- Personal Loan
- How to Apply for a CIMB Personal Loan (It’s Easy, Quick, and Convenient!)
How to Apply for a CIMB Personal Loan (It’s Easy, Quick, and Convenient!)
Published: September 9, 2021 | Updated: October 28, 2021 | Posted by: Moneymax | Personal Loan
Published: September 9, 2021
Updated: October 28, 2021
Posted by: Moneymax | Personal Loan
CIMB Bank is an all-digital bank that provides financial products and services to help you achieve your life goals. Aside from savings accounts, CIMB also offers a personal loan product customized to address different needs. Learning how to apply for a CIMB loan can help you take advantage of a loan amount of up to PHP 1 million.
Let’s walk through the things you need to know about this personal loan in the Philippines and how to increase your chances of a CIMB Personal Loan approval.
Table of Contents
- What is the CIMB Personal Loan?
- Who is Eligible for a CIMB Personal Loan?
- What are the CIMB Personal Loan Requirements?
- How to Apply for a CIMB Personal Loan
- CIMB Personal Loan FAQS
- 1. Can I apply for a CIMB Personal Loan via GCash?
- 2. What is the interest rate for CIMB Personal Loan/GCredit?
- 3. Will my GScore affect my CIMB Personal Loan application?
- 4. How much can I borrow from GCredit?
- 5. How is Revi Credit different from the CIMB Personal Loan?
- 6. What is a CIMB Personal Loan revision?
- 7. What is the CIMB Personal Loan disbursement process?
- 8. What should I do if my CIMB personal loan application is rejected?
- 9. How can I cancel my CIMB Personal Loan application?
- Final Thoughts
What is the CIMB Personal Loan?
The CIMB Personal Loan is a fully digital personal loan product that allows you to get a loan amount from PHP 30,000 to PHP 1 million, payable in 12 to 60 months.
What is the CIMB Personal Loan Interest Rate?
The monthly add-on interest rates range from 1.12% to 1.95%, which correspond to annual contractual rates of 24%, 30%, or 36%.
How Long is the CIMB Personal Loan Application Process?
CIMB ensures that the initial approval of personal loans is done within 10 minutes. However, the full and final approval can be within 24 hours, depending on the documents you’ve submitted.
Who is Eligible for a CIMB Personal Loan?
To qualify for the CIMB Personal Loan, you must meet the following criteria:
- 21 years old and above but not older than 65 years upon loan maturity
- Filipino citizen
- With Philippine mailing address and an active mobile number
- Employed for at least six months or have one year of continuous employment (unless working in the top 15,000 corporations)
- Operating for at least one year if self-employed
What are the CIMB Personal Loan Requirements?
If you meet the eligibility criteria, then it’s time to prepare the loan requirements. Here are the things that you’ll need to submit:
1. Valid ID – Here are the valid IDs that CIMB Bank accepts:
- Driver’s license
- Professional Regulation Commission (PRC) ID
- Social Security System (SSS) ID
- Unified Multipurpose ID (UMID)
- Postal ID
- COMELEC Voter’s ID Card
2. Proof of income – If you’re employed or unemployed, you’ll have a different set of income documents to provide.
- For employed loan applicants – Any of the following: latest one-month payslip, Certificate of Employment, or BIR Form 2316
- For self-employed loan applicants – DTI and SEC registration of your business
3. Disbursement account – Provide an active bank account where the loan proceeds will be disbursed. Also, a disbursement fee of 1% will be charged on non-CIMB Bank savings accounts.
4. Stable internet connection and good lighting – A strong internet connection and good lighting can help quickly upload documents and get the perfect selfie during the virtual verification process of the loan application.
How to Apply for a CIMB Personal Loan
Ready to get your CIMB personal loan application started? Here are the CIMB loan application steps both new and existing customers of CIMB.
CIMB Loan Application Steps for New Borrowers
- Download the CIMB Bank PH mobile app from the Google Play Store or the App Store.
- On the login page, tap Create an Account.
- Then tap I Need A Personal Loan.
- Provide the required information including your personal details, desired loan amount, and loan tenure.
- Read the terms and conditions. If you agree, tap Next. Tap Leave Application if you disagree.
- If you agree and continue with your CIMB personal loan application, you’ll be required again to provide more details, including emergency contact persons and employment information.
- Sign with your digital signature after you agree to the terms of the loan.
- Choose your disbursement method.
- Next, provide your income documents.
- Continue with the Virtual Verification.
- Lastly, an email with the loan contract will be sent to you once your CIMB personal loan application is approved.
CIMB Loan Application Steps for Existing Borrowers
Existing CIMB customers who have an UpSave, Fast Plus, or Fast account can also apply by following the steps below:
- Log in to your CIMB account through the mobile app.
- Choose Product on the homepage.
- Choose Apply for a Product.
- Select Personal Loan.
- Provide the initial details required.
- Choose the desired loan amount and loan tenure.
- If you agree to the terms and conditions, choose Next. If you disagree, tap on Leave Application.
- Once you agree and choose Next, you’ll need to provide additional information. Make sure you provide the details of your employment and your emergency contact.
- Provide your digital signature as well.
- Upload your income documents.
- Choose the method of receiving the loan.
- Proceed to the Virtual Verification process.
- Once approved, you’ll receive an email confirmation with the CIMB personal loan contract.
Note: Completing the Virtual Verification stage changes your CIMB personal loan application status from Application in Progress to Pending Final Approval. This means that the application is now subject to a final verification by the credit underwriters.
CIMB Personal Loan FAQS
1. Can I apply for a CIMB Personal Loan via GCash?
Yes. You can apply for a CIMB Personal Loan on GCash through GCredit. But to qualify, you must have a fully verified GCash account.
2. What is the interest rate for CIMB Personal Loan/GCredit?
The GCredit interest rate is 1% to 5% per month.
3. Will my GScore affect my CIMB Personal Loan application?
No. Your GScore won’t affect your CIMB personal loan application. But it will affect your GCredit application. For GCredit, your maximum loan amount and interest rate will depend on your GScore, which is a trust rating based on your GCash usage.
4. How much can I borrow from GCredit?
With GCredit, you can borrow up to PHP 10,000.
5. How is Revi Credit different from the CIMB Personal Loan?
Revi Credit is another product offering from CIMB. It’s a revolving credit line offered to select customers only. CIMB’s Revi Credit allows you to borrow up to PHP 250,000, with an interest rate as low as 1% per month. You can also convert your Revi Credit into cash or a term loan, whichever you may need.
6. What is a CIMB Personal Loan revision?
A revised loan may either affect your maximum loanable amount or your loan tenure. More often than not, a loan revision happens when the credit underwriter feels your monthly income is much lower than your declared amount. If you agree with the revised loan, then affix your digital signature and proceed with the loan application.
7. What is the CIMB Personal Loan disbursement process?
During application, you’ll be asked for the most convenient loan disbursement method. If you chose for the loan proceeds to be deposited to your CIMB account, expect the deposit immediately after your loan approval. However, if you nominated a different bank account, the loan proceeds will be posted within two business days.
8. What should I do if my CIMB personal loan application is rejected?
If your application is declined, you may check other loans from CIMB, like Revi Credit and GCredit. You may also wait for three months before applying again for a CIMB Personal Loan.
9. How can I cancel my CIMB Personal Loan application?
To cancel your loan application, go to the Loan Summary screen and choose the Leave Application option. This automatically cancels the application. You can still cancel your loan application up until the approval stage.
Now that you know how to apply for a CIMB Personal Loan, you’ll realize it’s another easy and convenient way to borrow money for an emergency. You don’t need to leave your home to get a loan, and you can get the result fast as well. This is because the CIMB personal loan application and approval process is fully digital.
However, before applying for a loan, make sure you know what personal loans are and how they work. Planning your loan application can also help you use your loan properly and maximize its benefits.
Check out these other personal loan application guides:
- Easy Guide to Applying for a BPI Personal Loan
- Home Credit Loans: Know the Pros and Cons Plus Steps to Application
- Your Quick Guide to Applying for an EastWest Bank Personal Loan
- CTBC Personal Loan: Guide to Application and Approval
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