CIMB Bank Singapore is part of the CIMB Group, which is the fifth largest banking group among the Association of Southeast Asian Nations (ASEAN) countries. CIMB Singapore offers all kinds of financial services and products – Credit Cards, personal loans, Home Loans, car financing, investment and insurance options, etc. CIMB Bank’s personal loans cover a wide variety of personal needs and come at reasonable interest rates.
Atleast 21 years
Less than 60 Years
Salaried or self-employed with regular income
Earn more than the minimum income required
Minimum income required S$10,000
Maximum allowed personal loan is Max loan of up to six (6) times of your monthly income or S$30,000
EMIs of other loans lower your eligibility
Pay off your credit card bills
Choose longer tenure loan up to 5 Years
|Interest Rate||7.08 - 8.08%|
|Guarantor Requirement||guarantee required|
CIMB offers a choice of two personal loan products with competitive interest rate packages.
Here are the key reasons why CIMB Bank’s personal loans are the most suitable for you:
You can borrow up to 80% of your credit limit with this personal loan. However, your approved loan amount will depend on your risk profile and determined as per the bank’s discretion.
The interest rates charged by CIMB on its personal loan products are given in the table below:
|Product||Tenure||Flat Interest Rate (p.a.)||Effective Interest Rate (EIR p.a.)|
|CIMB CashLite||1 year||4.5%||8.21%|
|CIMB Portfolio Financing||Any tenure||Linked to LIBOR or SIBOR|
|CIMB Debt Consolidation||Up to 8 years||Depends on your income and loan amount|
|CIMB Education Loan||The first 4 years (during study tenure)||CIMB Prime Rate + 0.49% p.a.||NA|
|5 years||CIMB Prime Rate - 0.11% p.a.||6.44%|
|CIMB Renovation Loan||1 year||2.98%||4.85%|
CIMB Personal Loan CashLite for Foreigners
CIMB CashLite is a personal line of credit which requires the applicant to own a CIMB Credit Card However, currently only Singapore citizens and Permanent Residents are eligible to apply for CIMB credit cards. In lieu of this, foreigners are not eligible to apply for CIMB CashLite.
CIMB personal loan CashLite fees and charges
|CIMB CashLite||Fees and Charge|
|Late payment fee||S$80|
|Early termination fee||S$250 or 3% of the outstanding balance, depending on whichever of the two is higher|
|Annual membership fee||S$0|
|Interest rate||EIR between 25.5% p.a. and 27% p.a. with a minimum interest charge of S$2.50|
|Interest-free period||23 days from your statement date if all credit card bills are paid in full|
|Minimum monthly payment||All outstanding balances for CIMB CashLite are to be paid in full every month|
|Cash advance fee||6% of the withdrawn amount with a minimum charge of S$15|
|Cash advance interest rate||2.333% per month with an EIR of 28% p.a.|
There are two ways to apply for this CIMB personal loan namely:
Visit CIMB Singapore website and navigate to the CIMB CashLite webpage. On this webpage click on the option, “Apply Now”. You will be directed to the CIMB CashLite Personal Instalment Loan application form. You will have to download this form, take a print out, fill in the required information and mail it to the bank as per the address provided on the form.
Request for a call back:
You can request a call back from the bank by clicking on the option, “Let Us Call You”. You will be directed to a contact sheet wherein you have to provide your personal and contact details including name, email address, contact number, etc. You can also choose your preferred mode of communication with the bank in the form of a phone call, a text message or an email. You can submit this form online to get your application process started.
Q. Can supplementary credit cardholders apply for the CIMB personal loan CashLite?
A. No. This CIMB personal loan is only applicable to CIMB principal credit cardholders.
Q. How should I make repayments on the CIMB personal loan CashLite?
A. Your monthly instalments under this CIMB personal loan will be charged to your CIMB credit card account. You will have to make full outstanding payments on this personal loan every month. Payments will comprise your monthly interest amount and monthly repayment amount.
Q. Will I earn rebates on the transactions I make for the CIMB personal loan ?
A. No. Payments or transactions pertaining to this CIMB personal loan are not eligible to earn any rebates.
Q. Will the credit limit on my credit card be affected if my CIMB personal loan has been approved?
A. Yes. The credit limit equivalent to your approved CIMB personal loan amount will be reduced on your credit card limit after your loan amount has been disbursed. However, your credit limit will be restored gradually when you start making repayments on your CIMB personal loan.
Q. I am a new CIMB credit cardholder. How will I know if my personal loan application has been approved?
A. If you are new CIMB credit cardholder, the bank will call you with your personal loan interest rate package upon the approval your CIMB credit card.