. (front & back)/ Passport
- Latest Form B/ BE (with copy of tax payment receipt)
- Latest 3 Months Bank Statements (show salary credit transaction)
- Business Registration Certificate Form 9/24/49 (2 years in same business)
Want to check out and compare more personal loans in the market? Click here and get the information you need right away!