Why CIMB Personal Loan Is Ideal For Business Owners, Homeowners, Travellers, In Fact, All Borrowers

Alevin Chan

Alevin Chan

Last updated 22 April, 2024

With low, transparent interest rates, fuss-free application and flexible loan tenures, CIMB Personal Loan hits all the right notes. Learn why this loan is a top choice for entrepreneurs, travellers and homeowners. 

If you happen to find yourself in need of extra cash, you may be deciding between a credit card cash advance, borrowing from family/friends, or applying for a personal loan. 

However, getting a cash advance from your credit card is costly and also comes with high interest, especially if you don’t repay the amount by the next billing cycle. The option to borrow from family or friends may also not be available to you.

Thus, a personal loan is the better option if you need some extra cash, as it offers lower interest compared to credit cards, allows sufficient time to repay, and doesn’t hinder your other plans. And, with the CIMB Personal Loan, you’ll find that personal loans are fast, convenient and transparent – traits you may appreciate if you happen to be an entrepreneur, homeowner, or traveller. 

Let’s have a closer look at how CIMB Personal Loan can help you. 

Table of contents:


CIMB Personal Loan overview

Interest rate From 2.80%^ p.a. (EIR 5.28% p.a.)
Minimum annual income S$20,000
Eligible age 21 to 70 years old
Convenience No pre-requisite to download an app or to hold any CIMB bank account/ credit card in order to apply for loan 
Approval time Online application in minutes with SingPass, direct disbursement to your bank account upon approval
Loan amount Up to 8x* your monthly salary 
Loan tenure 12 to 60 months

 


For small business owners: convenience and speed

As a business owner, you value speed and convenience when it comes to getting your loan. Unlike some lenders, CIMB does not require you to have a credit card or bank account before applying for a personal loan. CIMB offers a simple online application process without the need to download any app to apply, and you can get the funds deposited directly into your PayNow linked bank account upon approval. 

The application process is also fast and easy. Using MyInfo, you can seamlessly submit your personal details and relevant information online in just a few minutes. 

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For homeowners: transparent interest rates, flexibility
 

CIMB Personal Loan offers transparent and easy-to-understand interest rates, so homeowners seeking a loan know what to expect. This makes it easier to account for monthly loan repayments in the household budget, helping homeowners stay on top of their finances. 

The difference is that all applicable CIMB Personal Loan interest rates are openly published on their website. You won’t find vague estimations using a single advertised interest rate you may not qualify for. 

Instead, by entering your income, expected loan amount, and loan tenure on the online repayment calculator, you can see the applicable interest rate (including effective interest rate), instalment payment amount, and the total payment for the loan will be. 

Furthermore, CIMB waives the loan processing fee for approved loan amounts of S$5,000 and above, further lowering the cost of borrowing big sums. Thus, with CIMB Personal Loan, you can rest assured there won’t be any surprises. 

In addition, homeowners seeking funds for a home renovation will find CIMB Personal Loan to be a more flexible choice. Unlike a renovation loan that is paid to the renovation contractor, a personal loan is disbursed to your personal bank account. This means you can use CIMB Personal Loan to cover other expenses, such as home furnishing, electrical appliances, etc., instead of solely for renovation works.

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For travellers: disciplined repayment, lower interest rates
 
Travellers looking to fund a long-awaited vacation, honeymoon or anniversary trip may be tempted to simply charge their plane tickets and hotel bookings to their credit card and work out how to pay them off later. This may not be the best choice for several reasons. 

For starters, if you’re a credit card holder, then you know that credit card bills should always be paid in full, lest you incur expensive prevailing interest charges. Even splitting up your balance into instalments isn’t ideal, as that means you’ll be losing out on your credit card rewards, and your credit limit will be reduced until you pay in full. 

And you shouldn’t even consider taking a cash advance. You’ll pay a high one-time fee, and have to pay back the entire sum within the same credit card bill.

Given all these drawbacks, it is better to use CIMB Personal Loan instead to fund your holiday needs. You can pay for your travels in fixed monthly instalments over a longer duration of up to 60 months, making for a more disciplined and manageable approach. 

Plus, you get to preserve your credit limit for your usual day to day transactions, and continue earning credit card rewards. 

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CIMB Personal Loan – made for any borrower

We’ve examined how CIMB Personal Loan can be useful for business owners, homeowners and travellers. In truth, any borrower can benefit from this personal loan. 

Firstly, CIMB Personal Loan has among the lowest^ interest rates, starting from 2.80% p.a. (EIR 5.28% p.a.), which means lower cost of borrowing, and greater value. This alone is a good enough reason to make it a top choice for those who need extra cash. 

Secondly, the applicable loan interest rates based on the approved loan amount and tenure are disclosed on the website. There’s no guesswork involved – you know what to expect. This eliminates any last-minute surprises where a loan is advertised with an enticingly low interest rate, but you’re offered another, much higher rate upon approval, not knowing why. 

And thirdly, applying for CIMB Personal Loan is convenient and fuss free. You can apply for your loan online in just a few minutes with MyInfo, and once approved, funds are instantly deposited to your PayNow-linked bank account. There’s no need to apply for a new credit card or bank account in order to get your loan, nor are you required to download any mobile apps for loan application. 

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Apply for CIMB Personal Loan now

If you’re looking for a personal loan that offers good value and convenience, CIMB Personal Loan is certainly worthy of your consideration. 

With the ability to borrow up to 8x* your monthly income, choose flexible loan tenures from 12 to 60 months, and enjoy among the lowest^ interest rates on the market, most borrowers would be well-served with this loan.

This article was written in partnership with CIMB

*Only for customers with an annual income of S$120,000 and above. Final approval amount is subject to the bank’s discretion. Terms and Conditions apply.

^One of the lowest online published personal loan interest rates among banks in Singapore as of 23 February 2024. Terms and Conditions apply. 

Content sponsored by CIMB Bank Berhad, Singapore Branch (“CIMB”). The information shared above is provided strictly on a non-reliance basis and does not constitute any form of advice from SingSaver or CIMB. You should make your own assessment of your financial situation and needs.

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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.

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