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

    CIMB Personal Loan

    CIMB is one of the more popular banks in Malaysia which offers a wide variety of banking products that are comprehensive and holistic. The bank caters to commercial banking, consumer banking, investment banking, and wealth management services. CIMB offers both, conventional and Islamic banking products to its wide consumer base. Among its credit products, personal loans are a popular choice due to the numerous packages they come in and the convenience they offers. The personal loan products from CIMB are ideal for borrowers looking for extra finance to bridge the gap between their expenses and income.

    Compare Personal Loans by CIMB Bank

    Name of Personal Loan Interest Rate Max. Loan Amount Min. Monthly Income or Pledge Collateral Tenure More Info
    CIMB Credit Line Secured Overdraft Personal overdraft secured by Fixed Deposit = BR + 0.85%
    • Margin of financing up to 95% (with interest withdrawal)
    • Margin of financing up to 100% (without interest withdrawal)
    • Margin of financing up to 67% (for Overdraft Against Amanah Saham Bumiputera)
    RM10,000 As per the bank’s discretion
    Personal overdraft secured By Multiple Collateral = BR + 1.35%
    Personal overdraft secured By Amanah Saham Bumiputera = BR + 1.35%
    CIMB ASB Financing BR + 1.30% p.a. (Fixed rate throughout the tenure) Up to 100% of the financing margin + Insurance cover of 5% ASB Unit Certificate(s) is kept as collateral Up to 30 years
    CIMB Cash Plus Personal Loan Salaried Employee = 14.50% p.a. to 24% p.a. (Effective Lending Rate) 8.20% p.a. to 14.66% p.a. (Fixed Rate) RM100,000 or up to 8 times of your gross monthly income, whichever is lower RM2,000 (Basic + Fixed Income) Up to 5 years
    Self-employed = 24% p.a. (Effective Lending Rate) 14.66% p.a. (Fixed Rate)

    *(Current BR of CIMB = 4.15% p.a. (Effective on 2 February 2018))

    Features

    Interest Rate
    • Fixed Rate = 8.20% p.a. to 14.66% p.a.
    • Floating Rate = BR + 0.85% p.a. to 24% p.a.
    Loan Tenure Up to 30 years according to the scheme obtained
    Minimum Monthly Income RM2,000 or as per the bank’s discretion Certain schemes need collateral
    Minimum Loan Amount RM100,000 or margin of financing of up to 100%
    Islamic/Conventional Financing available in both formats
    Debt Consolidation No 

    Interest Rates

    • Credit Line Secured Overdraft:
    Type of Overdraft Segment Interest rate
    Personal overdraft secured by Fixed Deposit Private Banking, Preferred Banking, Prime Banking, or for Mass Market BR + 0.85% p.a.
    Personal overdraft secured by multiple collateral For Preferred Banking and Prime Banking BR + 1.35% p.a.
    Personal overdraft secured by Amanah Saham Bumiputera (ASB) Private Banking, Preferred Banking, Prime Banking, or for Mass Market BR + 1.35% p.a.
    • ASB Financing:

    BR + 1.30% p.a. fixed throughout the loan tenure. The BR as of 22 July 2016, stands at 3.90%.

    • Cash Plus Personal Loan:
    Nature of employment Amount borrowed Fixed rate of interest Effective lending interest rate
    Salaried RM2,000 to RM 100,000 14.66% p.a. 24% p.a.
    Salaried RM50,000 to RM100,000 8.20% p.a. 14.50% p.a.
    Salaried RM20,000 to less than RM50,000 10.88% p.a. 18.62% p.a.
    Self-employed RM2,000 to less than RM20,000 14.66% p.a. 24% p.a.

    Benefits

    The following are the benefits:

    • The loans are available in both, conventional and Islamic formats.
    • The loans have flexible tenures ranging from 1 to 5 years for cash consumption loans and up to 30 years for ASB financing loans.
    • The loan packages come in both, unsecured and secured packages. Secured packages require a collateral of a minimum of RM10,000 or need to be secured with an ASB/ASB2 certificate.
    • Loan amounts offered range from a minimum of RM5,000 to a maximum of RM100,000 depending on the loan borrowed. Loans such as the ASB financing loans offer loan amounts of up to 100% of the financing margin.
    • The packages come with floating or fixed rates of interest.

    Fees and Charges

    Fee Type Amount
    Stamp duty fee on letter of offer RM10 for each letter of offer not inclusive of GST
    3rd party MOD stamping fee if applicable (Credit line secured overdraft facility) RM10
    ASB/ASB2 certificate Lien Fee RM53 payable to ASNB
    Stamp duty fee (ASB Financing/Term Financing-i secured by ASB certificate) RM10
    Late payment fee (Cash Plus personal loan) 1% of overdue instalment amount
    Stamp duty (Xpress Cash Financing-i) 0.5% of approved financing amount
    Compensation/Ta’widh (Xpress Cash Financing-i) 1% on overdue instalment amount

    Eligibility Criteria

    • Nationality criterion: The borrowers must be Malaysian citizens or permanent residents. The ASB Financing is available only to Malaysian citizens.
    • Age criteria:
      • Minimum age – 21 years
      • Maximum age – up to 70 years for Credit Line Secured overdraft, up to 65 years for ASB Financing, 58 years for Cash Plus Personal Loan, and 60 years for Xpress Cash Financing-i.
    • Income criteria:
      • Citizens and Permanent Residents – Minimum monthly income of RM2,000 for cash Plus personal Loan. For the Credit Line Secured facility the collateral should have a minimum value of RM10,000. ASB Financing secured by ASB Certificate will use the ASB certificate as collateral.

    What documents do I need to prepare?

    Salaried applicants:

    • A copy of the applicant’s NRIC/MyKad
    • For loans that require collateral, the original copy of the collateral or certificate
    • A copy of the most recent 1 months’ payslip
    • A copy of the latest EPF statement or Form BE and LHDN payment receipt
    • A copy of the bank statement for the most recent 3 months
    • Variable income earners should provide 3 months’ payslips, 3 months’ Bank statement and the latest EPF statement

    Self-employed applicants:

    • A copy of the applicant’s MyKad/NRIC
    • For loans that require collateral, the original copy of the collateral or certificate
    • A copy of the Business Registration Certificate
    • A copy of the most recent EPF statement or,
    • A copy of the most recent Form BE AND LHDN payment receipt or,
    • A copy of the latest 6 months’ bank statements

    Calculator

    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.

    How to apply for Personal Loan from CIMB bank?

    Borrowers can download the application form available on the bank website. The bank also provides an instalment calculator to help estimate monthly instalments. Once completed, the form can either be submitted online along with the supporting documents or can be handed over at the closest CIMB branch for processing.

    Borrowers can also visit their nearest CIMB branch to initiate the loan application process. They will be given an application form and are required to submit the duly filled form along with the supporting documents. For enquiries and assistance, borrowers can contact the bank through their customer care number at 603 6204 7788 for local calls and 603 2295 6100 for overseas calls.

    Repayment Mode

    There are various methods available for making repayments for your loan:

    • Local Inter Bank Fund Transfer (IBFT)
    • LIFBs Inter Bank Fund Transfer (IBFT)
    • Interbank Giro (IBG)
    • Through Self-Service Banking (Via automated banking machines established at all CIMB Bank and CIMB Islamic branches)
    • Via Cheque Deposit Machines (CQM)

    For Private Sector

    CIMB offers the Cash Plus Personal Loan scheme for the individuals from private sector. The plan offers financing of up to RM100,000 or 8 times that of your gross monthly income, whichever is lower. Financing tenure of minimum 1 year and up to 5 years is available for this scheme. The plan is offered with both fixed rate (up to 14.66% p.a.) as well as floating rate (up to 24% p.a.) of interest.

    Customer Care Number

    If you have any queries about any of the personal loan schemes offered by CIMB, you can reach to the consumer contact centre of the bank on, +603 6204 7788 (for both local and overseas).

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


    FAQs

    Q. What is the margin of financing offered by Credit Line Secured Overdraft?

    A. The Credit Line Secured Overdraft offers a 95% margin of financing.

    Q. How is interest charged on the Credit Line Secured Overdraft facility?

    A. The interest is charged only on the amount utilised and is calculated using the following formula:

    Outstanding balance X interest rate X number of days/365 where interest rate is BR + 0.85% p.a. or an EIR of 4.75% p.a.

    Q. Is there an early-settlement fee involved for Credit Line Secured Overdraft?

    A. No. The amount borrowed can be paid as early as the borrower wishes to.

    Q. What is the maximum loan amount available under ASB Financing?

    A. Borrowers can get a maximum loan amount of up to RM200,000 under ASB Financing.

    Q. Can a borrower provide any external collateral when acquiring ASB Financing?

    A. No. The borrower need not provide any other form of collateral. The ASB units certificate itself will be used as collateral until the loan has been fully repaid.

    Q. What happens if a borrower settles the ASB Financing loan prior to maturity date of 30 years?

    A. There is no early settlement fee for the ASB Financing and borrowers can settle the loans as early as they please.

    Q. Can a borrower settle a Cash Plus Personal Loan early?

    A. Yes. A borrower may settle the loan earlier than the specified tenure provided they notify CIMB in writing at least one month prior to settlement of the loan.

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