CIMB advertise low interest rates Personal loans, as low as 4.50%, with the personal installment loan.
These can be taken out over several different periods, whatever is easiest and most suitable for applicant’s needs. These loans can be 1, 2, 3, 4, or even up to 5 year loans. With CashLite, customers can borrow up to 80% of their overall credit limit. If someone is in need of money and need to take out a loan that is quick and simple.
What is required for a CIMB CashLite Loan?
If applicants wish to get a personal loan with CIMB CashLite loan, they have to meet certain criteria. To be eligible, customers must be over the age limit, and earn at least a minimum of S$30,000.00. The borrowed loan amount cannot be less than S$1,000.00, and customers must have held a credit card account for at least 2 months and must send in an application for the loan to be approved.
For example, applying for a loan with a Cash Lite, a S$20,000.00 loan, over a 3 year, 36-month period, at 4.50% per annum, with an effective interest rate of 8.50% customers overall payable amount will be S$22,700.00, with monthly payments of $630.36. Bearing in mind the low interest rates CIMB offers are based on a credit rating.
If customers decide to pay out their loan early, they will have to pay out 3% of the remaining principle, or a fee of S$250.00, which ever works out to be the higher amount.
The good thing about taking out a personal loan with CIMB and their CashLite loan, is it one of the lowest available loans currently on the market at the moment.