CIMB Personal Loan Review 2024: Low Interest Rates from 2.80% Per Annum

CIMB Personal Loan Review: Interest Rates, Calculator & Approval Time
CIMB Personal Loan Review: Interest Rates, Calculator & Approval Time

Perhaps you’ve got a wedding coming up, or a hospital bill to pay off. Or you could be planning to further your studies or embark on a small business venture. Whether it’s a major life event, unexpected medical expense or an educational/entrepreneurial endeavour, you’re in need of a reliable source of cash. One solution is to take out a personal loan.

Let’s delve into the CIMB Personal Loan and find out if it’s the right one for you.

CIMB personal loan application criteria

To be eligible, you need to be a Singaporean or PR aged between 21 and 70 years, and drawing an annual income of at least $20,000.

If you meet those criteria, congrats! You’re halfway to enjoying interest rates from as low as 2.80% (EIR from 5.28%), up to $2,000 cashback and a generous credit line with up to 8 times of your monthly income.

Applying for the CIMB Personal Loan is a breeze. Simply submit your application online using MyInfo—10 minutes is all it takes. CIMB will process your application within one working day and reach out to you regarding your loan status.

CIMB personal loan interest rate (2024)

The interest you pay depends on your loan amount and tenure from 1 to 5 years:

  • Loan of less than $5,000—the interest rate is 9% (EIR 16.17% – 18.15%)
  • Loan of S$5,000 – S$9,999 —the interest rate is 4.48% (EIR 9.10% – 8.26%)
  • Loan of S$10,000 – S$29,999—the interest rate is 3.38% (EIR 7.30% – 6.32%)
  • Loan of S$30,000 and above—the interest rate is 2.80% (EIR 7.30% – 5.28%) 

As you can see, the larger the loan you take, the lower the interest rate. Don’t be fooled by the low interest rate though. You still have to pay back a larger portion of the loan and EIR on that amount. 

What’s EIR, you ask? It stands for Effective Interest Rate, which essentially gives you the true picture of the interest you’ll be paying, factoring in processing fees and other charges.

CIMB also has a loan calculator to help you calculate how much you’re supposed to pay.

 

Loan amount less than $5,000
Loan tenure (years) Interest rate (p.a.) EIR (p.a.)
1 9% 18.15%
2 17.46%
3 16.96%
4 16.54%
5 16.17%

 

CIMB personal loan vs DBS, POSB, OCBC, UOB personal loan interest rates 

But how does CIMB stack up against the heavyweights like DBS, POSB, OCBC, and UOB in terms of interest rates? Let’s put them to the test.

CIMB personal loan promotions 

CIMB currently has a limited-time promotion where you can get up to a generous $2,000 cashback based on your qualifying approved loan amount and tenure. This is how much cashback you can get:

Loan tenure Approved loan amount Cashback
3-5 years S$8,000 – S$14,999 $50
S$15,000 – S$49,999 $300
S$50,000 – S$79,999 $750
S$80,000 – S$149,999 $1,000
≥ S$150,000 $2,000

 

Compare all the best personal loans 

Before diving headfirst into a loan agreement, it’s wise to do your homework. Use MoneySmart’s personal loan calculator to compare interest rates across multiple banks in Singapore. This handy tool breaks down all the essential details, from interest rates and EIR to processing fees and monthly installments, giving you a clear picture of your financial commitment.

With the right information at your fingertips, you can steer clear of overpriced loans and make a well-informed decision that suits your needs and budget. 

 

HSBC logo

Per Month

S$441

Per Month
Online Promo
Quick Application via MyInfo, Instant Disbursement
Interest Rate*
EIR: From 5.5%
From 2.92%
Total Amount Payable
S$10,584
Processing Fee
S$0
Per Month
S$441
UOB logo

Per Month

S$441

Per Month
MoneySmart Exclusive
Faster Gift Redemption
Interest Rate*
EIR: From 5.43%
From 2.88%
Total Amount Payable
S$10,576
Processing Fee
0%
Per Month
S$441
MoneySmart Exclusive:

[Faster Gift Redemption]
Get attractive gifts like an Samsung Galaxy S24, 512GB (worth S$1,458) or an Apple iPad Air, 64GB (worth S$895.40) or an Apple Watch Series 9 (GPS), 45mm (worth S$655) or an Apple iPad 9th Gen, 64GB (worth S$508.30) or up to S$1,200 Cash via PayNow when you apply for UOB Loan through MoneySmart! T&Cs apply.

Valid until 30 Jun 2024

The calculator works out everything you need to know about the loan, including interest rate, EIR, processing fee, monthly installments and total repayments over the duration of the loan.

DBS logo

Per Month

S$439

Per Month
Online Promo
Interest Rate*
EIR: From 5.43%
From 2.68%
Total Amount Payable
S$10,536
Processing Fee
From 1% of Approved Loan Amount
Per Month
S$439

Still looking for a personal loan? Here’s a comparison of all the best personal loans in Singapore