CIMB CashLite Personal Loans converts available credit card limits of up to 90% into 1-5 year loans for its bankers. For existing customers, associated costs like the annual interest rates and effective interest rates fall on the lower end of the spectrum when compared with other major banks. Furthermore, CIMB's CashLite loan offers one of the lowest promotional rates for new customers, making it an attractive option for those who want to borrow cash inexpensively for a short period of time.
|Summary of CIMB Cashlite Personal Loan|
|One of the lowest personal loan interest rates for new customers, with an annual interest rate of 3.5% and an EIR of 6.6%|
|Instant disbursement to CIMB credit card|
|No processing fee|
Table of Contents
What Makes CIMB Personal Loans Stand Out To Borrowers
CIMB CashLite loans are affordable for those who have a stable source of income but need cash advances or want to build their credit scores. Currently, their rates for new customers of 3.50% interest p.a. are some of the cheapest in the market. Compared within the market as a whole, the CIMB CashLite loan is on the cheaper end of the spectrum for new customers, though it is not the cheapest available unless you are looking to pay off the loan within 1 year. For instance, Standard Chartered is offering a 3.48% promotional interest rate, but a higher EIR of 6.95%. However, CIMB's 6.40% EIR for a 1 year loan is the lowest on the market. The following table shows what you would pay if you take out a S$10,000 loan.
Table of CIMB's Personal Loan Interest Rates and Monthly Costs for New Customers
|Loan Duration||Flat Rate||Processing Fee||EIR||Monthly Instalment||Total Cost|
For its existing customers, CIMB charges a flat annual interest rate of 4.50%, which is middle-range compared to the market average. Moreover, looking at the effective annual interest rate, or the total amount you can expect to pay when you take out a loan, CIMB's CashLite is in the cheaper range in the market but doesn't necessarily stand out.
Existing customers will be charged between 8.21% - 8.41% EIR for a 1 to 5 year loan, which is a better deal compared to competitors like Maybank's CreditAble Term Loan and OCBC's ExtraCash loan. At the same time, CIMB's CashLite is not as cost-effective as HSBC's Personal Loan and Standard Chartered's CashOne Loan, who charge more competitive EIR rates for loans greater than 1 year.
Who Can Apply: Eligibility Criteria
In order to qualify for the loan, you must be a citizen or permanent resident of Singapore who is at least 21 years old. Furthermore, you must have a salary of at least S$30,000 a year. Moreover, CashLite requires a minimum amount borrowed of S$1,000. Both existing and new CIMB customers can apply for the loan, but please be aware that existing customers do not qualify for the lower new customer rates. If you are an existing CIMB customer and you find the rates to be too high, you can compare the rates with other banks.
|Tenure||New Customers||Existing CIMB Bank Members|
Other Charges and Fees
There are a few fees required to maintain this loan. However, unlike its competitors, CIMB doesn't charge a processing fee, meaning you do not have to pay to successfully acquire the loan. If you make a late payment, however, you will be charged S$100 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.
|Late Payment Fee||S$100|
|Early Termination Fee||3% of Outstanding Principal or S$250|
How To Apply: Application Process
There are three easy ways to apply for the loan with or without an account: creating an online application, sending an SMS text message with "CASHLT PG (full name)" to 72008, or requesting a bank member contact you online.
As part of your application, you must provide documentation, including your latest computerised payslip. If you are self-employed, you must show the last two years income tax statements and the last three months worth of bank statements. In addition to proof of income, you must provide your Singpass (with 2FA enabled) for your CPF statement submission, and a copy of your NRIC.
New customers can expect cash disbursed immediately after the approval of the loan, which typically takes around 5 working days from the application submission. For existing CIMB Credit Card cardmembers, you can convert your available credit balance to cash instantly if you apply with CIMB Clicks Internet Banking.