CIMB CashLite Personal Loan Review

Best for new loan applicants that are looking for both competitive interest rates and a new CIMB Credit Card. New-to-Bank customers of CIMB can enjoy low interest rates from 3.5% p.a.

If you're looking for a flexible financial solution, the CIMB CashLite Personal Loan might be a viable option. Offering quick and hassle-free access to cash at competitive interest rates (as low as 3.5% p.a.), there are several reasons why this personal loan stands out from its competitors. 

Kepp on reading to find out what this personal loan has to offer.

Table of Contents

1. Overview: CIMB CashLite Personal Loan
2. Why should you choose CIMB CashLite Personal Loan?
3. Who can apply?
4. How to apply?
5. Summary: Interest Rates for all tenures

Key Features of the CIMB CashLite Personal Loan

Pros

• Competitive interest rates that can go as low as 3.5% p.a. for new customers
• No processing fees incurred
• Quick loan disbursement 
• Minimum loan amount of S$1,000

Cons

• Loan amount of up to 90% of available CIMB credit limit (or 70% if you apply for the promotion)
• Supplementary card holders of CIMB credit cards are not eligible to apply for this loan
• Foreigners are not eligible

Why should you choose CIMB CashLite Personal Loan?

1. Flexible loan tenure

Depending on what works best for you, CIMB CashLite lets you choose a loan tenure that ranges between one and five years. This flexibility is great regardless of whether you're taking out a smaller or larger loan.

2. Quick Loan Disbursement

For those looking that are looking to get quick cash on hand through a personal loan, the CIMB CashLite personal loan provides instant loan disbursement. This is subject to the approval of your CIMB CashLite Personal Instalment Loan application. Your approved loan amount will be credited by into a Singapore dollar denominated bank account you hold that is specified in your application. 

3. No processing fee

When applying for a personal loan, one of the charges that you could incur is the processing fee, which tends to be about 1% of your approved loan amount. For example, if you take a S$20,000 loan, you would need to pay S$200 in processing fees. However, with the CIMB CashLite personal loan, there is no processing fee charged. 

4. Enjoy the lowest interest rate of 3.5% p.a. 

CIMB CashLite is having a promotion to give customers extra cash at the lowest interest rate. This is applicable for New-to-Bank customers who apply for both a CIMB Credit Card as well as the CIMB CashLite Personal Loan.

The eligible credit cards include the CIMB Visa Signature, CIMB World Mastercard and CIMB Visa Infinite.

Who can apply?

Here’s the eligibility criteria to apply for the CIMB CashLite personal loan: 

• Singapore citizen or PR
• At least 21 years old 
• Minimum annual income of S$30,000 

What charges or fees should you look out for?

Here are the charges and fees you could incur when you apply for the CIMB CashLite Personal Loan: 

• Late payment fee: S$100
• Early termination fee: 3% of outstanding loan amount or S$250 (whichever is higher) 

How to apply?

Once you have decided to take up for this loan, there are 3 ways for you to apply. You can either fill in an application form, send an SMS to 72008, or click on the “Let Us Call You” button on the CIMB page to allow a representative of CIMB Bank to contact you.

Summary: Interest rates for all tenures

Interest Rate: From as low as 3.5% p.a (EIR from 6.4% p.a)
Loan Tenures: 1 to 5 years
Max. Credit Limit: Up to 90% of credit limit
Min. Loan Amount: S$1,000
Turnaround Time: Up to 10 working days approval & instant cash disbursement

Here's the interest rate you will be enjoying, as well as the monthly instalment required based on loan tenures from 1 to 5 years (assuming loan amount of S$20,000).