Cash woes? A personal loan to the rescue!

    CIMB CashLite Personal Instalment Loan Review: Enjoy Low Interest Charges

    Dealing with the ever-increasing living expenses with limited means can sometimes throw your finances into disarray. However, the CIMB CashLite term loan can be of help to you during times of duress. The interest rates are extremely competitive and the application process is fuss-free. If you’re a CIMB cardholder, you may apply for this loan and get instant cash.

    High Financing Limit, Flexible Loan Tenures: Features and Benefits That Stand Out

    • Maximum loan amount: Get up to 80% of the credit limit available on your CIMB credit card account.
    • Minimum loan amount: You can apply for any loan amount in excess of S$1,000.
    • Quick loan disbursement: With some loans, you may have to follow up with the lender multiple times before the loan amount approved, is disbursed. Not here! Once your application is approved, you’ll get the cash in a Singapore-dollar-denominated bank account of your choice.
    • Flexible loan tenures: Whether your cash needs are immediate or medium-term, choose any of the available tenure options and enjoy complete peace of mind. Tenures from 1 year to 5 years are available.
    • Competitive rates: With preferential rates, you’ll be able to save substantially on interest payments and thereby your loan. Flat interest rates start from 4.50% p.a.
    • Early termination or repayment: If you want to prepay the loan or terminate the credit facility, you may be able to do so with the bank’s prior knowledge and approval. Certain charges may apply.

    Reasonable Interest Charges Make This Loan Affordable. See How

    While it’s true that personal loans in Singapore aren’t always the most affordable borrowing options, the same may not be true when it comes to this particular CIMB loan. Check out the table below to understand the point we’re trying to make:

    Tenure Applied Interest Rate (Flat) Effective Interest Rate (EIR)
    1 year Interest rates start from 4.5% p.a. 8.21% p.a.
    2 years 8.41% p.a.
    3 years 8.41% p.a.
    4 years 8.36% p.a.
    5 years 8.29% p.a.

    [Disclaimer: The numbers considered here are for illustrative purposes only. The actual results could be different. Get an update on the latest rates and charges from the bank before you apply.]

    Fees and Charges That Apply on This CIMB Loan

    Minimum monthly payment Full monthly instalment amount as stated in the letter of approval, and any outstanding balances and charges, if any.
    Late payment fee S$100
    Early termination fee 3% of the outstanding balance, subject to a minimum of S$250
    Fees on an overdrawn account (i.e. exceeding the credit limit approved) 5% of the excess amount, subject to a minimum of S$50
    Monthly statement fee

    No charges for e-statements.

    S$1 per month for hard-copy statements.

    Fees for returned cheque S$40 per cheque
    Fees for rejected GIRO payment S$10
    Fees per sales draft request copy S$5

    Bear in Mind: No Amount Less than S$1,000 Can Be Borrowed

    • The minimum loan amount is S$1,000. Application for any amount less than this, may be rejected.
    • If you apply for an amount that exceeds that credit limit approved for your card account, the bank will have the right to solely decide the quantum of loan.
    • The bank may consider your individual credit rating and risk profile before approving your loan application. Hence, the interest rate and charges offered to you may be different from the published figures.
    • A late fee would apply if you fail to make full payment on time. Not only that, the bank may also impose default interest charges.
    • If the credit or borrowing on your card account exceeds the approved limit, you may have to pay an additional charge.
    • If you don’t hold a CIMB card or if your card account is less than 2 months old, you may not be eligible for this loan.
    • On applying for this loan, the credit limit on your card will be reduced provisionally by an equal amount and will be restored progressively by the amount repaid per month or as decided by the bank.

    Do You Satisfy the Eligibility Criteria? Find Out Here

    You should have a CIMB card account which is at least 2 months old. For the remaining eligibility conditions and the full list of supporting documents that you may have to submit at the time of application, click here.

    Ready to Apply? Here’s How You May Proceed

    If you want to apply online, you can do so easily by downloading the relevant form, fill it up, placing it inside a business envelope available on the bank’s website, and mailing it to the Robinson Road branch of CIMB. For more information on the process/modes of application, you may contact the bank in one of the following ways:

    • Call the bank between Monday and Sunday during the working hours.
    • Send an email to the bank and you may expect to receive a reply within 1 working day.
    • Visit any of the bank branches.

    What Else Should You Be Aware of?

    Q. How quickly can I get the money after my application is approved?

    A. The total turnaround time will depend on the time taken for approval. However, after the loan is approved, the cash may be disbursed quickly.

    Q. How can I track my transactions?

    A. The monthly repayments will be reflected in the monthly statements of your card account. The payments will be governed by the terms and conditions that apply for the CashLite Instalment Loan, and also those which apply to your card.

    Q. The bank has rejected my application without providing a reason for it. Can I challenge this decision?

    A. No, you can’t. The bank’s decision is final in case of any dispute. It is not binding on the bank to reveal the factors it used to evaluate your application.

    Q. The bank has not granted me the maximum loan amount I am eligible for despite meeting all the eligibility criteria. Why?

    A. The bank may use your credit report, risk profiling, and other internal criteria for deciding the loan amount, the tenure, the interest rates, and indeed all other terms that apply to you. The bank’s decision on all such matters are absolute and can’t be challenged.

    Q. Will my CashLite transactions earn me rebates?

    A. No. The bank doesn’t offer rebates on transactions related to this credit facility.

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