SINGAPORE, March 5, 2024 /PRNewswire/ -- CIMB Personal Loan is offering an interest rate of 2.80%* per annum (effective interest rate from 5.28% per annum) for borrowers who take a loan of S$30,000 and above over a tenure of at least 3 years. This new rate by CIMB Singapore is one of the lowest published interest rates in the market[1].
The CIMB Personal Loan stands out as an optimal option for prudent borrowers, presenting competitive interest rates, no* processing fees, substantial loan allowances, and an attractive cashback offer of up to S$2,000*.
With customer-centricity in mind, CIMB Personal Loan also offers a streamlined online application and approval process. There is no requirement to download any app nor a prerequisite to hold a CIMB bank account or credit card prior to application to enjoy instant disbursement upon approval.
Merlyn Tsai, Head of Consumer Banking and Digital at CIMB Singapore, said: "In today's inflationary environment, Singaporeans are more prudent in their spendings and sometimes, even the most meticulous planners need a little financial boost, especially when significant events or needs arise. This is where a personal loan can come in handy."
Based on a recent CIMB Singapore's survey of Personal Loan customers, the top reasons for taking a personal loan are: renovation or home upgrade, emergencies, and setting up a business or business expense. To help Singaporeans achieve their goals, CIMB Singapore offers a versatile personal loan, where all rates clearly displayed on its CIMB Personal Loan webpage, so customers can access transparent information on how they can obtain the rate.
When it comes to taking personal loans, some of the most critical factors that borrowers consider are the interest rate, loan amount and loan repayment period. Therefore, CIMB Singapore offers one of the lowest[1] interest rates with a generous loan amount of up to 8* times of the borrower's monthly income[2], and a choice of loan tenure up to 5 years. Furthermore, borrowers can easily apply for the CIMB Personal Loan using MyInfo via Singpass. The CIMB Personal Loan exemplifies the bank's promise to make banking fast, simple, and fuss-free, with customer-centricity at the heart.
*T&Cs apply. For more details on the CIMB Personal Loan, please visit https://www.cimb.com.sg/ploannews.
[1] This new rate 2.80%* p.a. (EIR from 5.28% p.a.) by CIMB Singapore is one of the lowest online published personal loan interest rates among banks in Singapore as of 4 March 2024. |
[2] For avoidance of doubt, the minimum annual income requirement to qualify for CIMB Personal Loan is S$20,000. |
About CIMB
CIMB is one of ASEAN's leading banking groups and Malaysia's second largest financial services provider, by assets. Listed on Bursa Malaysia via CIMB Group Holdings Berhad, it had a market capitalisation of approximately RM62.4 billion as at 31 December 2023. It offers consumer banking, commercial banking, wholesale banking, transaction banking, Islamic banking and asset management products and services. Headquartered in Kuala Lumpur, the Group is present in eight ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Vietnam, Myanmar and Philippines).
Beyond ASEAN, the Group has market presence in China, Hong Kong and UK. CIMB has one of the most extensive retail branch networks in ASEAN with 601 branches and around 33,000 employees as at 31 December 2023. CIMB's investment banking arm is one of the largest Asia Pacific-based investment banks, which together with its award-winning treasury & markets and corporate banking units comprise the Group's leading wholesale banking franchise. CIMB is also the 92.5% shareholder of Bank CIMB Niaga in Indonesia, and 94.8% shareholder of CIMB Thai in Thailand.
Located in ASEAN's global financial gateway, Singapore is one of our most important markets with approximately 1,000 employees serving over 350,000 customers. CIMB Singapore services include:
