With CIMB Cashlite, new customers can now convert their unused credit limits into a personal instalment loan at the lowest interest rate from 3.50% p.a. (EIR 6.4% p.a.) and comfortable repayment terms of 1-5 years.
Pros
- You can rest assured that your loan amount with be applied with a good and effective interest rate that is easy on the budget for as low as 3.50% per annum (EIR 7.65% per annum) offered for new customers.
- Loan tenure of 1-5 years
- Existing customers can take advantage of a flat annual interest rate of 4.50%, which is mid-range compared to the market average (EIR 8.21% to 8.41%)
- Immediate cash disbursements are available thru CIMB for any of your urgent financial needs.
- There are no processing fees to be incurred with your loan application
- Minimum loan amount is $1,000
Cons
- Unfortunately, supplementary cardholders of CIMB credit cards are not eligible to apply for this loan type.
- The maximum loan amount is 90% of your available CIMB credit limit or 70% if you apply with the promotion.
- Foreign nationals are not eligible for this loan type as well.
CIMB carries only one personal loan type that could compete well with other banks. To get more familiarized with the CIMB Cashlite Personal Loan, we have come up with the following summary to help you understand this product even more.
CIMB Cashlite Personal Loan Features
- Interest Rate: As low as 3.50% per annum (EIR 8.21% per annum) for new customers
- Loan Tenures: 1 to 5 years
- Max. Credit Limit: Up to 90% of the credit limit
- Min. Loan Amount: S$1,000
- Turnaround Time: Up to 10 working days approval & instant cash disbursement
- No Processing Fee
- Charges and Penalties: A late payment of $100 will be charged, and you must pay any outstanding balances the following month. Moreover, if you terminate the contract early, CIMB will charge you an early termination fee of 3% of the outstanding principal or S$250, whichever is greater.
How does the CIMB Cashlite Personal Loan compare with other financial institutions’ other loans out there? Let’s examine how CIMB stacks up against the competition and why CIMB personal loan is the best option for your financial need.
| CIMB Cashlite Personal Loan | HSBC Personal Loan | Citibank Quick Cash | DBS Personal Loan | Standard Chartered Cash One | UOB Personal Loan | |
| Interest Rate | 3.50% | 3.7% to 3.8% | 3.99% | 3.88% | 3.88% | 3.68% |
| Processing Fee | None | None | None | $100 | None | 1% |
| Minimum Annual Income | $30,000 | $30,000 | $30,000 | $30,000 | $20,000 | $30,000 |
| Minimum Loan Amount | $1,000 | $5,000 | $1,000 | $10,000 | $5,000 | $1,000 |
| Maximum Loan Tenure | 5 years | 7 Years | 5 Years | 5 Years | 5 Years | 5 Years |
Basing on the above figures, the CIMB Cashlite Personal Loan appears to be the most affordable in terms of its repayment scheme with its low EIR. And since there are no processing fees to be paid, it is easier to acquire a loan and get the maximum loanable amount without charges for a tenure of up to 5 years.
How Can You Apply for a CIMB Cashlite Personal Loan?
It’s actually pretty simple and worry-free. Since CIMB has an engaged and well-informed financial advisor staff, you will find the loan application process straightforward and hassle-free. There are various ways to apply for a CIMB Cashlite Personal Loan, and we have listed them below for you.
Creating an Online Application
- Simply visit the CIMB Online application page at https://www.cimbbank.com.sg/en/personal/forms/cards/cimb-platinum-mastercard-partner4.html#!
- Apply for a CIMB Platinum Mastercard™. This usually takes only one day for approval.
- Don’t forget to indicate “CASHLITE” in your online application form.
- A representative from CIMB will get in touch with you to verify information about your application and provide you with feedback on your loan.
Applying Thru SMS
Getting a personal loan can’t get any easier than by just simply sending a text message and following the necessary instructions after. To start your application process, simply send the below text message to 72008:
CASHLT<space>Web<space>Full Name
For example: CASHLT Web John Doe
Application Via Phone
Simply leave your contact details at +65 6333 6666, and a CIMB sales agent will get in touch with you for your application. You may also furnish their online callback form here.
What are the Requirements for a CIMB Cashlite Personal Loan?
- CIMB Cashlite Personal loan can only be availed by Singaporeans and Singapore Permanent Residents
- Minimum age of 21 years old and above
- Minimum annual income of $30,000
As part of the application process, you will be required to provide and submit documentation to verify your eligibility, such as your SingPass (with 2FA enabled) for your Central Provident Fund (CPF) submission and a copy of your National Registration Identity Card (NRIC).
You will also be asked to furnish copies of files, which prove your financial capacity to repay the loan. This includes your latest computerized payslips, or if you are self-employed, you must show your income tax statement for the last two years and bank statements from the latest three months.
Upon approval of your CIMB Cashlite personal loan, new customers can expect cash disbursement almost instantly, while existing customers can simply convert their credit balance to cash if the application was made thru CIMB Clicks Internet Banking.
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Taking out a loan is a big decision, and a trustworthy financial institution will lead you to make informed and well-thought decisions to help you ease your financial burden and not bury you in debt even further.
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