Is getting a CIMB CashLite Personal Loan worth it?
CIMB Personal Loan is a borrowed money that you can use for various purposes. You can use it depending on your financial needs.
Most borrowers take a personal loan to consolidate their debt or pay for home renovations. Many financial institutions can offer such a product, but it’s better to find which provides the most favourable interest and terms.
Among financing entities, CIMB offers a personal loan with competitive rates. But once you get a personal loan, note that you repay it on time. Also, you should be aware that lenders do charge several fees. But that depends on the company’s terms and conditions.
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CIMB Personal Loan Reviews
CIMB CashLite Personal Loan Singpore
CashLite Personal Loan is where you can convert your available credit limit into cold cash and use it to where you need it most.
Four Features of CIMB CashLite Personal Loan
- Enjoy Low-Interest Rates
- Get Instant Disbursement
- Choose from Flexible Loan Tenure
- Take Generous Credit Limit
Enjoy Low-Interest Rates
CIMB new customers will enjoy a 3.50%* interest rate per annum, valid until June 30, 2021. But please note that the interest rates aren’t fixed. That also depends on your risk profile.
You can take a personal loan through CashLite at least S$1,000. And, getting a loan in CIMB CashLite won’t cost you any processing fee.
Now, if you’re wondering how much will be your monthly instalment, let’s make an example.
For instance, you took a loan with CIMB CashLite worth S$10,000. Here’s how much monthly instalment you need to settle overtime:
Interest rates for existing CIMB customers will be 4.50%. Compared to other banks in the market, such a rate is cheaper yet, not considered to stand out. Here’s how much it would cost you if you take a loan:
Upon your application, CIMB will issue you a CIMB Platinum Mastercard. Use it and claim your loan proceeds through this card. That’s how smooth you can get your instant cash loans.
For existing cardholders, you can convert your available credit balance into cash whenever you need it. Converting of credit can quickly be done through CIMB clicks internet.
Flexible Loan Tenure
As shown in the tables provided above, you get options from one to five years of the loan term.
Before you decide to apply, ensure to estimate your desired loan amount based on these loan tenures. Then, choose which you think can pay off the debt without any problems.
Take Generous Credit Limit
CIMB is one of the banks offering a generous loan amount that borrowers can take as much as 90% of their available credit limit. But note that if you apply for the promotion, you’ll get up to 70%.
People who can apply for CIMB CashLite are the following:
- Singapore citizens and Permanent Residents
- You must be at least 21 years old, earning a minimum annual income of S$30,000.
- CIMB existing card members: Platinum Mastercard, Visa Signature, World Mastercard, and Visa Infinite
Application for CIMB Personal Loan
Online Loan Application
In as fast as ten minutes, you can create an account online without any human intervention.
Experience a Paperless Loan Application.
There’s no wasting time and money in going to a bank. So instead, you sit back on your couch and go to CIMB Clicks App. Create an account through the app site without leaving your place.
Take a quick Selfie for verification.
Selfies aren’t just for IG and Twitter. In the digital world, it’s one way to verify the borrower’s identity.
Banks will require you to scan a valid ID and use it as their basis during a real-time selfie check.
Affix your signature digitally.
Confirm the information by signing in using your smartphone or by taking a picture of your signature.
The other way to apply for CIMB CashLite is through SMS and Let us call you.
Via SMS: Send CASHLTWebFull Name (e.g. CASHLT Web Grace Tan) to 72008.
Via “Let us call you.”
It’s a messaging feature where you can leave CIMB a message. You can apply through it by leaving some contact details.
A sales personnel will get in touch and assist you within one working day. After that, you only have to leave a message such as “CASHLITE” in the field.
How to get a CIMB CashLite Loan Approval?
Applying for a loan requires you to, first, meet all requirements needed. Every bank has its own set of standards.
Aside from that, there are some factors that banks are considering. They look into borrowers’ income profile and creditworthiness.
CIMB can verify whether you can afford to repay the loan amount over time or not by checking your income profile. While with your credit reports, they may be able to verify if you’re a responsible borrower.
Creditworthiness is about your financial behaviour in settling your debt. Credit Report can give impressions to banks. It shows whether you pay debts on time or get default on debt.
The summary of your credit report can be your credit score. The excellent record you have, the higher the credit score you gain. But if you get an adverse history, the lower score you get.
Many loan applicants fail to get loan approval due to these two factors. Another scenario is if you’re a zero-credit account holder. People who have no credit history falls into this category. And most banks consider them as high-risk borrowers.
Licensed moneylenders offer low-interest personal loans that need fewer requirements. Plus, they entertain high-risk borrowers, especially those who don’t have any records yet. It’s the best way to start building your credit.
Now, if you’ve decided to get a CIMB CashLite Personal Loan, be sure to prove to them how reliable a borrower you are. If you think there’s a need to improve your credit score, pay your debts on time. As much as possible, avoid missing payments.
CIMB Personal Loan Contact Numbers
In case you have concerns about the CIMB CashLite application, you can reach them through the following:
Open from 9:00 am – 7:00 pm
- Customer Service: +603362047788
- Service Call Centre: +6363337777
- Preferred Call Centre: +6363331111
Open for 24 hours
- Credit Card Call Centre: +6563336666
How to check CIMB Personal Loan Application Status?
Check your loan application status through the net banking portal. You can do it as simple as logging into your net banking – CIMB Clicks. Then, proceed to the “View Account Status” to check your application.
If you want to know your subscription status, go to the “Subscription Status” section.
Or, you can reach them through their customer service and ask directly with regards to your loan application.
CIMB Personal Loan Calculator: Estimate your monthly instalment
Here’s an easy way on how you can estimate your monthly instalments. If you don’t know yet how much loan you want to take, you can use CIMB’s Personal Loan Calculator. It’s a tool made for borrowers to help them calculate the instalment, including the interest ate incurred to the loan amount.
All you need to do is key in your desired amount and your chosen loan tenure. Then, you’ll get the following:
- Monthly instalment
- Interest Rate Incurred
- Total Interest Charged
- Total Loan Payment Amount
With personal loans, people can support their finances, especially when they’re in dire need of extra money.
CIMB provided excellent financial services such as CashLite Personal Loan. If you apply for a loan, be sure to use it properly and repay it responsibly.