Best Personal Loans for Self-Employed Individuals in Malaysia (2025)

Getting a personal loan as a self-employed individual in Malaysia can be challenging due to unstable income sources and the lack of fixed salary slips. However, some banks and financial institutions offer flexible personal loans for freelancers, business owners, and gig workers.

This guide provides detailed information on the best personal loans for self-employed individuals, including loan amounts, interest rates, eligibility, and application requirements.

1. RHB Personal Financing

🔹 Loan Amount: RM2,000 – RM150,000
🔹 Repayment Period: 1 – 7 years
🔹 Interest Rate: 7.62% – 14.00% per annum
🔹 Approval Time: 24 – 48 hours
🔹 Features:
✅ No collateral required
✅ Quick approval (instant decision for eligible applicants)
✅ Competitive interest rates

🔹 Eligibility Criteria:

Malaysian citizen aged 21 – 55 years
Minimum gross monthly income: RM1,500
Self-employed for at least 2 years
Must provide bank statements and tax records

🔹 Apply Here: RHB Personal Loan

👉 Best for: Freelancers and small business owners looking for quick approval and flexible repayment options.

2. CIMB Cash Plus Personal Loan

🔹 Loan Amount: RM2,000 – RM100,000
🔹 Repayment Period: 2 – 5 years
🔹 Interest Rate: 4.38% – 14.55% per annum
🔹 Approval Time: Within 24 hours
🔹 Features:
✅ No guarantor required
✅ No processing fees
✅ No early settlement penalty

🔹 Eligibility Criteria:

Malaysian citizen aged 21 – 58 years
Minimum gross monthly income: RM2,000
Business must be registered with SSM (Suruhanjaya Syarikat Malaysia)
Must provide 3 to 6 months’ bank statements

🔹 Apply Here: CIMB Cash Plus Loan

👉 Best for: Self-employed individuals without a fixed salary who need a fast loan without hidden fees.

3. Maybank Personal Loan

🔹 Loan Amount: RM5,000 – RM100,000
🔹 Repayment Period: 2 – 6 years
🔹 Interest Rate: 6.50% – 8.00% per annum
🔹 Approval Time: 24 – 48 hours
🔹 Features:
✅ Fixed monthly installment (easy budgeting)
✅ No collateral required
✅ Available for business owners and freelancers

🔹 Eligibility Criteria:

Malaysian citizen aged 21 – 60 years
Minimum gross monthly income: RM3,500
Business must be operating for at least 2 years
Must provide income tax returns and business registration proof

🔹 Apply Here: Maybank Personal Loan

👉 Best for: Self-employed professionals and business owners with stable income.

4. Hong Leong Bank Personal Loan

🔹 Loan Amount: RM5,000 – RM250,000
🔹 Repayment Period: 2 – 5 years
🔹 Interest Rate: 9.00% – 12.50% per annum
🔹 Approval Time: 24 – 48 hours
🔹 Features:
✅ High financing amount (up to RM250,000)
✅ Cashback on interest if paid on time
✅ Easy online application

🔹 Eligibility Criteria:

Malaysian citizen aged 21 – 60 years
Minimum gross monthly income: RM2,000
Must provide 6 months’ bank statements and SSM registration

🔹 Apply Here: Hong Leong Bank Personal Loan

👉 Best for: Self-employed individuals who need a high loan amount with interest rebates.

5. Bank Muamalat Personal Financing-i (Islamic Loan)

🔹 Loan Amount: Up to RM400,000
🔹 Repayment Period: Up to 10 years
🔹 Profit Rate: 2.77% – 7.00% per annum
🔹 Approval Time: 3 – 5 working days
🔹 Features:
✅ Shariah-compliant (Islamic financing)
✅ No guarantor required
✅ Flexible repayment terms

🔹 Eligibility Criteria:

Malaysian citizen aged 18 – 70 years
Minimum gross monthly income: RM2,500
Must provide bank statements, business documents, and proof of income

🔹 Apply Here: Bank Muamalat Personal Loan

👉 Best for: Self-employed individuals looking for Shariah-compliant financing with high loan amounts.

Alternative Loan Options for Self-Employed Individuals

1. Licensed Money Lenders (Fast Approval but Higher Interest)

If banks reject your application, consider licensed money lenders. These loans offer faster approvals but higher interest rates (12% – 18% per annum).

🔹 Check Licensed Money Lenders Here: KPKT Website

👉 Best for: Individuals who need urgent cash but cannot qualify for a bank loan.

2. P2P Lending (Peer-to-Peer Lending)

P2P lending platforms connect borrowers with investors, offering an alternative financing method.

📌 Popular P2P Lending Platforms in Malaysia:

Funding Societies (Website)
CapBay (Website)
MoneyMatch (Website)

👉 Best for: Self-employed individuals with lower credit scores looking for alternative funding options.

3. Credit Card Cash Advance (Emergency Loan Option)

If you need urgent cash, withdrawing a cash advance from a credit card is an option. However, this comes with high interest rates (18% – 24% per annum).

👉 Best for: Short-term financial needs when no other loan options are available.

Final Tips for Self-Employed Individuals

✅ Prepare strong financial documents (tax returns, bank statements, SSM registration) to improve approval chances.
✅ Maintain a good credit score to get lower interest rates.
✅ Compare different loan options before applying.
✅ Avoid illegal money lenders (Ah Longs) – Always check if the lender is licensed by KPKT.

By choosing the right personal loan, self-employed individuals in Malaysia can secure the funding they need while ensuring manageable repayments. 🚀

Best Personal Loans for Self-Employed Individuals in Malaysia (2025)