CIMB CashLite Personal Loan Review (2020)

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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 

Cons

  • Loan amount 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 4.50% p.a (EIR 8.21% 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. Preferential interest rate from 4.50% (EIR 8.21% p.a) for outstanding credit profile 

There may be lower interest rates available in the market, but CIMB offers perks such as interest-free period of 23 days from statement date if bills are paid in full. CIMB Cashlite offers e personalised interest rates which aren’t published online, so if you have an excellent credit profile, this may be an option for you. 

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 $20,000 loan, you would need to pay $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 of 3.5% p.a. This is applicable to New-to-Bank customers who apply for both a CIMB Credit Card as well as the CIMB CashLite Personal Loan. Credit cards include the CIMB Platinum Mastercard, CIMB Visa Signature, CIMB World Mastercard and CIMB Visa Infinite. This promotion is ongoing from 17 March 2020 to 30 June 2020, T&Cs 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 $20,000).

Loan TenureFlat Interest Rate (p.a)Effective Interest Rate (p.a)Processing FeeMonthly Instalment
14.5%8.21%0%$1,742
24.5%8.41%0%$908
34.5%8.41%0%$631
44.5%8.36%0%$492
54.5%8.29%0%$408

Read These:
Best Personal Loans In Singapore With The Lowest Interest Rates (2020)
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 2020
Can You Qualify For A Credit Card if You Earn Under $30,000 a year?