If you’re looking for a personal loan in Singapore, you might want to consider CIMB Bank’s personal loan. With a low-interest rate and attractive cashback offers, it’s one of the most popular loans in the market. In this article, we’ll review CIMB’s personal loan and help you understand its features, benefits, costs, and requirements.
CIMB’s personal loan is a no-collateral loan that doesn’t require a guarantor. It offers a low-interest rate of just 2.80% p.a. (EIR from 5.28% p.a.) and comes with cashback of up to S$2,000. The loan is available to both new and existing CIMB Bank customers, and you can borrow up to 8 times your monthly salary or S$100,000 (whichever is lower). The loan tenure ranges from 1 to 5 years.
When it comes to personal loans, it’s important to understand the costs and requirements. CIMB’s personal loan charges a processing fee of 1% of the loan amount, and late payment fees of S$100 or 1% of the outstanding balance (whichever is higher). To be eligible for the loan, you need to be a Singapore Citizen or Permanent Resident, aged 21 to 65 years old, and have an annual income of at least S$30,000. Now, let’s dive deeper into CIMB’s personal loan and understand its features and benefits.
Key Takeaways
- CIMB’s personal loan offers a low-interest rate of just 2.80% p.a. (EIR from 5.28% p.a.) and comes with cashback of up to S$2,000.
- The loan is available to both new and existing CIMB Bank customers, and you can borrow up to 8 times your monthly salary or S$100,000 (whichever is lower).
- To be eligible for the loan, you need to be a Singapore Citizen or Permanent Resident, aged 21 to 65 years old, and have an annual income of at least S$30,000.
CIMB Personal Loan Features and Benefits
If you are looking for a personal loan with a competitive interest rate and flexible repayment terms, CIMB Personal Loan might be the right choice for you. Here are some of the features and benefits of CIMB Personal Loan that you should know about:
Competitive Interest Rates
CIMB Personal Loan offers low interest rates starting from 2.80% per annum, which is one of the most competitive rates in the market. This means that you can save money on interest charges and pay off your loan faster. Additionally, the effective interest rate (EIR) for CIMB Personal Loan is as low as 5.28% per annum, which is calculated based on the reducing balance method.
Flexible Loan Tenure and Amounts
CIMB Personal Loan offers flexible loan tenures of up to 5 years, which means that you can choose a repayment period that suits your financial situation. The loan amount offered by CIMB Personal Loan is also flexible, ranging from $1,000 to $250,000, depending on your creditworthiness and repayment ability.
Hassle-Free Online Application
Applying for CIMB Personal Loan is easy and convenient. You can apply online through the CIMB website or mobile app, which means that you can apply anytime and anywhere. The online application process is straightforward and hassle-free, and you can get an instant approval in just a few minutes.
Exclusive Promotions for CIMB Customers
CIMB Personal Loan offers exclusive promotions for new customers and existing CIMB credit cardholders. For example, new customers can enjoy up to $2,000 cashback when they apply for CIMB Personal Loan, while existing CIMB credit cardholders can enjoy a cashback promotion when they apply for CIMB CashLite.
In conclusion, CIMB Personal Loan is a great option if you are looking for a personal loan with competitive interest rates, flexible repayment terms, and hassle-free online application. With exclusive promotions for new customers and existing CIMB credit cardholders, CIMB Personal Loan is definitely worth considering if you need extra cash for your financial needs.
Understanding the Costs and Requirements
If you’re considering applying for a CIMB Personal Loan, it’s essential to understand the costs and requirements involved. This section will provide you with an overview of the eligibility criteria, fee structure, interest calculation, and approval process for this loan.
Eligibility and Documentation
To be eligible for a CIMB Personal Loan, you must be a Singapore citizen or Permanent Resident (PR) with a minimum annual income of $30,000. Foreigners are also eligible, but they must have a minimum annual income of $42,000. You’ll need to provide your NRIC or passport, as well as your latest payslip or Income Tax Notice of Assessment.
Fee Structure and Interest Calculation
CIMB Bank charges a one-time processing fee of 1% of the loan amount. Interest rates are calculated on a flat rate basis, which means that the interest charged is based on the original loan amount and does not take into account any repayments made. The effective interest rate (EIR) ranges from 5.68% to 8.21% per annum, depending on the loan amount and tenure.
Approval Process and Turnaround Time
The approval process for a CIMB Personal Loan is relatively straightforward and can be completed within one working day. Once your loan application is approved, the funds will be disbursed to your designated account within 24 hours.
If you’re unable to make your monthly payments on time, you’ll be charged a late payment fee of $100. Additionally, if you choose to terminate the loan before the end of the loan tenure, you’ll be charged an early termination fee of 1% of the outstanding loan amount.
In conclusion, the CIMB Personal Loan is an excellent option for Singapore citizens, PRs, and foreigners who need quick access to cash. With a low EIR and a straightforward approval process, this loan is an excellent choice for those who need fast cash without the hassle of complicated eligibility criteria and documentation.
Frequently Asked Questions
What’s the usual approval rate for CIMB personal loans?
CIMB Bank has a high approval rate for personal loans, but it ultimately depends on your creditworthiness and financial situation. If you have a good credit score and a stable income, you’re more likely to get approved for a personal loan.
How quickly can you expect your CIMB personal loan to be approved?
CIMB Bank’s personal loan application process is quick and easy. You can apply online and receive approval within one working day. Once approved, you can expect to receive your funds within a few working days.
What are the steps to check if your CIMB personal loan has been approved?
You can check the status of your CIMB personal loan application by logging into your CIMB Clicks account. If your loan has been approved, you will receive an email and SMS notification.
Why might your application for a CIMB personal loan be declined?
Your application for a CIMB personal loan may be declined if you have a poor credit score, a high debt-to-income ratio, or a history of missed payments. It’s important to ensure that you meet the eligibility criteria and have a stable income before applying for a personal loan.
How long does it typically take to receive funds from a CIMB personal loan?
Once your CIMB personal loan has been approved, you can expect to receive your funds within a few working days. The exact timeframe may vary depending on your bank and the payment method you choose.
Can you guide me through using the CIMB personal loan calculator?
To use the CIMB personal loan calculator, simply enter the loan amount, loan tenure, and interest rate. The calculator will then give you an estimate of your monthly repayments and total interest payable. You can use this tool to compare different loan options and choose the one that best suits your needs.