Cimb Personal Loan

You can apply for a loan amount of up to maximum 8 times of your gross monthly income

The maximum loan amount for financing is RM100000

The loan tenure is from a minimum of at least 6 months to a maximum of up to 5 years

This CIMB Cash Plus Personal Loan is only for single applicant and that applicant must age between 21 years old to 58 years old

You only need a minimum of RM2000 as your gross monthly income to apply for this personal loan

It is only open to all Malaysian citizens.

 

CIMB Cash Plus is one of the most popular personal loan packages offered by CIMB Bank. You do not need to provide a guarantor or collateral in order to apply for this personal loan. However, the maximum loan tenure you are given to repay your loan amount is 5 years. CIMB Cash Plus offers loan financing amount from as low as RM2000 to as high as up to RM100000. The flat interest rates depends on the loan amount that you are applying for. Typically, the interest rates start from as low as 6.88% to as high as 13.88%. With 13.88% flat rate, the effective rate for this personal loan is 23.39% per annum.

 

Interest Rates

The list of interest rates are as the following:

For permanent employees

If your gross monthly income is between RM2000 to RM20000, the flat interest rate is 14.66% and the effective interest rate is 24%

If your gross monthly income is between RM20000 to RM50000, the flat interest rate is 10.88% and the effective interest rate is 18.62%

If your gross monthly income is between RM50000 to RM100000, the flat interest rate is 8.20% and the effective interest rate is 14.50%

If you are self-employed and your gross monthly income is between RM2000 to RM100000, the flat rate is 14.66% and the effective interest rate is 24%

Therefore, from the list above, we can see that a loan applicant can apply for loan financing amount of between RM2000 to RM100000. However, it is important to take note that the maximum amount depends on the loan applicant’s gross monthly income and requested loan amount. The common understanding is always you will always enjoy better and lower interest rates if you apply for a higher financing amount. Unlike permanent employees, loan applicants who are self-employed have to pay a higher interest rates. The maximum loan amount you can apply for in this personal loan package is 8 times of your gross monthly income and this amount is one of the highest amount that you can borrow based on your salary in Malaysia. Moreover, the approved loan amount also depends on your credit ratings.

 

Fees and Charges

While there are no processing fees to apply for this personal loan, you have to pay a 0.5% stamp duty fee and this 0.5% is based on the total loan amount. If you are late for repayments of the loan, CIMB will penalize you with a 1% per annum penalty fee. You can also choose to settle off your repayments earlier because there are no early settlement penalty fees for this personal loan. All the loan applicant needs to do is to give CIMB bank a 1 month notice before he or she makes the early settlement of the loan.

You are also required to buy the Cash Plus Assurance, the insurance for this personal loan. The insurance fee depends on the loan amount, age, and tenure of the loan. Sun Life Malaysia Assurance Berhad is the underwriter for the insurance in the case. In the event where the loan applicant dies before the end of the financing loan tenure, CIMB will waive the obligation for the loan applicant to pay up to RM25000.

 

Eligibility

This personal loan is only available to all Malaysian citizens between 21 years old to 58 years old by the end of the loan tenure. You also need to have at a least minimum of RM2000 gross monthly income.

 

Documents

Employed

A photocopy of your Mykad for front and back

Latest 3 months’ salary slips

Latest bank statements or salary credit account

 

Self Employed

A photocopy of your Mykad for front and back

A photocopy of Business Registration Form

Latest 6 months bank statement

Latest income tax return form with receipt

Latest Profit and Loss statements

 

Commission Earners

Latest 6 months of commissions’ statements with bank transaction payments

Latest B form with LHDN payment statement

 

Pros

You can enjoy 100% cash disbursement based on what you applied

Bundles insurance plans

 

Cons

None

 

  • February 24, 2017
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