Cash woes? A personal loan to the rescue!
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    We found 1 CIMB Personal Loan Review: Your Door to Instant Cash
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    From 4.5% p.a. EIR from 8.21% p.a.
    1-5 Years
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    Personal Loan BYTES FROM OUR KITCHEN

    CIMB Personal Loan Review: Your Door to Instant Cash

    Have your past experiences with personal loans taught you that turnarounds for these loans are too slow? You may put aside such apprehensions when you apply for a personal loan from CIMB. That’s because, subject to conditions, approval and disbursal of CIMB loans can happen almost instantly.

    Personal Loans From CIMB: What Are Your Options?

    Here are the two types of personal loans that CIMB offers:

    CIMB CashLite: If you’re the principal owner of a CIMB credit card, you can apply for this instalment loan. You can borrow up to 80% of the credit limit available through this loan to set your finances in order. Effective interest rate (EIR) for this loan starts from 8.21% p.a. The tenure of your loan can be stretched up to 5 years.

    CIMB Debt Consolidation Plan (DCP): Maintaining multiple loan accounts across multiple banks can be difficult. It could be more so if you have interest-bearing outstanding balance on all or some of them. With this CIMB loan, you can consolidate all your unsecured loans into a single account and reduce your interest burden. Applied interest rate on this loan starts from 2.77% p.a. The maximum tenure available is 8 years.

    Structured Payments, Attractive Interest Rates: Are CIMB Loans Value-for-Money?

    Here are some of the most prominent benefits that you’ll enjoy with CIMB loans:

    Maximum borrowing limit: With CashLite Personal Instalment Loan, the loan amount can’t exceed 80% of the credit limit available on your relevant CIMB card. For DCP, the loan amount will be equal to the value of outstanding balances on all your existing, unsecured loan accounts. If you’re applying for a DCP for the first time, the bank will approve an additional 5% allowance.

    Minimum borrowing limit: The loan amount applied for has to be S$1,000 or more, if you opt for a CashLite loan. The loan amount has to exceed 12 times your monthly earnings, if you apply for a DCP from CIMB.

    Flexible loan repayment period: The tenure for a CashLite loan can vary between 1 year and 5 years. The tenure for CIMB DCP starts from 1 year and can go up to 8 years.

    Competitive interest rates: EIR on DCP loans start from 7% p.a. EIR won’t exceed 8.41% p.a. for CashLite loans.

    Quick turnaround: Loan disbursal, generally speaking, is almost instantaneous. Some of the factors that determine the speed of loan processing and disbursal are the accuracy of information that you have provided, the validity of your supporting documents, and the speed at which you can answer additional queries, if any, that the bank might raise.

    Better financial management: The loans can be repaid in fixed monthly instalments. This means that you would know beforehand the exact amount that you would have to commit towards an instalment.  Therefore, you can make provisions for the loan in your budget accordingly. This might help you maintain a steady cash flow.

    Special deals: The bank may offer limited-period deals from time to time. Check the bank’s website from time to time to find the latest deals and offers.

    Want a Reason for Liking CIMB Loans? How About High Interest Savings?

    The bank offers the following interest rates on its personal loans:

    Name of Loan Nominal Interest Rate Effective Interest Rate
    CIMB CashLite Starts from 4.5% p.a. Between 8.21% p.a. and 8.41% p.a.
    CIMB Debt Consolidation Plan Starts from 2.77% p.a. Starts from 7% p.a.

    Additional Fees and Charges That May be Applicable

    Depending on the loan you opt for, you may have to pay the following fees:

    • Late fees.
    • Fee for early cancellation of your account.
    • Default interest charges if instalment payments are not made in full by the stated due date.
    • A one-time processing fee.
    • Service charges for returned cheques and unsuccessful GIRO payments, where applicable.
    • An overlimit fee.

    You may have to also pay additional fees on the credit card offered along with a DCP loan. Some of these charges could be:

    • An annual fee.
    • A late fee.
    • Finance charges.

    Keep in Mind: No Rebates Offered for Card Transactions Related to Loan Payments

    The following are some of the things that you should consider before you apply for any CIMB loan:

    • Card transactions in relation to loan payments won’t fetch you rebates or other rewards.
    • Only principal cardholders are eligible for a CIMB CashLite loan.
    • Minimum and maximum borrowing limits exist for CIMB loans. If you don’t adhere to such limits, your application may be rejected. The bank reserves the right to unilaterally determine the loan amount. The approved loan amount could be different from what you had applied for.
    • If your CashLite loan application is approved, the credit limit on your card will be reduced by an amount equal to the approved loan. It will be restored progressively by an amount equal to the monthly loan instalment.
    • The credit limit on the card you receive with a DC (debt consolidation) facility can’t be changed throughout the duration of your DCP loan (i.e. as long as you carry a balance on your DCP facility). In case your income increases during this period, you can apply for a permanent increase of credit limit by furnishing proper documents.
    • You can’t partially consolidate balances on your open lines of credit with a CIMB DCP loan.
    • Records of your DCP loan will stay on your credit report for 3 years from its date of closure.

    Turn to the pages dedicated to these loan products on our website for more insights and information.

    Not Sure If You Are Eligible for a CIMB Loan? Find Out Here

    To be eligible for a loan from CIMB, you’ll have to satisfy the following conditions:

    • To be eligible for CIMB CashLite, you’ll need to be a principal CIMB cardholder. This means that you’ll have to meet the basic eligibility requirements for CIMB cards.
    • In general, you’ll be eligible for CIMB loans if you’re a permanent resident (PR) or a citizen of the country. Foreigners may not be allowed to be principal cardholders and hence not eligible for this loan.
    • The minimum entry age is usually 21 years.
    • The minimum income requirement could be S$30,000. For DCP, the maximum income prerequisite is S$120,000.
    • If you wish to apply for a DCP loan from CIMB, make sure that the total interest-bearing outstanding balance on your existing credit facilities exceed 12 times your earnings in a month.

    Don’t forget to support your loan application with the following documents:

    • A copy of your NRIC.
    • Proof of your billed and unbilled balances, where applicable.

    In addition, you’ll have to provide the following income documents:

    • Salaried employee: Provide any one of the following:
      • Latest CPF contribution statement for 1 year OR latest electronic payslip.
      • Latest Notice of Assessment (NOA) from the Income Tax department OR latest CPF contribution history for 1 year.
      • Most recent computerised salary slip.
    • Self-employed: Provide the following:
      • NOA for 2 years AND updated bank statement for the last 3 months.
    • Commissioned employees and variable income earners: CPF contribution history for the preceding year OR NOA for the last 2 years.

    [Disclaimer: The eligibility requirements may slightly vary depending on the loan product of your choice. Check with the bank before you apply for a loan.]

    Enjoy a Comfortable, Hassle-Free, and Fast Application

    Ready to apply? Here are the modes of application available at your disposal:

    • Submit your application online.
    • Enter the details on the online contact form. The bank will call you back at an appropriate time.

    For queries or support, you can do the following:

    • Call the bank.
    • Send an email to the bank.
    • Visit a CIMB branch in Singapore.

    [Disclaimer: Not all the modes of application mentioned above may be available for all types of CIMB loans. Contact the bank for details before applying.]

    Are you wondering why CIMB’s instant-cash feature is so important? Think of it this way. If a financial problem shows up at your doorstep unannounced, which of the following would you do-

    • Fight it then and there?
    • Request it to come back at a time when you’re ready?

    Do you think the second option is practical? Absolutely not. You’ll never get enough time to prepare yourself. A loan that gives you cash almost instantly can be a potent weapon. Use it yourself and see how far we’re correct.

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