CIMB Personal Loan: Terms, Advantages, and Application Process

A personal loan is a popular way to obtain financing for personal needs. In Malaysia, CIMB Bank offers several attractive personal loan options with various benefits and flexible eligibility requirements. In this article, we will discuss CIMB's personal loans, eligibility conditions, advantages over other banks, and the simple application process.

Types of CIMB Personal Loans

CIMB offers a variety of personal loan types designed to meet different financial needs. Here are the two main types of personal loans provided by CIMB:

CIMB Cash Plus Personal Loan

The CIMB Cash Plus Personal Loan is a very popular unsecured personal loan option among consumers. This loan offers financing amounts between RM2,000 and RM100,000 with flexible repayment terms ranging from 2 to 5 years. One of the key advantages of this loan is its fixed interest rate starting as low as 4.38% per annum, ensuring more stable and predictable payments.

Advantages of CIMB Cash Plus:

• No processing fees or early settlement fees
• Repayment term between 2 and 5 years
• Competitive interest rates
• Applicants do not need to provide collateral or a guarantor

Public-i Personal Financing

For civil servants, CIMB offers Public-i Personal Financing, which complies with Shariah principles. This loan provides financing of up to RM200,000 with a repayment period that can be extended up to 10 years. The profit rate offered starts as low as 3.50% per annum, making it an attractive option for government employees.

Advantages of Public-i Personal Financing:

• Low profit rate (as low as 3.50% per annum)
• Flexible repayment period of up to 10 years
• Salary deductions through ANGKASA Bureau facilitate the repayment process
• No penalty fees for early settlement

Eligibility Criteria for CIMB Personal Loan Application

Before applying for a CIMB personal loan, it is important to understand the eligibility criteria that applicants must meet. Here are the basic requirements for applying for a CIMB personal loan:

1. Malaysian citizen: Applicants must be Malaysian citizens.
2. Age: Applicants must be between 21 and 60 years old.
3. Income: The minimum monthly gross income for applicants is RM2,000. For self-employed individuals, the business must have been active for at least 24 months and provide the latest financial statements.
4. Employment Duration: Applicants must have been employed for at least 6 consecutive months at their current workplace.
5. Required Documents: Applicants need to provide a copy of their MyKad, recent payslips, bank statements, and any other documents requested by CIMB.

The CIMB personal loan offers convenience with low-interest rates and flexible repayment periods. However, applicants with poor CCRIS scores or a history of late payments may face difficulty in securing loan approval.

Advantages of CIMB Personal Loan Compared to Other Banks

The CIMB loan offers several advantages that differentiate it from personal loans offered by other banks in Malaysia. Here are some reasons why CIMB personal loans should be considered:

1. Fast Approval

CIMB offers fast loan approval, especially for existing customers. In most cases, approval can be granted within 24 hours of receiving the application, making it an ideal option for those who need instant money loan.

2. Competitive Interest Rates

The interest rate offered by CIMB starts as low as 4.38% per annum for the CIMB personal loan. Compared to other banks that may offer higher interest rates, CIMB offers a more affordable and manageable repayment plan.

3. Repayment Flexibility

CIMB gives borrowers flexibility to choose a repayment term between 2 and 5 years for CIMB personal loans. This allows borrowers to adjust their monthly payment amounts to their financial situation.

4. No Collateral or Guarantor Required

Most CIMB personal loans, such as the CIMB Cash Plus Personal Loan, do not require collateral or a guarantor, providing ease for borrowers who do not have assets to pledge.

CIMB Personal Loan Application Process

Applying for a CIMB personal loan is easy and can be done online via CIMB Clicks. Here are the steps to follow to apply for a CIMB personal loan online:

Online Application Steps

1. Register or Log In to CIMB Clicks: To begin the application, applicants must register or log in to their CIMB Clicks account. This is the online banking platform provided by CIMB for easy banking services.
2. Select Loan Product: After logging in, select the loan product you wish to apply for. There are several options available, including personal loans, car loans, and housing loans.
3. Fill Out the Application Form: Complete the electronic application form, which includes personal details, financial information, and the loan amount required.
4. Upload Required Documents: Applicants need to upload the necessary supporting documents such as MyKad copy, payslips, and bank statements.
5. Submit the Application: Once all information is entered and documents uploaded, submit the application for review. CIMB will process the application and respond within 1 to 3 business days.

Applicants will receive the decision via email or SMS after the review process is completed.

What to Do If You Fail to Pay CIMB Loan Installments?

If a borrower fails to pay the CIMB loan installments, they will be charged a 1% penalty per annum on the outstanding amount. Additionally, incorrect payment records will be recorded in the CCRIS system, which may negatively affect the borrower's credit eligibility in the future.

Steps to Take:

• Contact CIMB: If facing financial difficulties, borrowers should contact CIMB as soon as possible to discuss possible loan restructuring or other solutions.
• Loan Restructuring: CIMB offers loan restructuring options for borrowers facing financial hardship. Applicants need to provide supporting documents such as a termination letter or medical report to qualify for restructuring.

Conclusion

The CIMB personal loan is an excellent choice for those needing financing for various needs. With competitive interest rates, fast approval, and flexible eligibility requirements, CIMB offers loan products that meet different needs. The easy and quick application process, especially through CIMB Clicks, enables instant money loan and efficiently.

To ensure smooth repayment and avoid penalties, it is essential to adhere to the established repayment schedule and contact CIMB promptly if any financial difficulties arise.

By understanding the terms, benefits, and application process of CIMB personal loans, you can make a smarter and more informed financial decision.

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