CIMB CashLite Personal Loan Review (2021) | Singsaver

CIMB CashLite Personal Loan Review (2021)

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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.

Key Features

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

Summary

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

Table of Contents

  1. Why should you choose CIMB CashLite Personal Loan?
  2. Who can apply?
  3. What charges or fees you should look out for?
  4. How to apply?
  5. Summary of Interest Rates for all tenures

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.

SingSaver Exclusive Offer: Get S$100 Cash when you apply for a loan from S$6,000 to S$11,999. Valid till 15 Jan 2022. Terms and conditions apply.
Receive S$150 Cash when you apply for a min. loan of S$12,000. Valid till 31 Oct 2021. T&Cs apply. Terms and conditions apply.

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 of Interest Rates for all tenures

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).

Loan TenureFlat Interest Rate (p.a)Effective Interest Rate (p.a)Processing FeeMonthly Instalment
13.5%6.40%0%S$1,725
23.5%6.58%0%S$892
33.5%6.60%0%S$614
43.5%6.58%0%S$475
53.5%6.54%0%S$392

Read These:
Best Personal Loans In Singapore With The Lowest Interest Rates
Understanding Personal Loans: Why And When Should You Use It?
4 Times In Life You Should Consider Getting a Personal Loan
Best Personal Loan Promotions In Singapore
Can You Qualify For A Credit Card if You Earn Under S$30,000 a year?