What is a personal loan?
A personal loan is an unsecured form of credit, meaning you don’t need to offer any collateral to secure the loan amount. This type of loan is popular due to its flexibility, allowing you to use the funds for a wide range of purposes, such as consolidating debt, covering financial emergencies, funding a renovation, or even paying for a holiday.
Another key feature is that personal loans come with fixed interest rates, ensuring that your monthly installments remain the same throughout the loan tenure, giving you better predictability and control over your budget.
With CIMB’s personal loan, repayment terms can be customized based on your needs, ranging from 1 to 5 years. This flexibility allows you to choose the best option based on your financial capacity without affecting your lifestyle. Lastly, it’s worth noting that applying for a personal loan is usually quick and easy, especially with CIMB’s fully online process and fast approval.
Who can apply for the loan?
✔ Be a Singapore resident or a foreigner with a valid pass.
✔ Be aged between 21 and 65 years old.
✔ Have a minimum annual income of S$ 24,000 (for citizens and PRs) or S$ 60,000 (for foreigners).
What documents are required to apply?
✔ Identity document (NRIC or passport).
✔ Proof of address (recent utility bill or bank statement).
✔ Proof of income (recent payslip, income tax statement, or CPF statement).
✔ For foreigners: a copy of a valid work pass.
What fees are charged?
✔ Interest rate: starting from 2.8% per annum.
✔ Processing fee: typically 1% of the approved loan amount.
✔ Late payment fee: S$ 80 for each missed installment.
✔ Early settlement fee: up to 2% of the remaining balance.
A tip for you!
Before applying for any loan, it’s crucial to assess your financial situation carefully and decide whether you really need the credit. While personal loans provide the convenience of having funds readily available for various purposes, they also come with repayment commitments. Having a clear understanding of your budget and monthly expenses can help prevent you from taking on more debt than you can comfortably manage.
It’s also important to think about how you plan to use the loan. A personal loan can be a helpful tool for covering emergencies or making significant investments, but it’s vital to ensure that the amount you borrow will be used responsibly and won’t negatively affect your long-term financial stability. Managing your money wisely is the first step to maintaining a healthy financial life, and a loan can be a valuable ally if used with careful planning.
Apply for a CIMB personal loan now!
If you’re ready to apply for a CIMB personal loan, don’t wait any longer! Click the button below to be directed to the official bank website, where you’ll find all the information you need and can start your application process quickly and securely.