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

Alevin Chan

Alevin Chan

Last updated 20 February, 2024

Get up to S$2,000 cashback and 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 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.

Related to this topic: Best Personal Loans To Ease Your Cash Flow In Singapore


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
  • 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 70 years old

CIMb_PLTIER_BLOGARTICLE_800x250-1

SingSaver Exclusive Offer: Enjoy the following rewards when you sign up for a CIMB Personal Loan:

Receive an Apple iPhone 15 128GB (worth S$1,311) or a PlayStation 5 Disc Version (worth S$799) or an Everdesk Max+ (worth S$899) or a Dyson AM07 (worth S$459) or up to S$1,200 Cash when you get approved for a CIMB Personal Loan with a min. loan amount of S$8,000 and tenure of 3 to 5 years. Valid till 29 February 2024. T&Cs apply.

Also, apply for a CIMB Personal Loan of at least $30,000 with tenure of 3 to 5 years and get approved by 30 May 2024 to enjoy 2.80% p.a. interest rate (EIR from 5.2% p.a.). Valid till 30 April 2024. T&Cs apply.

Related to this topic: 5 Ways to Get the Highest Credit Score in Singapore


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 2.80% per annum

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

Advertised interest rates start as low as 2.80% p.a. (effective interest rate (EIR) 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 3, 4 or 5 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:

  • 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% p.a., 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.


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% p.a. (EIR 16.17% to 18.15% p.a.)

S$5,000 to S$9,999

Loan tenure 1 to 2 years:

- 5% p.a. (EIR 9.10% to 9.32% p.a.)

Loan tenure 3, 4 or 5 years:

- 4.48% p.a. (EIR 8.26% to 8.36% p.a.)

S$10,000 and above

Loan tenure 1 to 2 years:

- 4% p.a. (EIR 7.30% to 7.5% p.a.)

Loan tenure 3, 4 or 5 years:

- 2.80% p.a. (EIR 5.28% to 6.38% p.a.)


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 70 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.

CIMb_PLTIER_BLOGARTICLE_800x250-1

SingSaver Exclusive Offer: Enjoy the following rewards when you sign up for a CIMB Personal Loan:

Receive an Apple iPhone 15 128GB (worth S$1,311) or a PlayStation 5 Disc Version (worth S$799) or an Everdesk Max+ (worth S$899) or a Dyson AM07 (worth S$459) or up to S$1,200 Cash when you get approved for a CIMB Personal Loan with a min. loan amount of S$8,000 and tenure of 3 to 5 years. Valid till 29 February 2024. T&Cs apply.

Also, apply for a CIMB Personal Loan of at least $30,000 with tenure of 3 to 5 years and get approved by 30 May 2024 to enjoy 2.80% p.a. interest rate (EIR from 5.2% p.a.). Valid till 30 April 2024. T&Cs apply.


Read these next:

Standard Chartered CashOne Personal Loan Review (2023): Fast Loan Approval Within 15 Minutes

5 Reasons Why A GXS FlexiLoan Can Be Beneficial For You In 2023

5 Things to Look Out for When Applying for a Personal Loan for the First Time

This Is How Much You Can Borrow From Different Loans In Singapore

DBS Personal Loan Promotions Singapore (2023)


An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.

FINANCIAL TIP:

Use a personal loan to consolidate your outstanding debt at a lower interest rate!

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