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.
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.
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.
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.|
Depending on the loan you opt for, you may have to pay the following fees:
You may have to also pay additional fees on the credit card offered along with a DCP loan. Some of these charges could be:
The following are some of the things that you should consider before you apply for any CIMB loan:
Turn to the pages dedicated to these loan products on our website for more insights and information.
To be eligible for a loan from CIMB, you’ll have to satisfy the following conditions:
Don’t forget to support your loan application with the following documents:
In addition, you’ll have to provide the following income documents:
[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.]
Ready to apply? Here are the modes of application available at your disposal:
For queries or support, you can do the following:
[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-
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.