CIMB Personal Loan Review Calculator? Requirements Philippines

If you are looking for a quick and easy way to get the funds you need, CIMB Personal Loan review, GCash, renewal, and application can help.

At retailasiaonline.com, we will provide a comprehensive review of this loan, including the interest rates, repayment terms, and requirements. How to Apply?

We will also provide a calculator example so you can estimate your monthly payments.

Let’s dive in!

Summary of CIMB personal loan

✅ Reviews	⭐ CIMB personal loan
✅ How to apply	⭐ Personal loan in CIMB bank
✅ Loan Amount	⭐ ₱30,000 – ₱1,000,000
✅ Age	⭐ 21 – 65 years old
✅ Term	⭐ 12 – 60 months
✅ Interest rate	⭐  1.12% – 1.95 % per month
✅ Requirements	⭐  Valid government-issued ID
✅ Pros	⭐ Fast approval
✅ Cons	⭐ Debt Burden
✅ Evaluate the effectiveness	⭐ Good
✅ Harassment	⭐ Call directly or email
✅ Complaints	⭐ No
✅ Legit	⭐ Yes
✅ Phone number	⭐ +63 289 242 462
✅ Registration number	⭐ 197201001799 (13491-P)

What is a CIMB personal loan?

The CIMB Personal Loan App is a digital platform offered by CIMB Bank letting users apply for personal loans conveniently. Borrowers can obtain loans ranging from ₱30,000 to ₱1,000,000 with a repayment period of 12 to 60 months. The app simplifies the loan application process using just one ID and payslip.

Pros of Personal loan in CIMB bank

Personal loan in CIMB Bank offers several advantages as follows:

• Easy Approval: This bank provides initial loan approval in as little as 10 minutes.
• Flexible Loan Terms: Borrowers can select loan terms ranging from 12 to 60 months.
• No Processing Fees: Its personal loans often come with no processing fees.
• Large Loan Amount: Borrowers can apply for loans of up to ₱1,000,000.
• Loan Loyalty Program: CIMB offers a Loan Loyalty program with increasing interest rebates for loyal customers.
• High Savings Interest: Its savings accounts offer competitive interest rates, contributing to overall financial management.
• Various Uses: Personal loans can be utilized for a variety of purposes, including debt consolidation, education, medical expenses, and more.
• Quick Disbursement: Once approved, funds can be disbursed quickly, helping borrowers meet their financial needs promptly.

Cons of CIMB bank personal loan

CIMB personal loan offers many advantages, but there are cons to consider as well:

• Higher Interest Rates: Interest rates for personal loans can be higher compared to other forms of credit.
• Eligibility Requirements: Personal loans might have strict eligibility criteria, potentially excluding some applicants.
• Fees and Penalties: Fees and penalties associated with personal loans, such as late payment fees, can be significant.
• Debt Burden: Taking on a loan could lead to increased debt and financial burden.
• Credit Impact: Failing to repay the loan can negatively affect your credit score.

CIMB personal loan interest rate

In the Philippines, interest CIMB personal loan is low-interest rate.

The monthly add-on interest rate can be as low as 0.83%, which is equivalent to an annual contract rate of 18%. This rate is based on a risk estimate.

Personal loans have monthly interest rates that range from 1.12% to 1.95%. These loans offer loan amounts from ₱30,000 to ₱1 million and loan terms from 12 to 60 months, with interest rates varying based on the chosen term.

Keep in mind that exact rates may change based on the risk assessment and other factors.

Example of CIMB personal loan calculator Philippines

Here is an example of how to calculate a CIMB personal loan renewal in the Philippines:

• Assume you are applying for a CIMB Personal Loan with a loan amount of ₱ 500,000.
• The annual interest rate is 18%, which is equivalent to a monthly add-on rate of 0.83%.
• The loan term is 36 months.

To calculate the monthly installment, you can use the following formula:

• EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

where:

• P = Loan amount = ₱ 500,000
• R = Monthly add-on rate = 0.83%
• N = Loan duration in months = 36

EMI = [500,000 x 0.83 x (1+0.83)^36]/[(1+0.83)^36-1] = ₱ 17,130.67

Therefore, your monthly installment for the CIMB Personal Loan will be ₱ 17,130.67.

CIMB personal loan requirements

To apply for a CIMB Personal Loan in the Philippines, you should meet the following requirements:

• Age: A minimum age of 21 and a maximum age of 65 are required.
• Citizenship: You must be a Philippine citizen.
• Employment: If employed, you typically need to be tenured for at least 6 months, or 1 year of continuous employment, unless you work in the top 15,000 corporations.
• Documentation: You’ll need a valid government-issued ID and proof of income, which can include your latest 1-month payslip, Certificate of Employment, and BIR.

How to apply for a CIMB personal loan?

To apply for a CIMB Personal Loan in the Philippines, follow these steps:

Step #1: Download the CIMB Bank PH App

• Download the CIMB Bank PH app on your Android or iOS device.

Step #2: Open an account

• Select ‘Open an account’ to get started.
• Here, check if you can meet the requirements or not.
• Then click “Let’s start!” to proceed

Step #3: Select Loan Amount and Tenure

• In the loan application section, select your desired loan amount and repayment tenure as well as purpose of loan.
• Following that, click the “Continue” option.

Step #4: Provide your Personal Contact

• Enter your email address and phone number into the appropriate fields.
• Then click “Continue” and confirm your phone number by filling in the 6-digit OTP sent to you via SMS.

Step #5: Create login credentials

• Set up your username, password and MPIN to login into your account.

Step #6: Verify your personal details

• Prepare one valid ID and then do the selfie check.
• Provide your personal information such as address, and the additional details needed.
• Then enter your employment information and click “Continue”.

Step #7: Review your details

• Check out all the details you provided and then press the “Submit” option.

Step #8: Upload documents

• Upload one acceptable income document and some details about your company ID.

Step #9: Wait for Approval

•  Wait for the bank’s response regarding your loan application.
• Approval times may vary, but CIMB Bank PH offers fast approval, often within 24 hours.

Step #10: CIMB Personal Loan Disbursement

• If your application is approved, the loan amount will be disbursed to your CIMB account or as per the bank’s process.

CIMB personal loan App reviews and Feedback

I want now give my CIMB personal loan review now after having used its app. I find it convenient and user-friendly. The app’s user interface is simple to use, making it simple to move between features.

The quick loan approval process, often within 24 hours, provides a seamless experience. I appreciate the transparency in loan terms and the ability to complete the application process via the app, which saves time.

Additionally, the app offers informative resources, such as video reviews on platforms like YouTube, that help users understand the pros and cons of CIMB’s personal loan offerings.

Here are some customers’ feedbacks about this app:

How to pay CIMB personal loan?

To get your CIMB personal loan early settlement in the Philippines, you have several options:

#1. Online Repayment:

• Go to CIMB Bank’s official website and log in to your account.
• Select the account you wish to pay from and input the repayment amount.

#2. Over-The-Counter Payment

• Access your Personal Loan dashboard, tap ‘Pay now’, and choose your preferred over-the-counter payment channel.

#3. GCash Payment:

• Use the GCash app to log in, select the “Bills Payment” option, and follow the prompts to pay your CIMB loan.

Additionally, if you’re looking to settle your loan early, check CIMB Bank’s FAQs for information on early settlement fees and procedures.

Compare the CIMB personal loan App to other App

Criteria	CIMB Personal Loan App	Pautang Peso App	OLP Loan
Loan amount	₱ 30,000 – ₱ 1,000,000	₱ 2,000 – ₱ 20,000	₱ 5,000 – ₱ 50,000
Interest rates	6.88% p.a. – 14.88% p.a.	0.05% per day or 16% per year	3.5% per month (42% per annum)
Loan terms	Up to 5 years	Up to 06 months	Up to 90 days (3 months)
Loan Application Speed	Initial approval in about 10 minutes	Within as little as 2 hours	Fast approval process

Sources: Refer to Sate Bank reporting and research.

CIMB personal loan contact number

If you have any concerns related to CIMB personal loan application, contact them via the following channels:

• Phone number: +63 289 242 462
• Email: hello@CIMB.com, customerservice@CIMB.com
• Address: 22nd Floor, Bonifacio Stopover Corporate Center, Bonifacio Global City, 31st street, Taguig City, Fort Bonifacio, Philippines

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• PESO CASH Loan App

FAQs – CIMB personal loan

Read the following FAQs and relevant answers to learn more about CIMB personal loan:

Is CIMB personal loan app legit?

Yes, this Personal Loan app is legit. CIMB Bank is a well-known bank with an online presence that offers quick loan approvals, competitive rates, and up to 1,000,000 in borrowing capacity. It’s best to check facts directly with official sources and be careful when sharing personal information or making financial deals online.

CIMB personal loan approval rate

Its personal loan approval rate is not publicly available, but it’s considered to be high. The approval rate will depend on a number of factors, including your credit score, income, and debt-to-income ratio. You can improve your chances of approval by having a good credit score, a steady income, and a low debt-to-income ratio.

CIMB personal loan approval time

The CIMB personal loan processing time is quite fast. The CIMB Cash Plus Personal Loan can be approved within 24 hours, while the CIMB Bank Personal Loan boasts a quick 10-minute approval process. Additionally, applicants can receive loan application approval as quickly as 24 hours.

How to get approved in CIMB personal loan?

To increase your chances of approval for a CIMB loan in the Philippines, maintain a good credit score, provide accurate and complete documentation, showcase stable income, and have a reasonable debt-to-income ratio. Demonstrating responsible financial behavior and fulfilling their specific eligibility criteria will enhance your likelihood of approval.

Is CIMB personal loan good?

This personal loan can be a viable choice for individuals seeking financial assistance due to competitive interest rates and flexible repayment terms. However, the suitability of the loan depends on personal financial circumstances, credit history, and needs. It’s recommended to compare options and terms before making a decision.

How to pay CIMB personal loan via GCash?

To pay CIMB personal loan GCash, open the GCash app, choose Bills Payment, select CIMB Bank as the biller. Enter your loan account details and desired payment amount. Confirm and complete the transaction. Make sure to have sufficient GCash balance or linked payment source.

What happen for CIMB personal loan late payment?

For personal loan late payment, a late payment fee of 5% of the unpaid installment due or a specified amount (e.g., ₱ 300) will be applied typically a few days after the payment due date. The borrower may also experience a drop in their credit score due to the missed payment.

Why does CIMB personal loan rejected?

This loan application can be rejected due to various factors. Some common reasons include a poor credit score, insufficient credit history, high debt-to-income ratio, incomplete documentation, or multiple existing loans. Rejection might also result from a history of missed repayments or lack of a steady income.

Conclusion

The CIMB personal loan continues to shine in 2023 as a reliable financial solution for individuals seeking quick and flexible funding.

With its competitive interest rates, manageable repayment terms, and streamlined application process, CIMB has once again proven its commitment to customer satisfaction.

As we’ve explored in this review, its user-friendly approach and transparent terms make it a viable choice for those in need of financial support.