If you’re looking for a personal loan in Singapore, you may have come across CIMB CashLite. CIMB Bank is a Malaysian bank that has been operating in Singapore since 2009. CIMB CashLite is a personal loan that allows you to convert your credit card balance into cash, which you can then use to pay off other debts or for any other purpose.
CIMB CashLite offers competitive interest rates, and you can choose the loan tenure that works best for you. New-to-bank customers can enjoy rates as low as 3.80% per annum, while existing customers can enjoy rates of 4.5% per annum. To be eligible for CIMB CashLite, you must be a Singaporean or Singapore Permanent Resident (PR) who is at least 21 years old, with a minimum annual income of $30,000.
Key Takeaways
- CIMB CashLite is a personal loan that allows you to convert your credit card balance into cash.
- CIMB Bank is a Malaysian bank that has been operating in Singapore since 2009.
- To be eligible for CIMB CashLite, you must be a Singaporean or Singapore Permanent Resident (PR) who is at least 21 years old, with a minimum annual income of $30,000.
Understanding CIMB CashLite Personal Loan
If you’re looking for a personal loan in Singapore, CIMB CashLite could be the perfect solution for you. This loan product is designed to help you get the funds you need quickly and easily, without having to go through a lengthy and complicated application process.
What Is CIMB CashLite?
CIMB CashLite is a personal loan product offered by CIMB Bank Singapore. It allows you to convert your available credit limit into cash, which you can use for whatever you need. The loan comes with competitive interest rates as low as 3.5% p.a. (EIR from 6.4% p.a.) and flexible loan tenures ranging from 1 to 5 years.
The Benefits of Choosing CashLite
There are several benefits to choosing CIMB CashLite for your personal loan needs. First and foremost, the loan comes with competitive interest rates that are among the lowest in the market. This means you can save money on interest charges and pay off your loan faster.
Another benefit of CIMB CashLite is that it offers flexible loan tenures, which means you can choose a repayment period that works for you. You can also enjoy a generous credit limit of up to 90% of your available credit limit, which gives you access to more funds than many other personal loan products.
Finally, CIMB CashLite offers instant disbursement, which means you can get your funds quickly and easily. This is ideal if you need cash urgently to cover unexpected expenses or emergencies.
Overall, CIMB CashLite is a great option for anyone in Singapore who needs a personal loan. With competitive interest rates, flexible loan tenures, and instant disbursement, it’s a convenient and affordable way to get the funds you need.
Eligibility and Requirements
If you’re looking for a personal loan in Singapore, CIMB CashLite is one of the options available. Here’s what you need to know about eligibility and requirements for this loan.
Qualifying for CIMB CashLite
To be eligible for CIMB CashLite, you must be a Singapore citizen or permanent resident. You must also be at least 21 years old and have a minimum annual income of $30,000.
Required Documents for Application
When applying for CIMB CashLite, you will need to provide some documents to prove your eligibility. These may include:
- Your NRIC or SingPass
- Valid passport (if you’re a foreigner)
- Last 2 years income tax notice
- Latest 3 months bank statements
Make sure to have these documents ready before applying for the loan.
Overall, CIMB CashLite can be a good option if you’re looking for a personal loan in Singapore. Just make sure you meet the eligibility criteria and have the required documents to apply.
Applying for CIMB CashLite
If you’re looking to apply for a personal loan in Singapore, CIMB CashLite is a great option. Here’s a step-by-step guide to the application process, as well as information about instant loan disbursement.
Step-by-Step Application Process
To apply for CIMB CashLite, you can complete the application form online. If you’re an existing CIMB Credit Card cardmember, you can apply via CIMB Clicks Internet Banking to convert your available credit balance to cash instantly. If you’re a new customer, a CIMB Visa Signature will be issued to facilitate the personal loan.
To get your form pre-filled with no income documents required, make sure you have your Singpass ready (with 2FA enabled). Once you’ve filled out the application form, let us call you to complete the process.
Instant Loan Disbursement
Once your application has been approved, you’ll be able to enjoy instant loan disbursement. This means that the loan amount will be credited directly into your CIMB account. The loan disbursement process is quick and hassle-free, so you can get the funds you need as soon as possible.
In terms of fees and charges, you should look out for the late payment fee of $100. Other than that, there are no hidden charges or fees to worry about.
Overall, applying for CIMB CashLite is a straightforward process that can help you get the funds you need quickly and easily.
Interest Rates and Fees
If you’re considering taking out a personal loan, you’re likely to be interested in the interest rates and fees associated with the CIMB Cashlite in Singapore. Here’s what you need to know:
Understanding Interest Rates
The CIMB Cashlite Personal Loan offers competitive interest rates that start from as low as 3.5% p.a., with an effective interest rate (EIR) from 6.4% p.a. The interest rate is determined based on the loan tenure, loan amount, and credit profile of the borrower. New-to-bank customers can enjoy rates as low as 3.8% p.a. (EIR from 7.07% p.a.) with loan tenure from 1 to 5 years. Existing customers enjoy rates of 4.5% p.a. (EIR 8.21% p.a. – 8.41% p.a.) with loan tenure from 1 to 5 years.
Additional Charges to Consider
CIMB Cashlite Personal Loan charges a one-time processing fee of 1.5% of the approved loan amount. There is no processing fee for early repayment. Late payment fees are S$100 per month, and early termination fees are S$250 or 3% of the outstanding loan amount, whichever is higher.
It’s worth noting that the interest rates and fees associated with the CIMB Cashlite Personal Loan are subject to change. Therefore, it’s essential to check the latest rates and charges before applying for the loan.
In conclusion, CIMB Cashlite Personal Loan offers competitive interest rates and charges and fees that are transparent and easy to understand. With no processing fee for early repayment, you can save money by paying off your loan early.
Promotions and Benefits
If you’re looking for a personal instalment loan with low interest rates, CIMB CashLite is the perfect solution for you. With CIMB CashLite, you can convert your credit balance to cash with interest rates as low as 3.80%* p.a. (EIR from 7.07% p.a.) for new-to-bank customers in Singapore. Existing customers can also enjoy low-interest rates of 4.5% 1 p.a. (EIR 8.21% p.a. to 8.41% p.a.).
Current Promotions for New and Existing Customers
If you’re a new-to-bank customer, you can enjoy rates as low as 3.80%* p.a. (EIR from 7.07% p.a.) with loan tenure from 1 to 5 years. Existing customers can enjoy rates of 4.5% 1 p.a. (EIR 8.21% p.a. to 8.41% p.a.) with loan tenure from 1 to 5 years.
CIMB Credit Cardholders can also enjoy exclusive promotions when they apply for CIMB CashLite. For example, CIMB Platinum Mastercard, CIMB Visa Signature, CIMB World Mastercard, and CIMB Visa Infinite cardholders can enjoy a promotional interest rate of 3.5% p.a. (EIR from 6.49% p.a.) with a loan tenure of 1 to 5 years.
Exclusive Benefits for CIMB Cardholders
CIMB Credit Cardholders can enjoy exclusive benefits when they apply for CIMB CashLite. For example, they can earn cashback on their credit card spendings. CIMB Visa Signature cardholders can earn 10% cashback on online shopping, groceries, beauty and wellness, pet shops and veterinary services, and cruises. CIMB Platinum Mastercard and CIMB World Mastercard cardholders can earn 1% cashback on all spendings on their credit card.
In addition, CIMB Credit Cardholders can enjoy additional features such as SimplyGo travel coverage. Whether you’re a new-to-bank customer or an existing customer, CIMB CashLite offers a range of benefits that can help you meet your financial needs.
So why wait? Apply for CIMB CashLite today and take advantage of the low interest rates and exclusive benefits available to you as a CIMB Credit Cardholder.
Frequently Asked Questions
How can I apply for a CashLite personal loan with CIMB?
Applying for a CashLite personal loan with CIMB is straightforward. Existing CIMB Credit Card cardmembers in Singapore can apply via CIMB Clicks Internet Banking to convert their available credit balance to cash instantly. For new customers, a CIMB Visa Signature will be issued to facilitate the personal loan. You can also leave your details with CIMB, and they will get back to you.
What are the eligibility criteria for obtaining a CIMB personal loan?
To be eligible for a CIMB personal loan, you must be at least 21 years old and above, a Singaporean or Singapore Permanent Resident (PR), and have a minimum annual income of $120,000. For self-employed, commissioned, or variable earners, you must provide your last two years’ income tax notice and the latest three months’ bank statements.
Where might one find the best interest rates for personal loans in Singapore?
Interest rates for personal loans in Singapore vary among banks and financial institutions. However, CIMB offers competitive interest rates for its personal loans. It is advisable to compare the rates of different financial institutions before making a decision.
How do I check the status of my CIMB loan application?
You can check the status of your CIMB loan application by logging in to your CIMB Clicks account. Alternatively, you can contact CIMB’s customer service hotline for assistance.
What documents are required to apply for a CIMB Renovation loan?
To apply for a CIMB Renovation loan, you need to provide your NRIC/Passport, latest three months’ payslips, latest six months’ CPF contribution history, and a quotation from the contractor or supplier.
How does the CIMB personal loan calculator assist with financial planning?
The CIMB personal loan calculator is a useful tool that helps you calculate your monthly instalments based on the loan amount, interest rate, and loan tenure. It enables you to plan your finances and make informed decisions before applying for a personal loan.