CIMB Islamic bank offers personal loan for any immediate financial need like children’s higher education, business venture or to spend a holiday abroad. Reason can be anything and the same will not impact the CIMB Islamic bank personal loans from being approved instantaneously. It takes a minimum number of documents for the approval procedure. If the loan taken is for catching up an investment opportunity then speed of personal loan approval definitely matters.
You’re probably eligible for an CIMB Islamic Bank Personal Loan if you are
At least 21 years old
Less than 70 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your CIMB Islamic Bank Personal Loan amount eligibility is based on these factors
Minimum income required
Maximum allowed personal loan is RM 50,000
Installments of other loans lower
Increase your eligible CIMB Islamic Bank Personal Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Documentation needed to apply for CIMB Islamic Personal Loan
- 1.Photocopy of My Kad
- 2. Application form
- 3.Documentation for salaried applicants:
- Latest 3 months salary slip
- EA form / EPF statement / Letter from employer
- 4. Documentation for self Employed applicants:
- Business Registration Certificate (Form D or Form 9,24,49 and M&A)
- Last 3 months bank statement / BE form with income tax reciept / other supporting documents
CIMB Islamic Bank Personal Loan Interest RatesUpdated on 25 May 2017
|Interest Rate||7.85 %|
|Guarantor Requirement||Guarantee Required|
CIMB Islamic Bank is the Islamic banking branch of CIMB and has grown to become the fifth largest Islamic banking institution n ASEAN. It offers comprehensive banking products and solutions such as consumer banking, business banking, wealth management and investment banking services that are Shariah compliant. CIMB Islamic has grown with ASEAN and employs close to 40,000 personnel in ASEAN alone.
Eligibility for CIMB Islamic Personal Loan
- Applicants who are either Malaysian citizens or non-resident Malaysians with PR status are eligible to apply for the Islamic personal loans
- The age of the applicant should not be below 18 years as at last birthday
- The maximum age of the applicant should not exceed 70 years as at last birthday
- The credit line secured overdraft requires a pledge collateral of RM 10,000
- The share purchasing finance-I employee share option scheme requires a pledge of ESOS shares as collateral
- The share purchasing finance-I Initial Public Offering loan requires the borrower to pledge the IPO shares as collateral for the loan
- The applicant needs to provide satisfactory proof of income.
- The applicant will need to submit a photocopy of both sides of the NRIC
- The applicant needs to submit the latest BE form with tax payment receipts
- The applicant will need to submit their latest EPF statement
- A copy of the payslip dating back at least 3 months will need to be provided
- A copy of the entitlement or allocation letter will need to be submitted
- An exercise form along with the duly completed loan application form has to be submitted
CIMB Islamic Personal Loan Malaysia
Personal loans from CIMB Islamic serve a wide range of purposes. While some of these loans are specifically designed to cater to a particular purpose be it the purchase of shares of a company one works for or to subscribe to shares listed in Bursa Malaysia others such as the Xpress cash financing allows for higher finance margin and the money can be used anyway deemed fit. Be it for the much needed family vacation or unforeseen expenses such as minor house repair work. The personal loans from CIMB Islamic are Shariah compliant and enable the borrower to fulfil their short term goals.
Types of CIMB Islamic Personal Loans
CIMB Islamic offers a range of personal loans designed to cater to the many needs of a customer. Their salient features are as follows
Share Purchasing Financing-I:
With Employee Share option scheme: this loan is designed for employees to purchase shares of their employer but requires the employee to pledge the shares as collateral. It has a finance margin of up to 80% and a flexible financing limit of up to RM 50,000.
Share Purchasing Finance-I Initial public offer:
This loan is designed for individuals to subscribe to shares listed on Bursa Malaysia but requires the borrower to pledge the shares subscribed to in the IPO. This loan also has a flexible financing limit of up to RM 50,000 and offers up to 80% of the finance margin.
Xpress Cash Financing-i:
Just like the name, the Xpress Cash Financing-I is a personal loan that s approved within a span of 24 hours. The financing amount available under this loan is the lower of RM 150,000 or 10 times the gross monthly income. Here income is calculated as the sum of fixed income and basic income. For loan amounts availed below RM 5000 the borrower does not require a guarantor.
Term Financing-i Secured by ASB Certificate:
This Shariah compliant personal loan is based on the concept of Commodity Murabahah-Tawarruq. The loan will require the ASB certificate as collateral and the bank will hold on to the certificate for the tenure of the loan. The loan charges no early settlement fees and a group term financing Takaful is optional for this loan. It has a total financing limit of up to RM 200,000 and a tenure of up to 30 years
CIMB Islamic Personal Loan Interest Rates
The interest rate charged on the Term Financing-I Secured by ASB Certificate is BR + 1.20% p.a. The Xpress Cash Financing –I has a flat profit rate of 24% p.a. and an effective profit rate of 36.82% p.a. The ceiling profit rate for both Share Purchasing Financing-I with Employee Share option and Share Purchasing Financing-I initial public offering is 11% p.a. while its effective profit rate is BR + 3.85% p.a.
How to Apply for CIMB Islamic Personal Loan
CIMB Islamic Personal loans are easy to acquire and have a fast approval time (24 hours for Xpress Cash loan) The process is simple and can be done online by downloading application forms, filling out the details and submitting it along with the required supporting documents. An applicant does need to meet certain eligibility criteria regarding age and income to have the loans successfully approved. The applicant can also visit their nearest CIMB Islamic banking branch and avail the application forms.
How to Calculate Loan Installments for CIMB Islamic Personal Loans
CIMB Islamic Personal loan instalments can be calculated using the loan instalment calculator hosted at bbazaar.my website. Here the calculator will display the monthly instalment along with the amortization table and an applicant is only required to key in details such as desired loan amount and desired tenure chosen along with the interest rate. The calculator will also display the principal amount and interest amount and will help applicants to plan their monthly finances around this instalment amount
F.A.Qs – CIMB Islamic Personal Loan
Q) When should one make the monthly payments towards loan instalments?
A) CIMB Islamic personal loan instalments are to be paid on the first of every month following the month in which the loan amount availed was disbursed. The mode of payment is through standing instructions
Q) Are there any charges levied for early settlement of the personal loans?
A) CIMB Islamic personal loans can be settled earlier than the tenure chosen if the borrower is able to settle the loans. Such early settlement of loans do not attract any settlement fees.
Q) What is the collateral required for CIMB Islamic personal loans?
A) Collateral is required for all personal loans from CIMB Islamic except for Xpress Cash loan. The collateral depends on the loan availed and varies from ASB certificates to IPO shares and employee shares.
Other Products offered by CIMB Islamic:
Apart from offering personal loan, CIMB Islamic offers other products and services which includes: