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Unsecured loans are financial solutions that offer swift and accessible funds without having to put up collateral. They are a flexible option when you’re faced with pressing financial needs such as paying for major life events, emergency expenditures, or funding business ventures. 

 

CIMB provides a number of unsecured loan options tailored to fit different personal scenarios. Let’s explore how they can help you.

What Are Unsecured Loans?

What is the meaning of unsecured loans? To understand better, let’s compare secured vs unsecured loans. Secured loans are backed by assets like a home or a car. In contrast, unsecured loans rely solely on the borrower’s creditworthiness. This allows those who may not have physical assets in their name to secure a loan without any collateral. 

 

However, to offset the higher risk taken on by the lender, unsecured loans typically come with higher interest rates as compared to secured loans.

What Can Unsecured Loans Be Used For?

CIMB's unsecured loans are versatile financial tools designed to support a wide range of needs, helping turn dreams into reality. Unsecured loans can be used for:

 

  • Home renovations or improvements

  • Weddings or major life events

  • Postgraduate studies

  • Small business ventures

  • Emergency expenditures

  • Debt consolidation

  • Basically any purpose as it is a non-specific purpose loan

 

Read our guide on what you can use personal loans for to explore how unsecured loans can be used for life’s significant milestones.

Types of CIMB Unsecured Loans

CIMB offers a variety of unsecured loans to cater to different financial needs:

Type of Unsecured Loan

Purpose

Features

Tips and Considerations

CIMB Personal Loan

Offers fast approval of funds up to 8x^ your monthly income without needing a CIMB credit card or bank account.

  • Low-interest rate

  • Attractive cashback* promotion

  • Fixed monthly repayment 

  • Up to 8x^your monthly income

Consider for large expenses. As CIMB Personal loan offers a range of repayment periods from 1 to 5 years, you can choose a suitable repayment term for affordable monthly instalments.
CIMB CashLite

Convert your credit card’s limit into a personal instalment loan for amounts of S$1,000 and above at low-interest rates.

  • Low interest rates

  • Zero fees

Suitable for planned expenses with the convenience of instalment payments utilising your available credit card limit.
CIMB Balance Transfer Convert your CIMB Credit Card's available credit limit to cash with 0% interest for short-term funds.
  • 0% Interest Rate

  • Upfront fees

  • Flexible Repayment

Ideal for accessing immediate and short-term funds with flexible repayment. Plan your repayments within the promotional period to avoid incurring additional charges.
CIMB Debt Consolidation Plan Combine multiple debts into one loan with a potentially lower interest rate to simplify repayments.
  • Full debt consolidation

  • Up to 60 months tenure

  • Low interest rates

Suitable for those with multiple high-interest debts. A debt consolidation plan allows you to better manage your loan repayment with a single bank, instead of dealing with multiple repayment dates and bank accounts.

How to Choose the Right CIMB Unsecured Loan

When choosing an unsecured loan, it’s prudent to consider your:

 

  • Financial Needs: Assess the urgency and size of your financial needs. Personal loans are ideal for substantial, one-time funding, while other types of unsecured loans like CIMB Balance Transfer are ideal for immediate, short-term funds with a flexible repayment plan.

  • Repayment: Estimate your monthly disposable income to find a repayment amount you can comfortably afford. Borrow within your means to avoid unnecessary debt and maintain a good credit score.

  • Long-term Financial Goals: Consider how your loan choice impacts your financial stability. Always read the fine print on terms, interest rates, and fees to ensure they align with your plans.

Choose CIMB for Your Personal Loan Needs

Looking for an unsecured loan option that offers competitive interest rates, flexible repayment terms, and a fast approval process? CIMB personal loan might be the right choice for you. Borrow up to 8 times^ your monthly income at low interest rates, starting from 2.80%* p.a. (EIR from 5.28%), and get up to S$2,000* cashback upon loan approval.

*T&Cs apply

 

^Only for customers with an annual income of S$120,000 and above. Final approval amount is subject to CIMB’s discretion. Terms and Conditions apply.