Cimb Personal Loan

CIMB offers two types of personal loans packages which are CIMB Cash Plus and CIMB Xpress Cash Financing-i. Please read on to see what each personal loan package offers and determine the one that suits your needs.

 

CIMB Cash Plus

As a personal loan that is flexible with fast approval of within 24-hours and without the need of having a collateral or guarantor due to its nature as an unsecured loan, CIMB Cash Plus is a personal loan that offers up to 8 times of the loan applicant’s monthly gross salary as the borrowing margin. In addition, this personal loan package also comes inclusive with insurance coverage to cover for any emergency situations. It has a financing amount of up to as high as RM100K with a tenure of up to 5 years.

 

CIMB Cash Plus Interest Rates

The interest rates of CIMB Cash Plus personal loan can be summed up in the list below:

  • If your minimum annual income is RM24000 and you borrow anywhere from RM2000 to RM19000 with a loan repayment period of between 12 to 60 months, your interest rate is 14.66% per annum
  • If your minimum annual income is RM24000 and you borrow anywhere from RM20000 to RM49000 with a loan repayment period of between 12 to 60 months, your interest rate is 10.88% per annum
  • If your minimum annual income is RM24000 and you borrow anywhere from RM50000 to RM100000 with a loan repayment period of between 12 to 60 months, your interest rate is 8.2% per annum

 

CIMB Cash Plus Fees & Charges

From the list mentioned above, you can see that the rate of the interest ranges between 8.2% to 14.66% per annum depending on the amount that you are borrowing and the loan repayment period. While there is a penalty fee of 1% of the outstanding amount for late repayments, there is no processing fee and hidden fees involved for the loan application. However, the loan applicant will have to pay 0.5% of the loan amount as a Government stamping duty fee and further charges may incur if you are also required to take the Takaful insurance coverage that is based on your total loan period and these service charges are subjected to GST charges. It is also possible to pay off your CIMB Cash Plus loan amount early but I would suggest after the first year as the first year is still considered the lock-in period and you will need to pay an additional early termination fee of RM200 if you choose to do so. In general, the monthly repayment for the loan will be done by deducting from your monthly salary and the loan repayment will start from the first day of the month based on the date when you received the money.

Requirements

Before you start to apply for CIMB Cash Plus, make sure you have a photocopy of your MyKad for front and back, last three months of your payment slip or EPF statement and a bank statement that has last 3 months of salary credited ready if you are a full-time employee with a monthly salary. If you are self-employed, a photocopy of your MyKad for front and back, your business registration certificate, last 6 months of your bank account, your latest B form with proof that you have paid your taxes and latest 6 months of your commission statements will be needed if you are earning from commissions. You will also need to be between 18 years old to 58 years to qualify for the loan. Although this personal loan is marketed as a personal loan that has a fast approval of within 24-hours, CIMB may still take a few business days to process your loan application so be prepared for it if that happens. After that, the loan amount will be transferred to a CIMB bank account.

 

CIMB Xpress Cash Financing-i

As a personal loan that is flexible with a promise of fast approval within 24-hours and without the need of having a collateral or guarantor due to its nature as an unsecured loan and an Islamic loan that is strictly compliant according to the CIMB Syariah standards, CIMB Xpress Cash Financing-i is a personal loan that offers up to 10 times of the loan applicant’s monthly gross salary as the borrowing margin. In addition, this personal loan package also comes inclusive with insurance coverage to cover for any emergency situations. It has a financing amount of up to as high as RM50K with a tenure of up to 5 years. However, CIMB bank will run a check on your credit check when you apply for this personal loan package using your personal details and you will not be able to borrow up to 10 times of your monthly gross salary most of the time. Moreover, you will also need to provide a guarantor if you are planning to borrow an amount that is higher than RM5000.

 

CIMB Xpress Cash Financing-i

The interest rates of CIMB Xpress Cash Financing-i personal loan can be summed up as if your minimum annual income is RM9600 and you borrow anywhere from RM3000 to RM50000 with a loan repayment period of between 6 to 6 months, your interest rate is 24% per annum.

 

CIMB Xpress Cash Financing-i Fees & Charges

From the statement above, you can see that there is only one interest rate which is 24% per annum. While there is a penalty fee of 1% of the outstanding amount for late repayments, there is no processing fee and hidden fees involved for the loan application. However, the loan applicant will have to pay 0.5% of the loan amount as a Government stamping duty fee and further charges may incur if you are also required to take the Takaful insurance coverage that is based on your total loan period. It is also possible to pay off your CIMB Xpress Cash Financing-i loan amount early. In order to do so, you will need to give a month’s notice to the CIMB bank in writing before you make your final payment. In contrast to the CIMB Cash Plus personal loan where you need to pay an additional of RM200 as an early termination fee if you decide to pay off your loan within the first year which is the lock-in period, CIMB Xpress Cash Financing-i has no penalty for early repayments. In addition, you can even receive an ibra or rebate on the interest that is charged on the loan amount if your loan amount period still has a remaining of 6 months or more. The monthly repayment for the loan will be done by deducting from your monthly salary and the loan repayment will start from the first day of the month based on the date when you received the money.

 

Requirements

Before you start to apply for CIMB Xpress Cash Financing-i, make sure you have a photocopy of your MyKad for front and back, last three months of your payment slip or EPF statement from your employer and a bank statement that has last 3 months of salary credited ready if you are a full-time employee with monthly salary. If you are self-employed, your business registration certificate, last 6 months of your bank account, your latest BE form with proof that you paid your income taxes and last 3 months of your bank statements will be needed. You will also need to be between 21 years old to 60 years to qualify for the loan. Unlike CIMB Cash Plus where you might have to wait a few business days for CIMB to approve and process your loan in the worst case scenario, CIMB made a solid promise that you will receive your money within 24 hours in this CIMB Xpress Cash Financing-i personal loan package. After that, the loan amount will be transferred to a CIMB bank account.

 

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