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CIMB Credit Line Secured Overdraft

CIMB Bank offers Credit Line Secured Overdraft facility that allows you to withdraw additional funds from your current account when required. This facility is quick and convenient. The customers will have to pledge a collateral which is acceptable to the bank.

Interest Rate

The following are the interest rates for this facility:

Type of Overdraft Security Segment Interest Rate Loan Tenure Loan Amount
Personal Overdraft Secured by Fixed Deposit Private banking, prime banking, preferred, or mass market Base Rate + 0.85% As per the bank’s discretion Up to 100% margin of financing
Personal Overdraft Secured by Multiple Collateral Preferred or prime banking Base Rate + 1.35%
Personal OD Secured By Amanah Saham Bumiputera Private banking, prime banking, preferred, or mass market Base Rate + 1.35%

The base rate is 3.9% per annum.

Features

Interest Rate Starting from base rate + 0.85% to base rate + 1.35%
Effective Rate 5% p.a. to 5.50% p.a.
Minimum Loan Amount Up to 67% (as per the bank’s discretion)
Maximum Loan Amount Up to 100% (as per the bank’s discretion)
Loan Tenure As per the bank’s discretion
Islamic/Conventional Conventional
Debt Consolidation NA
Takaful/Insurance Coverage NA
Approval Duration NA
Government Servant? NA

Benefits

The following are the various benefits of CIMB Credit Line Secured Overdraft:

  • This facility accepts a wide range of collateral. The bank accepts CIMB Fixed Deposits, CIMB Structured Product, CIMB Unit Trust, Floating Rate Negotiable Instruments of Deposit, Negotiable Instruments of Deposit – Islamic, Negotiable Instruments of Deposit, ASN, ASW 2020, ASB, and Acceptable External Unit Trust.
  • The cash withdrawal is flexible. You can withdraw through cheque book, CIMB Bank branch, or at any ATM.
  • There is no fixed monthly repayment. The interest is charged on the utilized amount only. The monthly interest and principal amount can be settled at any time.
  • A guarantor is not required to avail this facility.

Fees and Charges

Following are the applicable fees and charges:

Stamp Duty Charges As per the Stamp Duty Act 1949
Documentation Fee RM100 (applicable only for Personal OD Secured by Amanah Saham Bumiputera)
3rd Party MOD - Stamping (if applicable) RM10
Commitment Fee 1% p.a. unutilised portion of the facility

Penalties

Excess of Limit 6.35% p.a. (above the applicable BR)

Eligibility Criteria

You will have to meet the following eligibility criteria to avail CIMB Credit Line Secured Overdraft:

Nationality Criterion Malaysian citizen or Non Resident of Malaysia residing in the country with a PR status
Age Requirement Minimum age: 21 years
Maximum age: 70 years
Employment NA
Minimum Income Requirement NA
Guarantor/Collateral Requirement Minimum pledge collateral of RM10,000
Should I have a linked bank account? NA
  • Minimum age requirement is 21 years.
  • The maximum age requirement is 70 years.
  • The minimum collateral required is RM10,000.
  • You must be Malaysian or Non-resident of Malaysia with PR status.
  • You must reside in Malaysia.

What documents do I need to prepare for this loan application?

You will have to submit the following documents along with the application form at the nearest CIMB Bank branch:

For fixed salaried applicants without a variable income
  • Latest salary slips (for 1 month) or
  • Latest EPF statement
  • Latest bank statement for with credited salary related details
For fixed salaried applicants with a variable income
  • Latest salary slips (for 3 months)
  • Latest EPF statement
  • Latest bank statement for with credited salary related details (for 3 months)
For a self-employed applicant
  • Latest bank statements (for 6 months)
Other common documents
  • A copy of NRIC
  • Original copy of collateral/certificate

Hotline Number

You can contact CIMB through:

  • Telephone: +603 6204 7788
  • Fax: +603 2691 3248
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