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.
|Name of Personal Loan||Interest Rate||Maximum Loan Amount||Minimum Monthly Income or Pledge Collateral||Tenure||Processing Fee||More Info|
|CIMB Credit Line Secured Overdraft||Personal overdraft secured by Fixed Deposit = BR + 0.85%||
||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||No additional charges|
|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))
|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|
|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.|
BR + 1.30% p.a. fixed throughout the loan tenure. The BR as of 22 July 2016, stands at 3.90%.
|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.|
The following are the benefits:
|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|
Borrowers who apply for the CIMB Cash Plus personal Loan can get a cashback of up to RM100 on their first instalment.
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.
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.
There are various methods available for making repayments for your loan:
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.
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).
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.