Cash woes? A personal loan to the rescue!
  • Personal Loan BYTES FROM OUR KITCHEN

    CIMB Islamic Personal Loan

    With a history of operations in Malaysia dating back almost 90 years, CIMB has become one of the leading banking institutions in the country with CIMB Islamic serving as the global Islamic banking entity of the CIMB Group. CIMB Islamic offers holistic and innovative Islamic banking products and delivers it through a wide network of delivery channels, which include branches across ASEAN. Consumers not only include commercial customers, but also corporate and institutional customers. Among its many products, the Islamic personal financing packages are a sought-after commodity for the benefits they provide.

    Compare Personal Loans by CIMB Islamic Bank

    CIMB Islamic offers 4 main types of personal financing packages which are as follows:

    1. Share Purchase Financing-i (SPF-i) - Employee Share Option Scheme (ESOS): The package is designed with the purpose of allowing eligible employees of a company to subscribe to the Shariah-compliant shares made available to them by their employer. The minimum loan amount available under this package is RM50,000 with the maximum loan amount subject to management approval. The loan offers up to 80% margin of financing of the ESOS price. The loan is available to Permanent Residents residing and working in Malaysia as well.
    2. Share Purchase Financing-i (SPF-i) - Initial Public Offer (IPO): This loan is also designed with a specific purpose. Borrowers can use this loan only to purchase Shariah-compliant shares that are to be listed in Bursa Malaysia. The loan is available for both employees and investors alike and is a Shariah-compliant loan. The minimum loan amount available under this package is RM50,000 with the maximum limit subject to approval from the bank. The package also offers a high margin of financing with loan amounts going up to 80% of the identified IPO share price.
    3. Xpress Cash Financing-i: This personal loan is a Shariah-compliant Islamic personal loan and offers borrowers loan amounts ranging from a minimum of RM3,000 to a maximum of RM50,000 or up to 8 times that of the borrower’s gross monthly income, whichever is lower. The income requirement for this loan is much lower and borrowers only need a minimum gross monthly income of RM800 to have a successful approval of the loan.
    4. Term Financing-i Secured by ASB Certificate: This loan is an Islamic loan which is Shariah-compliant and works on the principle of Commodity Murabahah-Tawarruq. The loan is secured by an ASB or ASB2 certificate and is designed to help borrowers grow their wealth and achieve their financial objectives. The loan comes with a tenure of up to 30 years or until the borrower attains the age of 65, whichever is earlier. The loan also provides for 100% margin of the financing. Borrowers can also enjoy a group takaful cover through Group Term Financing Takaful.

    Profit Rates

    Share Purchase Financing-i (SPF-i) - Employee Share Option Scheme (ESOS):

    The ceiling profit rate of this package is 11% p.a. with the Effective Profit Rate(EPR) starting at BR + 3.85% p.a.

    Share Purchase Financing-i (SPF-i) - Initial Public Offer (IPO):

    This package has a ceiling rate of 11% p.a.

    EPR of the package: BR + 3.85% p.a.

    Xpress Cash Financing-i:

    Profit Rate (Flat Rate) ranges from 18% p.a. to 24% p.a. and the Effective Profit Rate ranges from 28.88% p.a. to 41.70% p.a.

    Term financing-i secured by ASB certificate:

    Profit Rate offered is BR + 1.30% p.a. and is fixed throughout the entire tenure of financing.

    Features and Benefits

    The features and benefits of the various Islamic personal financing packages offered are as follows:

    • The loans are Shariah-compliant and work on the principle of Bai’ ‘Inah and Commodity Murabahah-Tawarruq.
    • The loans have flexible tenures of repayment which allow the borrower to choose a tenure in a way that takes into account their financial constraints and provides them with an instalment amount which is affordable and easily repayable.
    • The Share Purchase Financing-i packages have a maximum tenure of 12 months. The ASB Financing package comes with a tenure of up to 30 years or before the borrower attains the age of 65, whichever is earlier.
    • The Xpress Cash Financing-i package has a tenure of a minimum of 6 months going up to 5 years.
    • The maximum loan amount available under the Xpress Cash Financing-i is RM50,000. The ASB Financing package has a maximum loan amount of up to RM200,000.
    • The loans come offer both, floating profit rates as well as fixed profit rates. The floating profit rates are pegged to CIMB’s Bank Rate.

    Fees and Charges

    Fee Type Amount
    Stamp duty fee on letter of offer RM10 for each letter of offer
    ASB/ASB2 certificate Lien Fee RM53 payable to ASNB
    Stamp duty fee (Term Financing-i secured by ASB certificate) RM10
    Stamp duty (Xpress Cash Financing-i) 0.5% of approved financing amount
    Compensation/Ta’widh (Xpress Cash Financing-i) 1% on overdue instalment amount
    Stamp duty (SPF-i ESOS and SPF-i IPO) Ad Valorem (0.4% of the principal loan amount)
    Commodity brokerage fee (SPF-i ESOS and SPF-i IPO) RM35 for every RM1 million loan amount

    Eligibility Criteria

    • Nationality criterion: You need to be a Malaysian citizen or a permanent resident working and residing in Malaysia. The Term Financing-i secured by ASB certificate is available only to Malaysian citizens.
    • Age criteria:
      • Minimum age: You need to be minimum of 18 years for the Term Financing-i secured by ASB certificate and 21 years for the other packages
      • Maximum age: Your maximum age should not exceed 70 years for the Share Purchase Financing packages, up to 65 years for Term financing-i secured by ASB Certificate, and up to a maximum of 60 years for Xpress Cash Financing-i.
    • Income criteria:
      • Citizens and Permanent Residents: Minimum gross monthly income of RM800 for Xpress Cash Financing-i. Term Financing-i secured by ASB Certificate will use the ASB certificate as collateral and the Share Purchase Financing-i packages will pledge the ESOS or IPO shares to the bank as collateral.

    What documents do I need to have?

    Salaried applicants:

    • A copy of the applicant’s MyKad, front and back
    • For SPF-i packages, an entitlement letter or allocation letter is required
    • A copy of the latest 1 month's’ payslip
    • A copy of the most recent EPF statement or Form BE and LHDN payment receipt
    • A copy of the bank statement for the latest 3 months
    • Variable income should submit 3 months’ payslips, 3 months’ Bank statement and the most recent EPF statement

    Self-employed applicants:

    • A copy of the applicant’s MyKad, front and back
    • For SPF-i packages, an entitlement letter or allocation letter is required
    • Copy of Business Registration Certificate with businesses in operation for at least 6 months
    • A copy of the most recent EPF statement or,
    • A copy of the latest Form BE AND LHDN payment receipt or,
    • A copy of the most recent 6 months’ bank statements

    Calculator

    CIMB Islamic provides a calculator that helps calculate how much your instalment would amount to. The calculator is available on the CIMB Islamic bank website and requires borrowers to enter key parameters of their loan such as the loan amount chosen, the tenure, and the profit rate offered to calculate what their instalment amount would be.

    Keep in mind that the calculator will give as close to the actual amount as possible. Borrowers must only use the amount shown as a guide to structure their loan. Actual instalment amounts can vary based on the parameters and additional charges involved.

    How to apply for Personal Loan from CIMB Islamic bank?

    You can visit the nearest CIMB branch to initiate the loan application process. Fill in the application form and submit it alongside the required supporting documents. For enquiries and assistance, you can contact the bank through their customer care number at 603 6204 7788 for local calls and 603 2295 6100 for overseas calls.

    For any personal loan related queries, you could contact CIMB Islamic Personal Loan Customer Care Support.


    FAQs

    Q. Do the Share Purchase Financing-i packages require a guarantor?

    A. While the packages will retain the IPO or the ESOS shares as collateral, a guarantor is not specifically required. The need for a guarantor will be decided on the borrower’s credit assessment. If the borrower’s credit score is not high enough for the desired loan amount, a guarantor might be required.

    Q. What happens when the BR changes?

    A. When the BR changes, depending on the nature of change, the instalment amount would either increase or decrease. Increases in the BR would drive the instalment amount up and decreases in the BR would bring down the amount. BR can change if there is a significant change in market benchmarks such as Overnight Policy Rate or KLIBOR.

    Q. Will a borrower be notified of the change in BR?

    A. Yes. If there is a change in the BR, borrowers will be notified in writing on the revised instalment amounts

    Q. Do the Share Purchase Financing-i Packages require any external form of collateral?

    A. No. The packages will use the shares purchased as collateral.

    Q. Does the Xpress Cash Financing-i package require a takaful cover?

    A. Yes. Borrowers can opt for the Sun Life Xpress Cash Protector-i Plan or any other takaful cover accepted by the bank. The takaful contribution will be deducted from the loan amount.

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