CIMB Personal Loan How To Apply For A Quickly And Easily

CIMB Personal Loan

CIMB Personal Loan: CIMB Bank is a fully digital bank that offers financial services and products to assist you in reaching your life objectives. In addition to savings accounts, CIMB provides a personal loan product tailored to meet various needs. Gaining knowledge about how to apply for a CIMB loan would enable you to benefit from a ₱1 million maximum loan amount.

Let’s go over the details of this personal loan in the Philippines and how to improve your chances of getting approved for one through CIMB.

Also Read: BPI Personal Loans How to Get: Requirements And Process

The CIMB Personal Loan: What Is It? 

With the CIMB Personal Loan, you can obtain a loan amount ranging from ₱30,000 to ₱1 million, with payments due for 12 to 60 months. This product is entirely digital.

What is the interest rate on a personal loan from CIMB?

The yearly contractual rates of 24%, 30%, or 36% are equivalent to the monthly add-on interest rates, which range from 1.12% to 1.95%.

How much time does it take to process a CIMB personal loan?

CIMB guarantees a 10-minute turnaround time for personal loan initial approvals. However, the complete and final clearance can happen in less than a day depending on the documents you’ve submitted. 

Who May Apply for a Personal Loan from CIMB?

You must fulfill the following requirements to be eligible for a CIMB Personal Loan: 

• 21 years of age or older, but not more than 65 when the debt matures
• citizen of the Philippines
• Having a gross monthly income of at least ₱15,000.
• Having a working cellphone number and a mailing address in the Philippines
• worked for a minimum of six months or, if not employed by one of the top fifteen thousand companies, for a full year.
• If working for oneself, operating for a minimum of a year 

What prerequisites exist for a CIMB personal loan?

It’s time to get ready for the CIMB loan requirements if you satisfy the qualifying conditions.[1] These are the items that you must turn in. 

Authentic ID

The following IDs are recognized by CIMB Bank as valid:

• License to drive
• The passport
• Commission for Professional Regulation (PRC) ID
• SSS ID (Social Security System)
• Multipurpose Unified ID (UMID)
• Postal ID
• Comelec ID Card for Voters 

Evidence of Income

Candidates who are jobless and those who are employed must submit distinct sets of income documentation:

Any of the following documents: if you’re an employed loan applicant: your most recent pay stub, your employment certificate, or BIR Form 2316

For self-employed loan applicants: Register your business with the SEC and the DTI.

Disbursement Account

Provide an active bank account where the loan proceeds will be disbursed. A disbursement fee of 1% will be charged for non-CIMB Bank savings accounts.

Stable Internet Connection and Good Lighting

With a strong internet connection and good lighting, you can quickly upload documents and get the perfect selfie during the virtual verification process of the loan application. 

How to Apply for a CIMB Personal Loan in the Philippines

Ready to get your CIMB personal loan application started? Here are the CIMB loan application steps for both new and existing customers of CIMB.

 CIMB Personal Loan Application Steps for New Borrowers

• From the App Store or Google Play Store, download the CIMB Bank PH mobile app.
• Select “Open an Account” from the login screen. Next, select Personal Loan.
• Verify that you are eligible to apply again. Press the Let’s Start button.
• Select the loan term and amount that you want.
• Enter your email address, OTP, and mobile number.
• Establish your MPIN, password, and username.
• Use the selfie method to get verified.
• Please enter your current address and any other necessary personal data.
• Give your office address and employment details.
• Examine every detail. Press the Submit button.
• Upload your income document(s) and a picture of your company ID (optional) if you pass the preliminary check.
• Select the manner of disbursement.
• Accept the offer before it expires if your application for a personal loan from CIMB is accepted. Await receiving the payment. 

Steps to Apply for a Personal Loan from CIMB for Current Borrowers

The procedures listed below can also be used by current CIMB clients who hold an UpSave, Fast Plus, or Fast account to apply:

• Using the mobile app, access your CIMB account.
• Select Accounts from the home screen.
• Select “Add a Product.”
• Go with a Personal Loan.
• Select the loan duration and amount that you want.
• Check your selfie. Give any further personal information that is needed.
• Examine and submit your loan application.
• Please attach your income document(s) and a picture of your company ID if you pass the preliminary check.
• Select the route of disbursement that you prefer.
• Accept the offer before it expires if your application for a personal loan from CIMB is accepted. Await receiving the payment. 

Note: Your CIMB personal loan application status will change from Application in Progress to Pending Final Approval upon completion of the Virtual Verification step. This indicates that the credit underwriters will now need to verify the application in its entirety. 

How to Check the Status of Your CIMB Loan Application

If your loan application is approved, you’ll receive a push notification on your registered phone and email. When you log in to the CIMB Bank PH app, you’ll see a message on the screen saying that your loan is pending disbursement. To monitor the status of your loan and view your loan details, go to Credit and select Personal Loan.

Check your registered email for the loan contract as well. If you’re a new CIMB customer, you need to confirm your email address before the contract can be sent.

FAQs for CIMB Personal Loans

1. Can I use GCash to apply for a CIMB Personal Loan?

Indeed. Applying for a CIMB Loan on GCash via GCredit is possible. However, you need a properly validated GCash account to be eligible.

2. What is the CIMB Loan/GCredit interest rate?

The monthly interest rate on GCredit is up to 5%.

3. How would my GScore impact my application for a CIMB personal loan?

No. Your CIMB loan application will be unaffected by your GScore. However, your credit application will be impacted. Your GScore, a trust rating derived from your use of GCash, will determine your maximum loan amount and interest rate for GCredit. 

4. How much is my GCredit loan limit?

You can borrow up to ₱30,000 with GCredit.

5. What distinguishes the CIMB Loan from Revi Credit? 

CIMB also offers another product called Revi Credit[2]. It’s a revolving credit line that’s exclusive to particular clients. With an interest rate as low as 1% per month, you can borrow up to ₱250,000 with CIMB’s Revi Credit. Moreover, you can use your Revi Credit to obtain a term loan or cash, depending on your needs.

6. Is CIMB running a loan promotion?

Indeed. When you apply for a Personal Loan with a duration range of two years or less, you can benefit from a monthly flat interest rate as low as 0.69% for loans between ₱30,000 and ₱150,00.

Existing CIMB clients with a clean payment record are eligible for this loan promotion till November 30, 2022. For additional information, go to CIMB.[3]  

7. What is a revision for a CIMB personal loan?

Your maximum loanable amount and loan tenure may change as a result of a revised loan. A loan revision[4] occurs most frequently when the credit underwriter determines that your monthly income is much less than what you have stated. Put your digital signature on the updated loan if you approve of it, then submit the loan application.

8. What is the procedure for disbursing a CIMB personal loan?

You will be prompted to select the most practical loan payout method during the application process. After your CIMB loan approval review, you should expect the deposit if you select to have the loan proceeds placed into your CIMB account. If you choose an alternative bank account, the loan proceeds will be credited to that account in two business.

9. How should I proceed if my application for a personal loan from CIMB is denied?

If CIMB denies your application, you can look into other lenders like GCredit and Revi Credit. It’s also possible to postpone your application for a Personal Loan for three months.

10. How can I withdraw my application for a CIMB Personal Loan?

Your loan application can be withdrawn at any time before it is approved. Go to Accounts, choose Add a New Account, and choose a different product to apply for if you want to cancel your application.

11. What is the late payment fee for a CIMB Personal Loan?

The late payment penalty is ₱300, or 5% of the outstanding installment, whichever is greater. Three days following the due date of your loan payment, this charge will be imposed. 

12. What is the hotline for CIMB loans?

Call the CIMB Customer Care Team at #2462 (#CIMB) for PLDT, Smart, and TNT subscribers, or +632 8924 2462 for TM and Globe landline subscribers.

Last Words

You’ll see that applying for a CIMB Loan is a simple and practical way to borrow money for an emergency now that you know how to do it. Obtaining a loan doesn’t require you to leave your house, and the outcome can be obtained promptly. This is a result of the entirely digital application and approval process for personal loans offered by CIMB.

However, be sure you understand what personal loans are and how they operate before asking for a loan. Organizing your loan application can also help you make the most of your loan and make the most of its advantages.

Also Read: Cup Loan Program: What Is The Interest Rate?