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CIMB Personal Loan stands as one of the best personal loan options in Singapore, specifically crafted to empower your financial journey. Currently available to Singaporeans, Singapore Permanent Residents or Malaysians with a valid work pass in Singapore. Not only that, for a limited time only, CIMB Personal Loan is offering a 2.68%* p.a. (EIR from 5.48% p.a.) for approved loan sizes S$30K or more and tenure of 3-5 years, and up to S$2,800^ cashback promotion. 

Features & Benefits

Low Interest Rate Instant Approval Attractive Cashback Promotion Generous Credit Line Flexible Tenures
Low Interest Rate
Instant Approval
Attractive Cashback Promotion
Generous Credit Line
Flexible Tenures

How to apply

New Application

For new customers, submit your application online using MyInfo for a quick and fuss-free application. Takes less than 10mins to apply.
 

Apply Now

Approval in Principle

For customers who have received the notification to accept the loan offer, complete your application by entering your Application Reference No. via the link below.

Accept AIP

 

Limited Time offer (15 Oct to 22 Oct 2024 only)

Interest and Tenure

Our commitment to transparency means that all rates are clearly displayed in the table below. Check the interest rates here so you have all the information you need upfront. 

  Loan Amount less than S$30,000 Loan Amount more than S$30,000

Tenure (Years)

Interest Rate (p.a.) EIR (p.a.)* Interest Rate (p.a.) EIR (p.a.)*
1 4.50% 10.10% 4.00% 9.20%
2 4.50% 9.42% 4.00% 8.50%
3 4.00% 8.19% 2.68% 5.76%
4 4.00% 8.00% 2.68% 5.59%
5 4.00% 7.84% 2.68% 5.48%

Processing Fee*

Not waivable

1%

 

Illustration

 

Use the Personal Loan Instalment Calculator to find out your estimated monthly instalment and total payment amount.

Here’s how much you will be paying on a loan of S$30,000 with 2.68%* p.a. + 1% processing fee (EIR 5.48% p.a.) for 5 years:

Loan Amount S$30,000
Interest Rate* 2.68% p.a. (EIR 5.48% p.a.)
Tenure 5 years
Processing Fee 1% x S$30,000 = S$300
Total Interest Payable 2.68% p.a. x S$30,000 x 5 years = S$4,020
Total Repayment  S$34,320 (inclusive of 1% processing fee)
Monthly Instalment S$567

The CIMB Personal Loan Cashback Promotion, offers a limited-time opportunity for eligible applicants to enjoy exclusive benefits. Get Cashback of up to S$2,800^ based on below qualifying approved loan amount and tenure.

 

 

Personal Loan Cashback Promotion

The CIMB Personal Loan Cashback Promotion, offers a limited-time opportunity for eligible applicants to enjoy exclusive benefits. Get Cashback of up to S$2,800^ based on below qualifying approved loan amount and tenure.

 

Tenure

Approved Loan Amount Cashback Earned
1 or 2 years Any amount No Cashback
3, 4 or 5 years

 

<S$10,000
S$10,000 - < S$15,000 S$50
S$15,000 - < S$30,000 S$300
S$30,000 - < S$50,000 S$600

S$50,000 - < S$80,000

S$750
S$80,000 - < $150,000 S$1,000
S$150,000 - < $190,000 S$2,000
> = S$190,000 S$2,800

Eligibility

Instant approval loan - No CIMB bank account/credit card needed to apply

 

Min. Annual Income

  • Singaporean & Singapore PR – S$20,000
  • Malaysian* – S$30,000

 

Eligible age

  • 21-70 years old

 

Required documents

For Malaysians, you will need to provide the following supporting documents for the application:

 

 

*only Malaysians who are currently residing in Singapore are eligible to apply

 

Personal Loan for Malaysians in Singapore  

 

CIMB is pleased to announce that Malaysians with a valid work pass in Singapore can now apply for a personal loan tailored specifically to meet your financial needs. With a minimum annual income requirement of just S$30,000, CIMB offers the most accessible personal loan for Malaysians working in Singapore. Whether you're settling into life in Singapore, dealing with unexpected expenses, or simply need quick access to funds, CIMB personal loan provides a flexible and convenient solution for Malaysian residents. Take advantage of CIMB’s competitive interest rates and flexible loan tenures to ensure your financial needs are met.

 

 

How CIMB Personal Loan Can Help You

 

Whether undertaking significant home renovations, planning a wedding, or addressing unexpected expenses, CIMB personal loan offers a reliable source of funds. Its features, such as competitive interest rates, flexible repayment terms and a streamlined approval process, are designed to provide the financial support you need to transform aspirations into realities.

 

Home Renovations and Improvements

Renovating a home is no simple feat. When savings fall short, you can consider taking a personal loan to cover the shortfall. Offering a streamlined application process that takes just 10 minutes, personal loans from CIMB become a convenient choice for homeowners eager to kickstart their renovation projects without any delay. Explore the benefits of personal loans and renovation loans to ease your cash flow. Read this article to find out which loan fits your renovation journey best!

Wedding and Major Life Events

From securing the perfect venue to managing catering, wedding expenses can escalate quickly. While these costs can become a source of stress, casting a shadow over the joyous occasion, choosing the best personal loan can ensure these milestone moments are as memorable and grand as envisioned. It is essential, though, to approach this with a plan and spend responsibly. A loan may provide the means, but prudent financial management ensures these special moments remain joyful without lingering financial worries.

Emergency Expenditures

Accidents, sudden illnesses, or required medical procedures can occur without warning. Even with comprehensive health insurance, there might be deductibles or treatments that aren't entirely covered. When these situations arise, the associated costs can be daunting, especially if they fall outside your monthly budget or exhaust your emergency funds.

 

During a financial emergency, applying for a personal loan can be a viable option. Personal loans, especially with trusted banks like CIMB that offer fast approval and transparent interest rates ensures that you can access funds promptly. This speed is crucial during emergencies, where every moment counts.

Postgraduate Education

Pursuing postgraduate studies, be it a Master's degree or a Ph.D., can significantly enhance one's expertise, opening doors to specialised fields and high-demand roles.

 

However, the costs associated with postgraduate studies, including tuition, research materials, living expenses, and international exposure, may be steep. While scholarships and sponsorships are excellent avenues to mitigate these costs, they're often limited and competitive. In this case, students too can consider personal loans to cover these expenses and opt for a flexible repayment structure that aligns with their future earning potential.

Small Business Ventures

Whether it’s running a craft shop, a tech start-up, or a freelance venture, these endeavours often require initial capital. Personal loans can be a lifeline in this scenario, providing the necessary funds for initial investments in equipment, marketing and more. These loans can also aid in managing cash flow during unpredictable early stages, ensuring smooth operation. With careful planning, personal loans can effectively support and nurture your entrepreneurial aspirations.

Frequently Asked Questions (FAQ)

What are the eligibility requirements for CIMB Personal Loan?

You are eligible to apply if you are a Singapore citizen, Singapore Permanent Resident (PR) or Malaysian (non-PR), between the ages of 21 and 70. If you are a Singapore citizen or Singapore PR, you should also have a minimum annual income of S$20,000. If you are a Malaysian (non-PR), you should have a minimum annual income of S$30,000. By meeting these requirements, you may access the various benefits of a CIMB Personal Loan, which includes competitive interest rate, a generous line of credit and flexible monthly repayment options best tailored to your personal financing needs, and more. 

What is the maximum loan amount that I can apply for?

Your borrowing capacity with a CIMB Personal Loan depends on your annual income in Singapore. You can apply for:

 

  • A loan up to 2x your monthly income if your annual income is between S$20,000 to S$29,999

  • A loan up to 4x your monthly income if your annual income is between S$30,000 to S$119,999

  • A loan up to 8x your monthly income if your annual income exceeds S$120,000

 

Please note that the final approval of the loan amount is at the Bank's discretion, with the minimum unsecured loan amount being S$2,000 and the maximum being S$200,000.

Why is the Interest rate (flat interest rate) different from the Effective Interest Rate?

The flat interest rate is calculated based on the assumption that the loan principal remains constant throughout the loan tenure. It helps determine the total interest payable on your personal loan.

 

The Effective Interest Rate, on the other hand, takes into account the reducing principal balance over the loan tenure, and any upfront processing fee charged. Thus, the EIR tends to be higher than the flat interest rate as it gives a true picture of the cost of borrowing.

How can I find out the estimated monthly repayment amount?

You can use the loan repayment calculator in the online application form to estimate your monthly repayments for your low interest personal loan. However, please note that the final approved loan amount is at the Bank's discretion.

Why am I seeing a different interest rate and fee for the personal loan during my application?

The interest rates and processing fees offered to each customer are personalized based on the customer’s personal credit and income profile (subject to the Bank’s discretion), as well as the tenure selected. As such, it may differ from the published rates. The interest rates and fees applicable to you will be provided to you in the loan offer during your application process. 

Do I need to provide any documents for the application of personal loan with CIMB?

If you are Singaporean or Singaporean PR (more than 3 years residency) holding SingPass and applying with MyInfo, no additional documents are needed during the Personal Loan application process with CIMB. However, we may request additional documentation if necessary for your unsecured loan.

 

For Malaysians (Non-PR), you will need to provide the following supporting documents in the application

 

For more questions about Personal Loan, please visit the detailed FAQ page here.

How do I make payment for the monthly instalment?

All payments of the monthly instalment must be made to the Loan repayment account.

 

Modes of Payment

1.       You may transfer the monthly instalment amount to your Loan repayment account via CIMB Clicks Singapore or via FAST using other banks’ internet banking platforms, or

2.      Arrange for scheduled monthly payments to your Loan Repayment account* with a standing instruction^, by applying through your preferred bank’s digital banking services platform(s), or by contacting your preferred bank, or

3.      Make a payment to your Loan Repayment account* via cheque.

 

Please ensure there are sufficient funds in the Loan repayment account by the payment due date.

 

*Please note your Loan Repayment account starts with 10xxxxxxxx

^Please check with your preferred bank on the processing time required to set up the standing instruction. Please ensure you continue to make payment to the Loan Repayment account* by the relevant payment due date until the successful set up of the standing instruction.

Why is the approved loan amount / loan amount received lesser than what I have requested?

We advise that all loan applications are subject to the Bank’s review and approval, and the final approved loan amount is subject to the Bank’s discretion.

 

To facilitate a fuss free process and not to delay customer in receiving the funds, disbursements will take place immediately after Bank’s approval even for certain cases* where the approved amount is less than what was requested.

*Subjected to Bank’s review

 

For more questions about Personal Loan, please visit the detailed FAQ page here.

Terms and Conditions

#Only for customers with annual income of S$120,000 and above. Final approval amount is subject to the bank’s discretion.

^Only applicable for CIMB Personal Loan with minimum approved loan amount of S$10,000 and minimum tenure of 3 years. For more details, please refer to CIMB Personal Loan Cashback Promotion 2024 Terms and Conditions

 

*Applicable for approved loan amount $30K & above and tenure 3, 4 or 5 years only. Final approval amount is subject to the bank’s discretion. T&Cs apply. For more details, please refer to CIMB WEBSITE PERSONAL LOAN FLASH DEAL PROMOTION OCTOBER 2024 Terms and Conditions. 

 

EIR is inclusive of processing fee. Processing fee is charged together with first month instalment and strictly not waivable. 

 

**Instant approval and cash disbursement will be to your PayNow-linked bank account and must satisfy the Bank’s eligibility criteria 

Please note the minimum loan amount is S$2,000.

For all Terms & Conditions for the CIMB Personal Loan, you can learn more by clicking on the links below:

General Terms and Conditions Governing Personal Loans

 

CIMB Personal Loan Product Terms 

 

TERMS AND CONDITIONS GOVERNING THE CIMB PERSONAL LOAN CASHBACK PROMOTION 1 December 2023 to 8 September 2024