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CIMB CashLite Personal Loan

CIMB CashLite Personal Loan
(Product Review)

Updated November 18, 2022

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3%

Annual Interest Rate

$1,000

Minimum Loan Amount

$0

Processing Fee

Product Review

CIMB Cashlite personal loan is an innovative financial product that transforms available credit card limits reaching 90% into loans. The converted loans range between 1 to 5 years. Active customers also have access to favorable promotions. CIMB designed its loan package to add minimal annual interest rates for everyday banking customers. The rates were adjusted and matched with offers of other popular banks. This exceptional loan platform offers new clients exciting promotions and rates. So, clients in need of urgent cash to offset emergencies or important financial needs can consider CIMB Cashlite personal loan and enjoy desirable privileges.

Individuals with a stable income will benefit from CIMB Cashlite personal loans. These are individuals who need loans or desire to boost their credit scores. CIMB Cashlite personal loan offers 3.50% annual interest rates to their prospective clientele. Thus granting affordable loans to Singapore citizens.

However, when compared with the market value of other financial institutions, the CIMB Cashlite loan is not one of the most accessible loans, especially in terms of total loan costs.

Nonetheless, your total loan cost will be reduced if you apply for a loan that has a one-year duration. For instance, a reputable bank may offer a 3.48% promotional interest rate, but an EIR of 6.95%. However, CIMB’s 6.40% EIR for a year loan tenure is among the lowest in the market.

For its existing customers, CIMB charges a non-negotiable annual interest rate of 4.50%, which is reasonable when compared to the average market value. However, concerning the effective annual interest rate and total loan cost of your chosen loan, CIMB’s CashLite is in the cheap sphere of the market but does not have any unique features that will make its services stand out.

CIMB Cashlite borrowers are charged 8.21% to 8.41% EIR for a 1 to 5-year loan, which is a better deal compared to competitors like Maybank’s CreditAble Term Loan and OCBC’s extra cash loan. Concurrently, CIMB’s CashLite is not as cost-effective as HSBC’s Personal Loan and Standard Chartered’s CashOne Loan. These loan packages are designed to charge more competitive EIR rates for loans greater than 1 year.

CIMB Cashlite Standard Fees

A few fees are required when taking out a CIMB Cashlite personal loan. However, unlike other banks, CIMB does not charge a processing fee. This means every borrower does not have to pay to successfully obtain a loan. However, if you make a late deposit, you will be charged S$100 and pay the outstanding balance in the subsequent month. On the flip side, if you terminate the contract early, CIMB will charge you an early termination fee of 3% of the outstanding principal loan or S$250, whichever is greater.

Fee Fiat Rate
Processing Fee S$0
Late Payment Fee S$00
Early Termination Fee 3% of Outstanding Principal or S$250

Application Criteria

Singapore citizens and Permanent residents (PR) are eligible for the CIMB Cashlite personal loan. They have to be between the ages of 21 to 65 to apply.

As a standard financial history requirement, all applicants must meet the minimum annual income requirements of $30,000. This makes CIMB CashLite personal loans a marvelous option for Singaporeans and PRs with lower annual income, especially those earning less than $50,000 per year.

PROMOTIONS

Get cashback of up to S$1,000 based on the approved loan amount and tenure.

APPLICATION PROCESS

  • Apply via ROSHI

    You may begin your application by clicking on the CIMB application link.

    Immediately after you choose the loan, there are 3 ways for you to apply. You can either fill in an application form, send an SMS to 72008, or hit the “Let Us Call You” button on the CIMB page to allow a loan manager to contact you.

CIMB CASHLITE PERSONAL LOAN HIGHLIGHTS

  • Adjustable loan tenure

    CIMB CashLite offers a long loan duration that ranges between one to five years.

  • Quick Loan Disbursement

    For borrowers who are seeking quick cash, the CIMB CashLite personal loan provides instant cash access

  • Zero processing fee

    CIMB CashLite has no processing fees

  • Competitive interest rates

    New customers who apply for both a CIMB credit card as well as the CIMB CashLite personal loan enjoy competitive rates of 3.5% p.a.

  • Not available to foreigners

    The CIMB CashLite is only available to Singaporeans and Permanent Residents

  • High Initial Fee

    Initial annual fee of $199 (deducted from your approved loan amount)

EXTERNAL REVIEWS

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