In this CIMB personal loan review, Corner4men will talk you through the benefits and requirements of this special no-collateral loan. It doesn’t require a high salary or proof of employment so it is one-of-a-kind on the market.

CIMB personal loan processing time is within one working day, one of the fastest, ideal for an emergency.

CIMB Personal Loan Review

CIMB Bank Personal Loan Interest Rate

CIMB Cash Plus’s rates range between 6.88% p.a. and 14.88% p.a. The exact rate depends on the internal criteria of the bank.

It’s true that you can get lower rates elsewhere, some loans only ask for 3.9%, but it is the loan with the loosest criteria. For others loans, you might be required to prove that you are employed in the same company for a minimum of two years. Some have so strict requirements that only people like civil servants are able to apply.  

The approving criteria are not revealed and your tiered CIMB personal loan interest depends on them. CIMB assured that credit scores didn’t play an important role in determining the rate but yours still need to meet certain requirements on debt service ratio and credit score in order to apply.

CIMB Bank Personal Loan Fees

CIMB personal loan early settlement fee, stamp duty, and processing fees are zero, meaning you will get the full disbursement, compared to the 0.5% deduction for fees of some other plans. However, late payment is subjected to a 1% penalty of the outstanding payment.

Overall, here are the pros and cons we would like to point out in this CIMB personal loan review:

Pros:

• Quick approval: you can get your loan as soon as the next working day.
• A high multiplier of 8 times of your salary. While this isn’t the highest you can get as some other options offer up to 10x, but a lot of them only allow 5x.
• No fees. The loan comes with no stamp duty, processing fees, or early settlement fees.
• No collateral or guarantor. You need neither of them to qualify for CIMB Cash Plus.

Cons:

• CIMB personal loan interest rate is 6.88%, not the most competitive on the market.
• Short tenure of up to five years. You can easily find another financial plan that offers as many as 10 years, giving you the flexibility when you need to stretch the loan or pay it off fast.

CIMB Bank Personal Loan Requirements

Here are the requirements of CIMB Cash Plus:

• You must be between 21 years old to 65 upon the loan maturity.
• The loan is for individuals only.
• Citizens of the Philippines or a non-US citizen
• The citizen must have a Filipino mobile number and a mailing address.
• A minimum of PHP 15,000 gross monthly income.
• If the applicant is employed, he or she must have continuous employment of 6 months to a year if the company isn’t among the top 15,000 corporations. If the applicant’s salary is credited under the CIMB payroll account, he or she will be exempted.
• Those who are self-employed must operate for more than a year to be able to apply.

Here are the documents you must provide:

• Passport
• Driver's License or its variants.
• Postal ID
• Voter's ID card
• PRD ID
• Social Security System
• Unified Multipurpose ID

What Sets CIMB Loan Apart?

Unlike most other banks, this loan doesn’t require credit cards, a CIMB bank account, or post-dated checks. This is the biggest difference setting it apart from other loans. Another highlight of the loan is that it is available on their app only. Users don’t need to go to the bank in person to be able to apply. An advantage of the CIMB bank app is that users can deposit money to Google GCash account.

The app-based approach is essential because CIMB hasn’t established its physical office in the Philippines. So this means you will have to do everything online, even the processes that are better done in person. This is another disadvantage we would like to point out in this CIMB personal loan review. They do have a hotline for customer support but nothing can replace a face-to-face experience.