CIMB Personal Loan Singapore | Apply for Personal Loans in Singapore

Loans | Personal Loans
by Priyadarshini 10 May 2022

Personal loans, which offer lower interest than credit card debt, are still considered fairly expensive, so you should only use them when you have an emergency for which you do not have the cash, such as emergency medical treatment. We tell you about CIMB personal loan Singapore, commonly known as CIMB CashLite, for people who really require a personal loan for a non-frivolous cause.

Related – Loans in Singapore

Criteria for CIMB personal loan Singapore Applications

CIMB CashLite is only available to existing CIMB credit cardholders. If you do not already have a CIMB card, you must first apply for the CIMB Visa Signature Credit Card. This is required since your monthly payments will be charged to the credit card. If you’re hesitant to sign up for a new credit card, the CIMB Visa Signature is free for life (ie. does not charge annual fees).

The following people are eligible for the card:

Singaporeans and PRs must be at least 21 years old. A minimum annual income of $30,000.
Unfortunately, CIMB does not specify application conditions for foreigners, therefore it is probable that they only accept Singapore citizens and PR candidates.

The time it takes for a CIMB personal loan Singapore to be approved

You must have a CIMB credit card before applying for the CIMB CashLite personal loan. If you apply for the card online at CIMB’s website, they can approve it within one day and then contact you regarding your loan application. Existing CIMB cardholders can apply for CashLite through SMS or by completing their online form and waiting for a call back within one working day. When your loan is authorized, CIMB will instantly disburse the funds.

CIMB offers a decent interest rate, however, its EIR for new-to-bank customers is shockingly low in comparison to the other banks. This is due to the fact that they do not charge any processing costs.

You may be wondering what EIR is. Effective Interest Rate (EIR) standards This is the “actual” interest rate you pay after all processing fees and other costs are incorporated into the cost of your loan and compounding interest is applied. So, if you want the loan with the lowest monthly payments, you should opt for one with the lowest interest rate. However, if you want the loan that is the cheapest overall, you should choose the one with the lowest EIR.

CIMB’s SmartLite becomes one of the most affordable personal loans on the market—but only if you are a new-to-CIMB customer and thus qualify for their promotional interest rates.

Insurance | Credit Cards | Loans | Banking |

personal loans
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