Before we get into the deets about the personal loan, here are some background you should know about the banker.
Background of CIMB Bank
The local universal bank CIMB, also known as Commerce International Merchant Bankers, was established in January 2006. It is the outcome of the merger of several banks, including Bank Bumiputra Malaysia, Southern Bank Berhad, and Bian Chiang Bank.
CIMB bank is a government-affiliated business that is also publicly listed. Its current headquarters are in Kuala Lumpur, and it concentrates on ASEAN nations with rapid economic growth.
Consumer, corporate, investment, Islamic, asset management, insurance, and takaful are just a few of the banking sectors that CIMB bank’s products are focused on.
What is CIMB Cash Plus Personal Loan?
Image source: Pinjaman Peribadi
A hassle-free, unsecured term loan to help you realise your goals.
Absent collateral and no guarantors needed. Convenient loan terms of up to five years and a maximum sum of RM 100,000.
What Can Be Done With A CIMB Cash Plus Personal Loan?
Money today is significant and, in certain cases, a source of happiness.
Believe it or not, a personal loan can make you realise your dreams of starting a new business, remodelling your house, investing in yourself, or funding your child’s education.
As long as it is acceptable for the bank to take into account, as well as manageable for you, too, CIMB Cash Plus Personal Loan makes it nearly doable for you to accomplish any of them and even more.
Benefits of CIMB Personal Loan
Image source: CIMB
Through its simple application process, CIMB can help you realise your dreams faster than you had anticipated.
CIMB may need a few business days to process your application, authorise it, and transfer the funds to your CIMB bank account after you have provided all necessary paperwork.
You will receive a 100% disbursement, which means that there is no processing cost for this personal loan, which is a bonus.
As a cherry on top, here are some other benefits that the personal loan provides:
- Fixed interest rates from as low as 6.88% to 14.88% fixed per annum which is equivalent to Effective Interest Rates of 12.31% to 24.51% per annum
- No processing fee
- No early settlement fee
- No lock-in period
- No Stamp Duty
- Flexible repayment period of up to 5 years
- Next Day Approval
- Enjoy quick next-day approvals after the completion of application, excluding weekends and public holiday
- Flexible Loan Amount
- Take a loan from a minimum monthly income of RM2,000 all the way up to a maximum of RM100,000 or 8X your gross monthly income (whichever lower amount)
What Is The Bank’s Approving Criteria For The CIMB Cash Plus Personal Loan?
You must be a Malaysian citizen between the ages of 21 and 58, as well as have a minimum monthly gross income of RM 2,000 to be eligible for the loan.
Documents Needed for Application
- Photocopy IC (Front & Back)
- 3 months most recent income slip
- Most recent bank statement of salary credit account
- Photocopy IC (Front & Back)
- Business registration document
- 6 months most recent bank statement
- Most recent income tax return form
- Most recent P&L statement
- 6 months commission statement with bank transaction of the payment
- Most recent B form with LHDN payment receipt.
Non-MNC, publicly listed, government-linked company, or private limited firm, have a fixed and variable income or any of these circumstances apply to you:
- Recent three-month pay slips, a recent three-month pay slip bank statement, or a recent six-month EPF statement
What Is The Maximum Loan Amount I May Get From CIMB Cash Plus Personal Loan?
With this unsecured CIMB personal loan, you can borrow up to RM100,000, with an application fee as low as RM2,000.
Subject to eligibility requirements, current CIMB customers with a gross monthly income of RM30,000 may apply for up to RM300,000.
Interests, Fees & Charges
Image source: CIMB
With a loan tenure of up to five years, CIMB Cash Plus Personal Loan offers fixed interest rate that range from as low as 5.88% p.a.* to 14.88% p.a.*, or effective interest rates of 10.65% p.a. to 24.51% p.a.
For this loan, there are no processing fees. However, there is a 0.5% Stamp Duty charge. If the loan is repaid late, CIMB will charge a penalty of 1% per year. There are also no early settlement fees if you would wanna pay off the loan earlier. If the applicant wants to pay off the loan early, they must provide the bank one month’s notice.
Cash Plus Assurance
This loan requires you to purchase insurance. The cost of the insurance will vary depending on the loan’s term, duration, and approved loan amount. Sun Life Malaysia Assurance Berhad underwrites the insurance. In the event that the borrower passes away before the financing duration, the bank will release the borrower from the obligation to pay up to RM 25,000.
What Is My Monthly Repayment For This Personal Loan?
If the loan is granted before the 15th of the month, your monthly instalment payment will start on the fourth of the following month.
The first instalment payment is due on the fourth of the following month for loans given after the 15th of the month. Example below
- Disbursed from May 1 to May 15; payable on June 4
- Disbursed from May 16 to May 31; payable on June 4
Your required monthly instalment must be made by standing instruction withdrawal from your CIMB current or savings account.
On the amount of the instalment that is past due as of the overdue date, a late penalty fee of 1% p.a. from the current outstanding amount will be charged.
Below is an instalment table of the CIMB Cash Plus Personal Loan:
Image source: Personal Loan
Frequently Asked Questions (FAQs)
Image source: Search Engine Journal
Can I pay off my CIMB personal loan early in full?
Absolutely. In actuality, there are no fees associated with paying off your CIMB Cash Plus Personal Loan early.
All you have to do is let CIMB know in writing about it one (1) month before the early settlement.
If I’m blacklisted, am I still eligible to apply for a CIMB personal loan?
It depends on your credit history with other banks, as all of this information (current debts for credit cards, personal loans, mortgages, and auto loans) will be recorded in CCRIS/CTOS .
The best course of action would be to change the habit and start making your payments on time in order to avoid more difficulties if you have bad credit because of irregular payments.
If you can demonstrate that you are managing your personal finances rather than taking on extra debt, CIMB is more likely to approve your application for a personal loan.