CIMB Personal Loan Review (2024): Great Perks and Interest Rates for Larger Loans

Get up to S$2,000 cashback and enjoy low interest rates starting from 2.80% per annum with CIMB Personal Loan. Read this review to find out what the loan is all about, and how to enjoy its best features.

Starting at just 2.80% p.a. (EIR from 5.28% p.a.), the CIMB Personal Loan is undoubtedly one of the lowest-rate personal loans in Singapore. It also comes with attractive cashback of up to S$2,000.

But in order to be eligible for these great perks, you’ll need to take out a larger loan amount – at least S$5,000, for a start.

What can you expect with CIMB Personal Loan, and is it right for you? Let’s find out.

Table of contents

• Product summary: CIMB Personal Loan
• Why should you choose the CIMB Personal Loan?
• Who should apply for the CIMB Personal Loan?
• Summary: Interest rates
• Loan fees & charges
• How to apply?

What CIMB Personal Loan can do for you

CIMB Personal Loan product summary:

• Interest rate: From 2.80% p.a. (EIR 5.28% p.a.)
• Loan tenure: From 1 to 5 years
• Minimum loan amount: S$2,000
• Maximum loan amount: S$200,000
• Loan up to:
  • 2x monthly income (if your annual income is between S$20,000 to S$29,999)
  • 4x monthly income (if your annual income is between S$30,000 to S$119,999)
  • 8x monthly income, up to S$200,000 (if your annual income exceeds S$120,000)
• Minimum annual income:
  • S$20,000 (Singapore citizens or Singapore PRs)
  • S$30,000 (Malaysians (non-pr))
• Eligible age: 21 to 70 years old

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Why you should choose CIMB Personal Loan

#1: Low interest rates from 2.80% per annum

CIMB Personal Loan currently offers one of the lowest interest rates for personal loans.

Advertised interest rates start as low as 2.80% p.a. (EIR from 5.28% p.a.) for loans S$10,000 and above, and up to 5% p.a. for loans that are at least S$5,000, and above. Loan amounts less than S$5,000 are charged at a higher 9% p.a. but this is in line with customary bank practices.

Additionally, choosing longer loan tenures of three, four or five years will allow you to access even lower interest rates. However, including the EIR will help you to choose the loan package that offers the best cost of borrowing.

There is a 1% processing fee, but this is waived for loans of S$5,000 and above.

#2: Up to S$2,000 cashback

CIMB is offering attractive cashback of up to S$2,000 should your loan be approved. To be eligible, approved loans have to be:

• Three, four or five years in tenure
• At least S$8,000 loan amount

#3: Up to five years loan tenure

CIMB Personal Loan is available in tenures ranging from one to five years, providing a wide degree of flexibility to borrowers.

Also, as mentioned earlier, interest rates are lowered for longer loan tenures of three years and above, making it easier to repay the loan over a longer duration.

#4: Low minimum annual income of S$20,000

The minimum annual income requirement for a CIMB Personal Loan is just S$20,000, making it accessible to those with lower incomes.

Note that interest rates are higher at 9% p.a., and there is also a 1% processing fee for loan applications less than S$5,000. 

For whom is CIMB Personal Loan best suited?

CIMB Personal Loan has some attractive features, such as low interest rate and cashback for approved loans. However, you’d need to take out a larger loan to enjoy them. You’d need to borrow at least S$5,000 for interest rates of up to 5%, and at let S$8,000 to be eligible for cashback.

Still, if you are looking for a personal loan that falls within those parameters, then CIMB Personal Loan is an easy recommendation – especially with the option to choose up to 5 years loan tenure, and the processing fee waiver.

Summary of interest rates

The interest rates for this loan are tiered according to the loan amount, as well as loan tenure. See the following table for a summary; do note that the interest rate you get is offered at the bank’s discretion.

What charges and fees should you look out for?

• Processing fee: 1% (waived for loans S$5,000 and above)
• Late payment fee: S$100
• Early repayment fee: 3% of the outstanding principal, or S$250, whichever is higher

Eligibility criteria

• Age: between 21 to 70 years old
• Annual income for Singaporeans and PRs:
  • Minimum S$20,000
  • At least S$120,000 for a loan amount up to 8x monthly income
• Annual income for Malaysians (non-pr):
  • Minimum S$30,000
• Malaysian customers would also be required to submit the following documents in the application:
  • Malaysian NRIC
  • Passport (minimum 6 months validity)
  • Latest 3 months pay slip
  • Foreign Exchange Notice Declaration Form

How to apply?