Are you looking for a product to meet your personal finance needs, without overwhelming you with having to pay huge interest rates? Are you dreaming about purchasing a new television, or funding your honeymoon at an exotic location, but need more financial aid for the same? If you are affirmative abou the last two questions that have been asked then you have landed at the right place. CIMB Personal Loan might just be the right financial option for you.
For starters, what do we look for in a personal loan? The interest rate should not be overwhelming of course. Infact it should be as low as possible. There are various types of CIMB personal loans available hence the interest rates are based on the same. The rate of interest for the credit line secured overdraft product is based on the type of overdraft availed and is therefore calculated as, Base Rate + 0.85% for each year for the personal overdraft type and the one that has been consumed for both overdraft secured by multiple collateral as well as for overdraft secured through an ASB product.
There is also the option of Xpress Cash Financing-i, which is a personal finance option that can be approved within 24 hours time. Now, this is extremely convenient for emergency requirement of finances. The best part about this loan is the fact that Malaysians, citizens of the nations and even people with permanent residency status can apply for the CIMB personal loan. Read on to get a better look at this product.
You’re probably eligible for an CIMB 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 Bank Personal Loan amount eligibility is based on these factors
Minimum income required
Maximum allowed personal loan is RM 100,000
Installments of other loans lower
Increase your eligible CIMB 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 Personal Loan
- 1.Photocopy of MyKad
- 2. Application Form
- 3. Documentation for salaried applicants:
- Latest 3 months salary slips
- Latest 3 months Salary-Crediting Account / latest EPF statements / latest EA Form / latest BE Form and tax receipt
- 4. Documentation for self Employed applicants:
- Business Registration Form (Form 9, 24 ,49, MA)
- Latest 6 months Business Bank Statements
- Latest B form with proof of tax payment receipt/ latest Profit & Loss and Balance Sheet statements
CIMB Bank Personal Loan Interest RatesUpdated on 25 Oct 2016
|Interest Rate||4.85 % - 5.35 %|
|Guarantor Requirement||No Guarantee Required|
With humble beginnings of a merchant bank over 90 years ago in Malaysia, CIMB has now become one of the largest financial institutions in Malaysia with assets totalling over RM 473 Billion and also has a strong regional presence. They have a huge delivery channel and are dedicated to providing their customers with comprehensive financial products and solutions ranging from personal banking to commercial banking and even investment banking.
CIMB Bank Personal Loan Eligibility
- The personal loans from CIMB require that the applicant be a citizen of Malaysia and non-resident applicants with PR status residing in Malaysia
- The age of the applicant should be a minimum of 18 years as at last birthday
- The maximum age of the applicant cannot exceed 70 years as at last birthday
- The credit line secured overdraft requires a pledge collateral of RM 10,000
- The applicant requires to have a proof of income and the cash plus loan requires a minimum income of RM 24000 a year and the xpress cash financing loan requires a minimum annual income of RM 9600.
- The applicant will need to submit a photocopy of NRIC
- Original copy of collateral/certificate
- Latest 3 months Payslip for salaried applicants along with confirmation letter from employer
- A copy of the latest BE Form along with tax payment receipts
- For self-employed applicants, they will need to submit the latest 6 months Bank Statement along with the latest EPF statement
CIMB Personal Loan Malaysia
Personal loans are the easiest way to secure additional funds for any emergency situation that may arise. Be it for a child’s education or for fulfilling short term goals such as going abroad on a vacation, personal loans provide the influx of much needed cash. The personal loans have no predetermined purpose and can be used by the borrower in any way they deem fit. The personal loans from CIMB offer customers an easy to acquire loan with competitive interest rates and flexible repayment terms for up to 5 years. The personal loans offered by CMB are as follows
Types of CIMB personal loans
CIMB offers a range of personal loans designed to cater to the many needs of a customer. Their salient features are as follows
Credit Line Secured Overdraft: This secured personal loan from CIMB allows customers to withdraw additional funds from their current account. Not only does this loan offer a quick and convenient mode for securing the funds it is also hassle free but requires the borrower to pledge an acceptable collateral to the bank.
CIMB ASB Financing: This personal loan is a term loan that is designed to purchase units of ASB. In this loan, when the borrower is repaying the loan, he/she can stand to earn annual dividends and returns through bonuses from the purchased ASB units which can be utilized to pay in part the loan repayments for the subsequent year
Cash Plus Personal Loan: This personal loan from CIMB is an unsecured loan which can be used by the borrower as they deem fit. The cash plus personal loan requires no collateral or guarantor and the additional financing secured through this loan can be used to meet a variety of needs be it emergency expenses or fulfilling short term goals. The loan has a repayment tenure of up to 5 years
Xpress Cash Financing-i: As the name suggests, this personal loan can be approved within 24 hours provided the financing amount does not exceed 10 times the monthly income of the borrower. Income is the total of basic and fixed income. For financing amounts below RM 5000 the loan does not require a guarantor
Term Financing-i Secured by ASB Certificate: This personal loan is Shariah compliant and based on the concept of Commodity Murabahah-Tawarruq. The loan is secured by an ASB certificate and provides for up to 100% margin of financing and a group Takaful coverage
Interest Rates for CIMB Personal Loan
The interest rates for the credit line secured overdraft depends on the type of overdraft availed and is BR + 0.85% p.a. for Personal OD secured by a fixed deposit and BR + 1.35% p.a. for both, overdraft secured by multiple collateral and for overdraft secured by ASNB product.
The ASB financing and term financing-I secured by ASB Certificate both have an interest rate of BR + 1.20% p.a. for the duration of the loan. The interest rates for the cash plus personal loan depends on the loan amount availed. For amounts between 50K to 100K availed by salaried applicants, the effective lending rate is 14.50% p.a. For amounts ranging from 20K to 50K the effective lending rate is 18.62% p.a. and the loan amount ranging from 2k to 20k attracts an interest rate of 24% p.a. The effective lending rate for self-employed applicants is 24% p.a. regardless of the amount availed. The profit rates for Xpress cash financing-I is 24% p.a.
How to apply for CIMB Personal loans
The application for personal loans from CIMB is an easy and quick process. The applicant will need to first meet the eligibility criteria required for successful approval along with submitting the list of required income documents. Applicants can download and fill out the application forms available on the website and submit them online or alternatively apply for a loan at the CIMB branch nearest to them.
How to calculate loan instalments for CIMB personal loans
Bbazaar.my has a personal loan calculator page that is very helpful in estimating how much the monthly instalment may come up to if the applicant decides to take a loan from CIMB, the calculator will require certain parameters such as desired loan amount to be availed, the interest rates and the desired tenure. Based on these parameters, the calculator will then display the monthly instalments for the personal loan. The calculator is a helpful tool as it will give the aspiring borrower a chance to figure out how to plan their monthly finances around the instalment.
CIMB Personal Loan FAQs
Q) How does one make the monthly payments towards loan instalments?
A) CIMB personal loans require that the borrower make the monthly payments through automatic standing instructions on the first date of every month following the month the loan amount was disbursed. These payments need to be made every month till the loan has been paid off
Q) Is there a fee for early settlement of the personal loans?
A) Early settlement of the loans do not attract any settlement fee but CIMB does require that the borrower write in a request to settle the loan early and send in the request at least one month prior to settling the loan
Q) Do the personal loans from CIMB require a collateral?
A) Personal loans such as cash plus personal loan and Xpress cash financing-I does not require collateral but certain loans such as the credit line secured overdraft loan requires borrower to put up a suitable collateral
Q) Is there any particular collateral that is accepted by CIMB?
A) Some personal loans from CIMB require collateral which can be from a wide variety such as a CIMB fixed deposit or unit trust or structured product, a floating rate negotiable instrument of deposit and negotiable instrument of deposits both conventional and Islamic
Other Products offered by CIMB:
Apart from offering personal loan, CIMB offers other products and services which includes:
News About CIMB Personal Loan
CIMB –Principal launches its online portal.
CIMB-Principal recently launched its online portal for Private Retirement Scheme for corporate employees in Kuala Lumpur. The portal would enable employees and human resource employees to submit their payment slip, list of staff resignations and PRS contribution file online. The portal was launched for potential corporate plan sponsors during CIMB –Principal’s second annual PRS conference. The main purpose of the conference is to create awareness among employers to use PRS as a means of investment for an improved life. The online portal is expected to help companies update their current company and PRS profiles online to ensure less manual effort and paperwork and get better data accuracy.
16th June 2016
‘Hold’ recommendation for 7-Eleven - CIMB Research
7-Eleven received a ‘Hold’ recommendation from CIMB Research based on their Q2 2015 results which were not impressive due to GST and muted consumer response. The company also does not expect smooth running in Q3 2015.
However, the company is soldiering on as far as expansion is concerned and is confident of meeting its targets for new stores in 2015.
CIMB Research maintains its EPS and target stock price (RM1.65) forecasts.
10th September 2015
CIMB Niaga’s subdued results bring CIMB’s shares down!
CIMB (Commerce International Merchant Bankers), a universal bank headquartered in Malaysia witnessed a fall in its shares as the company’s shares fell six sen to RM 5.90. CIMB Niaga, CIMB’s Indonesian subsidy witnessed another subdued financial results for the second quarter of the financial year ended (2015). In the meantime, a research conducted has stated CIMB Niaga’s has made earnings of 176 billion rupiah in the first half of 2015. The deficit is said to be a result of a harsh decline in non-interest income and higher provision for bad loans.
Despite the slight decline, there is a hope that 2016 will be a much better year financially for CIMB after the company implied a few cost cutting measures.
5th August 2015