CIMB Personal Loan Review (2024): Great Perks and Interest Rates for Larger Loans

Get up to S$2,000 cashback and enjoy low interest rates starting from 2.80% per annum with CIMB Personal Loan. Read this review to find out what the loan is all about, and how to enjoy its best features.

Starting at just 2.80% p.a. (EIR from 5.28% p.a.), the CIMB Personal Loan is undoubtedly one of the lowest-rate personal loans in Singapore. It also comes with attractive cashback of up to S$2,000.

But in order to be eligible for these great perks, you’ll need to take out a larger loan amount – at least S$5,000, for a start.

What can you expect with CIMB Personal Loan, and is it right for you? Let’s find out.

Table of contents

• Product summary: CIMB Personal Loan
• Why should you choose the CIMB Personal Loan?
• Who should apply for the CIMB Personal Loan?
• Loan fees & charges
• How to apply?

What CIMB Personal Loan can do for you

CIMB Personal Loan product summary:

• Interest rate: From 2.80% p.a. (EIR 5.28% p.a.)
• Loan tenure: From 1 to 5 years
• Minimum loan amount: S$2,000
• Maximum loan amount: S$200,000
• Loan up to:
  • 2x monthly income (if your annual income is between S$20,000 to S$29,999)
  • 4x monthly income (if your annual income is between S$30,000 to S$119,999)
  • 8x monthly income, up to S$200,000 (if your annual income exceeds S$120,000)
• Minimum annual income:
  • S$20,000 (Singapore citizens or Singapore PRs)
  • S$30,000 (Malaysians (non-pr))
• Eligible age: 21 to 70 years old

Related to this topic:
5 Ways to Get the Highest Credit Score in Singapore
Best Personal Loans To Ease Your Cash Flow In Singapore

Why you should choose CIMB Personal Loan

#1: Low interest rates from 2.80% per annum

CIMB Personal Loan currently offers one of the lowest interest rates for personal loans.

Advertised interest rates start as low as 2.80% p.a. (EIR from 5.28% p.a.). Note that loan interest rates are based on the customer's personal credit score and income.

Additionally, choosing longer loan tenures of three, four or five years will allow you to access even lower interest rates. However, including the EIR will help you to choose the loan package that offers the best cost of borrowing. 

There is a 1% processing fee, but this can be waived depending on a customer's credit score and income profile.

#2: Up to S$2,000 cashback

CIMB is offering attractive cashback of up to S$2,000 should your loan be approved. To be eligible, approved loans have to be:

• Three, four or five years in tenure
• At least S$8,000 loan amount

#3: Up to five years loan tenure

CIMB Personal Loan is available in tenures ranging from one to five years, providing a wide degree of flexibility to borrowers.

Also, as mentioned earlier, interest rates are lowered for longer loan tenures of three years and above, making it easier to repay the loan over a longer duration.

#4: Low minimum annual income of S$20,000

The minimum annual income requirement for a CIMB Personal Loan is just S$20,000, making it accessible to those with lower incomes.

However, keep in mind that interest rates and processing fees will be based on personal credit score and income profile. Connect with the nearest CIMB branch near you to see what rates are available for your specific score and profile.

For whom is CIMB Personal Loan best suited?

CIMB Personal Loan has some attractive features, such as low interest rates and cashback for approved loans. To enjoy lower interest, consider taking out a larger loan. And, if you loan at least S$8,000, you will be eligible for cashback.

Still, if you are looking for a personal loan that falls within those parameters, then CIMB Personal Loan is an easy recommendation – especially with the option to choose up to 5 years loan tenure, and the processing fee waiver.

Just note that with CIMB's risk-based pricing, interest rates and processing fees are based on personal credit score and income.

What charges and fees should you look out for?

• Processing fee: 1% (waived for loans S$5,000 and above)
• Late payment fee: S$100
• Early repayment fee: 3% of the outstanding principal, or S$250, whichever is higher

Eligibility criteria

• Age: between 21 to 70 years old
• Annual income for Singaporeans and PRs:
  • Minimum S$20,000
  • At least S$120,000 for a loan amount up to 8x monthly income
• Annual income for Malaysians (non-pr):
  • Minimum S$30,000
• Malaysian customers would also be required to submit the following documents in the application:
  • Malaysian NRIC
  • Passport (minimum 6 months validity)
  • Latest 3 months pay slip
  • Foreign Exchange Notice Declaration Form

How to apply?