CIMB Group has been an ASEAN global bank as well as one of Asia’s major investment banks. CIMB offers various personal loans to meet a wide range of demands.
If you need a loan for a vacation, a wedding, or simply a vehicle accessory, CIMB personal loan can meet your financial demands.
CIMB personal loan
Table of Contents
Overview
CIMB personal loan is pretty unique in the current market. This is one no-collateral loan with no need for a guarantor! Furthermore, they do not have their physical location to conduct business with them.
Everything, including their application, is done through their app. Registration is rather simple; all you need is a local number to call and one valid ID to use.
In addition, this still has a simple application procedure and a quick response time, but it also has a wide range of loan options, from the quantity to the pay period.
CIMB App User Interface
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Why Should You Choose This Loan?
Of course, there are situations when one personal loan would be just what you require. It may be a lifesaver in unexpected personal crises such as replacing important things due to natural disasters, necessary housing repairs, or other unexpected major bills.
More specifically, it provides a competitive interest rate for such an uninsured personal one. When contrasted to certain other banks, it is the lowest. Its monthly plus interest rate is in the range of 1.12% – 1.95%, corresponding to 24%, 30%, and 36% yearly contract rates.
Nevertheless, where the Personal Loan excels would be in the loan amount flexibility – you may take as much cash as you will need or choose not to keep borrowing than you need.
What Are Requirements?
Below are the documents you’ll have to submit:
Legitimate ID
The following are the legal IDs accepted by CIMB Bank:
- Passport
- COMELEC ID Voter Identification Card
- A valid driver’s license
- Postal ID
- Social Security System (SSS) ID
Evidence Of Income
Depending on whether you’re working or jobless, you’ll need to present a separate set of documents.
For working candidates, information such as the most recent one-month salary stub, Certificate of Occupation or Form BIR 2316 will be accepted.
DTI & SEC registration from the firm is required for self-employed applicants.
Disbursement Account
Include an operational bank account into which revenues will be deposited. A 1% disbursement fee will also be paid to accounts that are not part of the CIMB bank.
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How To Register For This Loan?
For Fresh Account Registrants
- Download the application from the App Store or Google Play on your mobile phone.
- Select Create an Account on its login page.
3 Steps To Apply For Beginners
- Provide the necessary information, such as personal information, desired size, and tenure.
- Check the terms carefully. Tap Next if you accept. in case you disagree, select Leave Application.
- If you accept and proceed with the application, you will be asked to give further information, such as emergency contact details and job information.
- After you have agreed to its terms, sign using a digital signature.
Digital Signature at CIMB
- Select a mode of distribution.
- Following that, you must give proof of your income.
- Proceed with the part Virtual Verification.
- Finally, you will get an email containing the contract after your application is accepted.
Fill in Sign Up Details
For Current Borrowers
They are users who get a Fast Plus, Fast account, or UpSave. So they can do it in the following order:
- Use your mobile app to access your account.
- On its homepage, click Product.
- Choose Personal Loan.
- Fill up the blanks with the necessary information.
- Select the size and term that you want.
- Select Next if you accept its terms. If you don’t agree, click Leave Application.
- After you accept and press the Next button, you’ll be prompted to provide further information. Then, make sure to include your work information as well as your emergency contacts.
- Please also provide the digital signature.
- Please provide your income documentation.
- Select a method for receiving loans.
- Continue with its Virtual Verification procedure.
- When your application is approved, you will get a confirmation email along with your contract.
FAQs
What Distinguishes This Loan From Others?
To begin with, unlike the other unsecured loans given among most banks, it does not need post-dated cheques or one credit card.
This alone distinguishes it from similar items. Another distinguishing element is that this is only accessible via their app. There is no requirement for any third-party software or a bank presence.
What To Consider When You Apply For This Loan?
According to CIMB’s marketing, its monthly rates of interest range from 1.12 percent to 1.95 percent. These, however, equate to yearly contract rates of 24 percent, 30 percent, or 36 percent.
While it is simple to implement for a larger one, including a long-term with CIMB, you may wind up paying nearly or more than half of the principal amount when you choose a duration of much more than one year.
The interest rate charged by CIMB is rather high, although it is fairly common for most unsecured loans from lenders, including banks. Lastly, CIMB does not have any physical branch where you may go for urgent matters.
What Is The Interest Rate On This Loan?
The interest rate ranges from 1% to 5% each month.
How Is This Loan’s Revision?
A changed loan may affect the maximum loanable volume or the duration.
The revision is more likely to occur whenever the credit inspector believes your monthly salary is much smaller than your reported amount. In the case you accept the amended one, sign the digital signature, then continue with its application.
How Is The Disbursement Process?
You will be prompted to select the most appropriate disbursement option during the application process.
If you opt to have the profits transferred into your account, the deposit will be made as soon as the loan is approved. If you specify a different account, the profits will be deposited into that account after two days.
Conclusion
CIMB personal loan is a smart financial alternative. As with any significant financial choice, consider whether you may afford your loan and accept what you could afford.
Furthermore, smaller payments may sound fantastic on the budget, but you might quickly wind up paying considerably more than you’re borrowing! Therefore, constantly consider the total cost throughout the life of your loan and change it accordingly.
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