CIMB Bank is a well-known financial institution that offers personal loans to eligible individuals in the Philippines. These personal loans come with competitive interest rates, long loan tenures, and high loanable amounts.
In this article, CashLoanPH will discuss in detail the features and benefits of CIMB Bank’s personal loans and how potential borrowers can calculate their monthly repayments using the personal loan calculator provided by CIMB Bank.
Features and Benefits of CIMB Bank Personal Loans
CIMB Bank offers personal loans to eligible individuals in the Philippines with interest rates ranging from 1.12% to 1.95% per month. These interest rates are highly competitive and are one of the key features that make CIMB Bank’s personal loans an attractive option for potential borrowers.
In addition to the competitive interest rates, CIMB Bank also offers zero processing fees and early settlement fees. This means that borrowers will not have to pay any additional fees if they choose to settle their loans early or if they decide to avail of a personal loan from CIMB Bank.
CIMB Bank also offers a long loan tenure of up to 5 years, which is another key feature that makes their personal loans an attractive option for potential borrowers. The long loan tenure means that borrowers can spread out their repayments over a longer period, making it easier for them to manage their finances.
Finally, CIMB Bank offers a high loanable amount of up to ₱1,000,000. This means that borrowers can avail of larger loan amounts, which can be helpful in case of emergencies or unexpected expenses.
Eligibility Criteria for CIMB Bank Personal Loans
To be eligible for a personal loan from CIMB Bank, the applicant must be a Philippine citizen, aged 21 and above, with a Philippine mailing address and an active Philippine mobile number. The applicant must also have a minimum gross monthly income of ₱15,000.
In addition, if the applicant is employed, they must have a tenured status for at least 1 year, and if they are self-employed, they must have been in business for at least 2 years.
How to Apply for a CIMB Bank Personal Loan
Potential borrowers can apply for a CIMB Bank personal loan by visiting their website or by calling their customer service hotline. The application process is simple and straightforward, and applicants can expect to receive initial approval in as fast as 10 minutes.
To apply for a personal loan, the applicant must first provide their personal details, including their name, address, and contact information. They must also provide their employment details, including their occupation, employer name, and gross monthly income.
Once the application is submitted, CIMB Bank will conduct a credit assessment to determine the applicant’s creditworthiness. If the applicant is approved, they will receive the loan amount in their designated bank account within a few business days.
Using the CIMB Bank Personal Loan Calculator
CIMB Bank provides a personal loan calculator on their website, which allows potential borrowers to estimate their monthly repayments by entering the loan amount, loan tenure, and interest rate.
To use the personal loan calculator, the potential borrower must first determine the loan amount they wish to avail of. They can then choose the loan tenure that works best for them, ranging from 12 months to 60 months.
Finally, they must enter the interest rate provided by CIMB Bank, which ranges from 1.12% to 1.95% per month. The personal loan calculator will then provide an estimate of the monthly repayment amount, allowing potential borrowers to determine if the loan is within their budget.
CIMB Bank offers personal loans with competitive interest rates, long loan tenures, and high loanable amounts to eligible individuals in the Philippines. Potential borrowers can apply for a personal loan by visiting their website or calling their customer service hotline, and can expect initial approval in as fast as 10 minutes.
To help potential borrowers determine their monthly repayments, CIMB Bank provides a personal loan calculator on their website. This calculator allows borrowers to estimate their monthly repayments based on the loan amount, loan tenure, and interest rate provided by CIMB Bank.
Overall, CIMB Bank’s personal loans are an attractive option for eligible individuals in the Philippines who need access to financing. With competitive interest rates, long loan tenures, and high loanable amounts, CIMB Bank’s personal loans can help borrowers manage their finances and achieve their financial goals.