CIMB Personal Loan Review 2024: Low Interest Rates from 2.80% Per Annum

Audrey Ng

19 April 2024 at 3:06 am·8-min read

CIMB Personal Loan Review: Interest Rates, Calculator & Approval Time

Perhaps you’ve got a wedding coming up, or a hospital bill to pay off. Or you could be planning to further your studies or embark on a small business venture. Whether it’s a major life event, unexpected medical expense or an educational/entrepreneurial endeavour, you’re in need of a reliable source of cash. One solution is to take out a personal loan.

Let’s delve into the CIMB Personal Loan and find out if it’s the right one for you.

CIMB personal loan application criteria

To be eligible, you need to be a Singaporean or PR aged between 21 and 70 years, and drawing an annual income of at least $20,000.

If you meet those criteria, congrats! You’re halfway to enjoying interest rates from as low as 2.80% (EIR from 5.28%), up to $2,000 cashback and a generous credit line with up to 8 times of your monthly income.

Applying for the CIMB Personal Loan is a breeze. Simply submit your application online using MyInfo—10 minutes is all it takes. CIMB will process your application within one working day and reach out to you regarding your loan status.

CIMB personal loan interest rate (2024)

The interest you pay depends on your loan amount and tenure from 1 to 5 years:

Loan of less than $5,000—the interest rate is 9% (EIR 16.17% – 18.15%)
Loan of S$5,000 – S$9,999 —the interest rate is 4.48% (EIR 9.10% – 8.26%)
Loan of S$10,000 – S$29,999—the interest rate is 3.38% (EIR 7.30% – 6.32%)
Loan of S$30,000 and above—the interest rate is 2.80% (EIR 7.30% – 5.28%)

As you can see, the larger the loan you take, the lower the interest rate. Don’t be fooled by the low interest rate though. You still have to pay back a larger portion of the loan and EIR on that amount.

What’s EIR, you ask? It stands for Effective Interest Rate, which essentially gives you the true picture of the interest you’ll be paying, factoring in processing fees and other charges.

CIMB also has a loan calculator to help you calculate how much you’re supposed to pay.

Loan amount less than $5,000
Loan tenure (years)	Interest rate (p.a.)	EIR (p.a.)
1	9%	18.15%
2		17.46%
3		16.96%
4		16.54%
5		16.17%

CIMB personal loan vs DBS, POSB, OCBC, UOB personal loan interest rates

But how does CIMB stack up against the heavyweights like DBS, POSB, OCBC, and UOB in terms of interest rates? Let’s put them to the test.

CIMB personal loan promotions

CIMB currently has a limited-time promotion where you can get up to a generous $2,000 cashback based on your qualifying approved loan amount and tenure. This is how much cashback you can get:

Loan tenure	Approved loan amount	Cashback
3-5 years	S$8,000 – S$14,999	$50
	S$15,000 – S$49,999	$300
	S$50,000 – S$79,999	$750
	S$80,000 – S$149,999	$1,000
	≥ S$150,000	$2,000

Compare all the best personal loans

Before diving headfirst into a loan agreement, it’s wise to do your homework. Use MoneySmart’s personal loan calculator to compare interest rates across multiple banks in Singapore. This handy tool breaks down all the essential details, from interest rates and EIR to processing fees and monthly installments, giving you a clear picture of your financial commitment.

With the right information at your fingertips, you can steer clear of overpriced loans and make a well-informed decision that suits your needs and budget.

HSBC logo

Per Month

^S$447

Per Month

HSBC Personal Loan

Interest Rate*
EIR: From 6.5%

From 3.6%

Total Amount Payable

^S$10,720

Processing Fee

S$0

Per Month

^S$447

Apply Now

More Details

Key Features

You will need a Personal Line of Credit account to apply for Instalment Plan (Personal Loan)
The current promotional interest rate for HSBC Instalment Plan (Personal Loan) is from 3.6% p.a. (EIR 6.5% p.a.) with no processing fee
The maximum period for repayment of HSBC personal loan (instalment plan with fixed monthly payment) is 7 years - Unique feature is most banks in Singapore are offering up to 5 years only
The HSBC Personal Line of Credit Instalment Plan (Personal Loan) has a tenure of 1-7 years.
A minimum loan size of SGD 10,000 and a tenor of at least 2 years get rewarded with a total cash back of SGD 3,000
No supporting documents are required for existing HSBC Personal Line of Credit customers
The minimum annual income for employed Singaporeans/PR to qualify for HSBC Personal Line of Credit is S$30K. For foreigners, the minimum annual income amount is S$10K higher than Singaporeans/PRs - S$40K
The maximum amount a Singaporean/PR with an annual income of S$30K can obtain with the HSBC personal loan is 4X your monthly income. Individuals earning an annual income of S$120K are able to obtain up to 8X their monthly income
Foreigners with annual income of at least S$40K can get a credit limit of up to 1X their monthly salary
The minimum monthly payment for the HSBC Personal Loan is 3% or SGD 15, whichever is higher
The late payment fee for HSBC Personal Loan is S$75
There is an annual fee of S$60 every year (first year waived)
Note that the rates provided to you are customised and might differ from what is displayed here. HSBC is regulated by the Monetary Authority of Singapore.

See all loan details

^S$441

Per Month

MoneySmart Exclusive

Faster Gift Redemption

UOB Personal Loan

Interest Rate*
EIR: From 5.43%

From 2.88%

Total Amount Payable

^S$10,576

Processing Fee

Per Month

^S$441

MoneySmart Exclusive:

[Faster Gift Redemption]
Get attractive gifts like an Apple Mac Mini, 512GB (worth S$1,156.85) or an Apple iPad Air, 64GB (worth S$895.40) or a Apple Watch Series 9 (GPS), 45mm (worth S$655) or a Samsung 32-inch Smart Monitor M5 (worth S$493) or a ErgoTune Classic Ergonomic Chair (worth S$399) or up to S$1,200 Cash via PayNow when you apply for UOB Loan through MoneySmart! T&Cs apply.

Valid until 30 Apr 2024

Apply Now

More Details

Key Features

Loans starting from S$1000
Loan tenure period of minimum 1 year to a maximum of 5 years
Rates from 2.88% p.a. (EIR from 5.43%) + 0% Processing Fee
No documents required for existing Credit Card members
Instant approval for applications submitted between 8am to 9pm for new UOB customers. Terms and conditions apply.
UOB Bank is regulated by the Monetary Authority of Singapore.
At MoneySmart, we strive to keep our information accurate and up to date. This information may be different from what you see when you visit a financial institution, service provider, or specific product site. MoneySmart shall not be liable to compensate the Customer should the information is not as updated as our Partner.

See all loan details

The calculator works out everything you need to know about the loan, including interest rate, EIR, processing fee, monthly installments and total repayments over the duration of the loan.

DBS logo

Per Month

^S$441

Per Month

Online Promo

DBS Personal Loan

Interest Rate*
EIR: From 5.79%

From 2.88%

Total Amount Payable

^S$10,576

Processing Fee

From 1% of Approved Loan Amount

Per Month

^S$441

More Details

Key Features

*Note that the rates provided to you are customised and might differ from what's displayed here. DBS Bank is regulated by the Monetary Authority of Singapore.

See all loan details

Still looking for a personal loan? Here’s a comparison of all the best personal loans in Singapore

The post CIMB Personal Loan Review 2024: Low Interest Rates from 2.80% Per Annum appeared first on the MoneySmart blog.

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The post CIMB Personal Loan Review 2024: Low Interest Rates from 2.80% Per Annum appeared first on MoneySmart Blog.

Original article: CIMB Personal Loan Review 2024: Low Interest Rates from 2.80% Per Annum.

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CIMB personal loan application criteria

CIMB personal loan interest rate (2024)

CIMB personal loan vs DBS, POSB, OCBC, UOB personal loan interest rates

CIMB personal loan promotions

Compare all the best personal loans

S$447

HSBC Personal Loan

Key Features

S$441

UOB Personal Loan

Key Features

S$441

DBS Personal Loan

Key Features

Latest stories

^S$447

^S$441

^S$441