One of the most common types of loans used for personal purposes is a personal loan. For those living in Malaysia, there are several attractive options available from CIMB Bank with benefits and easy eligibility. In this article, you’ll discover CIMB’s personal loans, eligibility criteria, advantages over other banks, and the easy application process!
Types Of CIMB Personal Loans
CIMB has a few different types of personal loans to fit your different needs. Here are the types of personal loans CIMB has.
CIMB Cash Plus Personal Loan
One of the popular unsecured personal loan choices available for consumers is the CIMB Cash Plus Personal Loan which is up to RM100,000 of funding at fixed interest rate of as low as 4.38% p.a. for the repayment period of 2 years to 5 years.
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
Public servant and need money? CIMB has Public-i Personal Financing, which is Shariah compliant, of course, and provides up to RM200,000 in financing with repayment up to 10 years and a profit rate starting from 3.50% per annum.
Advantages of Public-i Personal Financing:
- Profit rate as low as 3.50% per annum
- Flexible repayment period of 1 to 10 years
- Loan will be deducted through ANGKASA Bureau
- No penalty for early repayment
Eligibility to apply CIMB Personal Loan
Know the basic eligibility to apply for a CIMB personal loan at first before you make up your mind to fill in that submission form.
- Malaysian citizen: Applicants must be Malaysian citizens.
- Age: Applicants must be between 21 and 60 years old.
- Income: Applicants’ gross monthly income must be at least RM2,000. For the self-employed, their business must be in operation for at least 24 months and must submit the latest financial statements.
- Working period: Applicants must have been employed for at least 6 consecutive months at their current place of work.
- Other Documents: Copy of your MyKad, recent payslips, bank statements, and anything else that will be requested from you by CIMB.
CIMB personal loan is convenient with low-interest rates and flexible periods for repayment. Those with a poor CCRIS score or applicants who delay payments may find it hard to get loan approval.
Benefits of CIMB Personal Loan Over Other Banks
CIMB with its electronic loan resource has some perks that set it apart from personal loans offered by other banks in Malaysia. Here’s a few reasons to opt for a CIMB personal loan:
1. Fast Loan Approval
CIMB is known for fast loan approvals, especially for existing customers. They can approve your loan application in most cases within 24 hours upon receiving it, so paying them a visit can be the best instant money loan option for you.
2. Competitive Interest Rates
You can start with a rate as low as 4.38% per annum for a CIMB personal loan. It is described as a competitive offer among banks who offer higher rates.
3. Choose how long you would like to take to pay it back
If you’re borrowing from CIMB you’ll also get to decide how long you take to pay it back, within limits of 2-5 years for CIMB personal loans. This means you can set your monthly payment amounts at a level suitable for your situation.
4. Take out a loan without a guarantee or putting your house on the line
Among the conveniences of a CIMB personal loan - Cash Plus Personal Loan for example - is the fact you do not have to provide any collateral or even find someone to vouch for you.
CIMB Personal Loan Application Process
The CIMB personal loan application process is made easy through online applications via CIMB Clicks. Here are the steps to follow when applying for a CIMB personal loan online:
Online Application Steps
- Register or Log In to CIMB Clicks: To apply, applicants are required to either register or log in to their CIMB Clicks account, the online banking portal for CIMB customers.
- Select Your Loan Product: Once logged in, choose the specific loan product you're interested in. Options may include personal loans, car loans, and housing loans.
- Complete the Application Form: Fill out the electronic application form with your personal details, financial information, and the amount you wish to borrow.
- Upload Documents: Applicants must upload MyKad copy, payslips, and bank statements.
- Submit Application: Once all details have been populated and documents uploaded, submit for CIMB’s review and response will be received within 1-3 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 the borrower neglects to pay CIMB loan installments on time, he’ll incur a penalty of 1% per annum on the outstanding amount, whilst false payment records will be made in the CCRIS system so that his/her eligibility for credit will be jeopardized.
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 for customers facing financial constraints. Individuals must submit documentation such as a termination letter and/or medical report to be eligible for restructuring.
Conclusion
CIMB personal loan is a great option if you’re looking for financing for your various needs. They have competitive interest rates, fast processing, and flexible eligibility criteria. They have loan products to suit varying needs! And with their easy and fast application process via CIMB Clicks, you can have your instant money loan in no time!
Timely repayment is crucial to avoid penalties. Be sure to repay within the deadline and contact CIMB if you are financially unable to pay. With the information of CIMB personal loan terms, types of benefits and application that I’ve shared, you will make a smarter decision.
FAQ
What type of personal loans does CIMB offer?
CIMB has several personal loans on offer including CIMB Cash Plus Personal Loan, Public-i Personal Financing (Shariah-compliant) and e-Zi Tunai Personal Loan.
Does a CIMB loan require collateral or a guarantor?
Most personal loans from CIMB don’t require collateral and a guarantor. Housing and car loans require collateral.
What is the repayment period for CIMB personal loans?
The repayment term for CIMB Cash Plus Loan is between 2 to 5 years. Meanwhile, Public-i Personal Financing offers a repayment term of up to 10 years.