CIMB Personal Loan Review
Applying for a loan can be a tedious endeavor, especially with the required paperwork and back and forth process. Even with all that hard work, loan approval isn’t guaranteed. Good thing there’s CIMB Personal Loan, an all-digital loan application that makes application fast, easy, and convenient. Interested? Find out more in this review.
Where Can I Use a CIMB Personal Loan?
CIMB Personal Loan is a fully digital personal loan that you can use in your business, personal projects, and during emergencies. It’s a convenient loan to apply for since it only requires a valid ID for all applicants and 1 income document for both employees and self-employed individuals. It also doesn’t require collateral, a guarantor, or a credit card.
Here are some of the common loan purposes:
- Business starter - More and more employees want to become entrepreneurs. Whether you’re winging it or have already saved up for this venture, your current budget might still not be enough. Apply for a personal loan to get your business started.
- Home renovation - If you’ve shifted from on-site to work from home, you might notice that your space needs to change to accommodate your work needs. Revamping your home is no easy feat, especially for your wallet. Get a personal loan to fund your plans.
- Tuition fees/school expenses - Thinking of furthering your education but find tuition fees too expensive nowadays? Don’t hesitate to invest in yourself. Get a personal loan to expand your knowledge and improve your business or climb up the career ladder.
- Emergency expenses - Unforeseen events can damage your personal property or cause physical injury. Some accidents are serious and involve huge costs. Apply for a CIMB Personal Loan and receive cash in 1-2 banking days.
Who Can Get a CIMB Personal Loan?
Before applying for a loan, you need to meet the following CIMB Personal Loan eligibility criteria:
- 21 years old when applying for a loan up to 65 years old upon loan maturity
- Filipino citizen and non-US person
- With an active local mobile number and mailing address
- Source of income:
- Minimum monthly salary of ₱15,000
- Employed: at least 6 months with their current employer or 1 year of continuous employment except if part of the top 15,000 corporations
- Self-employed: Business must be operational for at least 1 year
CIMB Personal Loan Requirements for Filipinos
- Valid government-issued ID
- Proof of income:
- Latest 1 month payslip
- Certificate of Employment
- BIR Form 2316 (W2)
- DTI registration and SEC registration of your business
Loan Rates and Sample Computation
To get a sample computation of your CIMB Personal Loan, you may contact them via phone or through their app.
- Via phone:
- From the Philippines through Globe, Smart, and PLDT toll-free - dial #CIMB (#2462)
- Outside of the Philippines - call (+632) 924 2462
- Via the CIMB Bank PH app: Help Center > fill out the Give Us Feedback form
CIMB Personal Loan Rates
- Loan amount: ₱30,000 to ₱1 million
- Loan terms: 12 to 60 months, 12 months interval
- Monthly interest rate: 1.12 to 1.95%
- Average annual contractual rate: 24%, 30%, or 36%
- Disbursement fee:
- Via CIMB account - 0%
- Via other banks - 1% of the principal amount or ₱500, whichever is higher
- ₱1.50 for every ₱200 loan (fraction of)
- Minimal requirements: No collateral, guarantor, or credit card required