CIMB Personal Loan Review

Get up to S$2,000 cashback and low interest rates starting from 3.38% 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 3.38% per annum, CIMB Personal Loan is undoubtedly one of the lowest-rate personal loans in the market. 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.

What CIMB Personal Loan can do for you

CIMB Personal Loan product summary:

Interest rate: From 3.38% to 9% per annum
Loan tenure: From 1 to 5 years
Minimum loan amount: S$2,000
Loan up to:
- 2x monthly income (S$20,000 to S$29,999 annual income)
- 4x monthly income (S$30,000 to S$119,999 annual income)
- 8x monthly income, up to S$200,000 (S$120,000 and above annual income)
Minimum annual income: S$20,000
Eligible age: 21 to 65 years old

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Pros	Cons
Among the lowest interest charges, especially for larger loan amounts	Minimum loan amount of S$2,000
Up to S$2,000 cashback	Early redemption fee of 3% of outstanding principal, or S$250 – whichever is higher
Low annual income requirement of S$20,000
Loan tenure 1 to 5 years

Why you should choose CIMB Personal Loan

#1: Low interest rates from 3.38% per annum

CIMB Personal Loan is currently offering some of the lowest interest rates for personal loans.

Advertised interest rates start as low as 3.38% per annum, and up to 5% per annum for loans that are at least S$5,000, and above. Loan amounts less than S$5,000 are charged at a higher 9% per annum, but this is in line with customary bank practices.

Additionally, choosing longer loan tenures of 3, 4 or 5 years will allow you to access even lower interest rates. However, including the Effective Interest Rates (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:

3,4 or 5 years in tenure
At least S$8,000 loan amount

Approved loan amount	Cashback earned
S$8,000 to S$14,999	S$50
S$15,000 to S$49,999	S$300
S$50,000 to S$79,999	S$750
S$80,000 to S$149,999	S$1,000
S$150,000 and above	S$2,000

#3: Up to 5 years loan tenure

CIMB Personal Loan is available in tenures ranging from 1 to 5 years, providing a wide degree of flexibility to borrowers.

Also, as mentioned earlier, interest rates are further lowered for longer loan tenures of 3 years and above, making it easier to repay the loan over a longer duration.

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

CIMB Personal Loan has a minimum annual income requirement of just S$20,000, making it an accessible option for those with lower incomes.

Note that interest rates are higher at 9% per annum, and there is also a 1% processing fee for applications whose annual incomes range from S$20,000 to S$29,999.

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.

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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.

Loan amount	Interest rate
S$2,000 to S$4,999	9% per annum (EIR 16.17% to 18.15% per annum)
S$5,000 to S$9,999	Loan tenure 1 to 2 years: - 5% per annum (EIR 9.10% to 9.32% per annum) Loan tenure 3, 4 or 5 years: - 4.48% per annum (EIR 8.26% to 8.36% per annum)
S$10,000 and above	Loan tenure 1 to 2 years: - 4% per annum (EIR 7.30% to 7.5% per annum) Loan tenure 3, 4 or 5 years: - 3.38% per annum (EIR 6.32% to 6.38% per annum)

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 redemption fee: 3% of the outstanding principal, or S$250, whichever is higher

Eligibility criteria

Annual income for Singaporeans and PRs:
- Minimum S$20,000
- At least S$120,000 for loan amount up to 8x monthly income
Age: 21 to 65 years old

How to apply?

You can choose from the following options to apply for your CIMB Personal Loan.

Online application: Apply online at CIMB’s website, following the instructions on screen.
Request a callback: Leave your details using this form for CIMB to call you back.
Visit a CIMB branch: Pay a visit to a CIMB branch to speak with a consultant.