If you’re searching for an affordable, secure, and fast personal loan, look no further than CIMB Personal Loan. Positioned as one of the best private personal loans in Singapore, CIMB Personal Loan offers a wide array of advantages ‚— from having one of the lowest interest rates to instant loan approvals to flexible tenures. Interested to find out more? Let’s go through everything you need to know about the CIMB Personal Loan in this article.
One quick note before we move on — one reason the CIMB loan is secure and trusted is that CIMB is licensed by the Monetary Authority of Singapore (MAS). This accreditation assures that CIMB loans are safe, legal, and transparent, with fair interest rates and clear terms. Therefore, when you borrow from a MAS-licensed lender, you are protected from scams or unfair practices, and you can proceed with trust and peace of mind.
Interested in comparing personal loans across different lenders? Visit our personal loan comparison page now.
CIMB Personal Loan At A Glance
Here are all the key features of the loan at a glance. Note that the CIMB Personal Loan is also applicable to Malaysians residing in Singapore.
| Eligible age | 21 to 70 years old |
|---|---|
| Minimum annual income | S$20,000 (Singaporeans & Singapore PRs), S$30,000 (Malaysians) |
| Citizenship | Singaporeans, Singapore Permanent Residents, or Malaysians (non-PRs) |
| Documents required for Singaporeans | SingPass |
| Documents required for Malaysians residing in Singapore |
|
| Interest rate | From 1.86% p.a. (EIR 3.56% p.a.) |
| Maximum loan amount | Up to 8X your monthly income, depending on your annual income |
| Loan tenure | 1 to 5 years |
| Fees | No early repayment fees (for loans approved on/after 22 Jan 2025)No processing fees (subject to bank’s assessment of your loan tenure, personal credit and income profile) |
| Late payment fee | S$100 |
Are you looking to borrow? Apply for a personal loan now.
Key features of CIMB Personal Loan
The CIMB Personal Loan is an unsecured financing option, which means you don’t need to pledge any assets, also known as collateral, as security. It offers a lump-sum amount that you can repay through fixed monthly instalments over your selected repayment period.
Designed for convenience, the CIMB Personal Loan features fast approval and almost instant fund release, making it a great choice if you require quick access to cash.
Furthermore, if you need more time to repay your loan, you will be glad to know that the CIMB Personal Loan comes with repayment terms of up to five years and no penalty for early settlement.
Low interest rates
From just 1.86% p.a, the CIMB Personal Loan interest rate is one of the lowest for any personal loans in Singapore. However, do note that the effective interest rate (EIR) starts from 3.56% p.a. The difference between the two is that EIR takes into account processing fees and the reducing principal balance over the loan tenure.
No early repayment fee
A big advantage of the CIMB Personal Loan is that you can repay the loan early without incurring penalties. Note that this applies to loans approved on or after 22 January 2025 (for loans approved before 22 January 2025, there is a 3% charge on the outstanding principal amount of the approved loan or S$250, whichever is higher). There’s also a 0% processing fee if you meet the requirements based on your income and credit profile.
Instant approval
With a streamlined approval process, you will receive instant approval and the cash directly deposited into your account when you apply online via MyInfo. The quickest way to get your loan approved is to ensure a good credit score and a low debt-to-income ratio.
Flexible loan repayment tenure
You can repay the loan within 1 to 5 years. However, note that you cannot change your loan tenure after your CIMB personal loan in Singapore has been approved.
High maximum borrowing amount
Here’s a breakdown of the maximum loan amount you can apply for:
- Up to 2x your monthly income if your annual income is S$20,000 to S$29,999
- Up to 4x your monthly income if your annual income is S$30,000 to S$119,999
- Up to 8x your monthly income if your annual income exceeds S$120,000
While the final approved amount is up to the bank’s discretion, the fixed minimum borrowing amount is S$2,000, and the maximum is S$200,000.
Low minimum annual income requirement
The CIMB Personal Loan is accessible as it has a low minimum annual income requirement of S$20,000 for Singaporeans and Singapore PRs. For Malaysians residing in Singapore, a minimum annual income requirement of S$30,000 is needed.
Also read: Can You Get A Personal Loan Without Income Proof In Singapore?
CIMB Personal Loan fees and charges
| Processing fee | Although it is advertised as zero, the ultimate processing fee is still based on your personal credit and income profile. |
|---|---|
| Interest calculation | Interest is calculated based on a front-end add-on calculation method |
| Early repayment fee | Waived for loans approved on or after 22 January 2025
For loans approved before 22 January: 3% of the outstanding principal amount of the approved amount or S$250 (whichever is higher) |
| Late payment fee | S$100 |
See the full list of fees and charges here.
What can CIMB Personal Loan be used for?
The ease of access and friendly terms of the CIMB Personal Loan make it incredibly versatile. Here are some ways a personal loan can be used.
Home renovations
Need to fix a leaking pipe or upgrade your home? You can now fund your desired improvements.
Weddings and major life events
You can now have your dream wedding — whether with all the fairytale embellishments or a simple ceremony.
Emergency expenses
If an emergency, such as medical bills, car repairs, home repairs, or home improvement projects that require additional funds, arises, the loan can help tide you over.
Postgraduate education
Fund further education, such as tuition fees or courses that will bring you to greater heights.
Small business ventures
Give your business a liquid injection it needs to soar and break new ground.
Medical bills
Get your surgery or recovery expenses settled as soon as possible.
Debt consolidation loans
If you have multiple loans, consolidating them into a single loan will save you money and hassle.
How CIMB Personal Loan compares with other personal loans
| Lender | Flat Interest Rate | Effective Interest Rate | Processing Fee | Early Repayment Fee | Maximum loan amount | Loan Tenure | Annual Income Requirement |
|---|
| CIMB | From 1.86% p.a. | From 3.56% p.a. | Zero processing fee, but subject to the bank’s assessment | Waived for loans borrowed after Jan 2025 | Up to S$200,000 | Up to 5 years | S$20,000 for Singaporeans. $30,000 for Malaysians. |
|---|---|---|---|---|---|---|---|
| HSBC | From 1.8% p.a. | From ~3.5% p.a. | Often 0% | 2.5% of the outstanding amount | Up to S$200,000 | Up to 7 years | S$30,000 for Singaporeans. S$60,000 for foreigners |
| DBS | From 1.99% p.a. | From ~4.17% p.a. | 1% | 2.5% of the outstanding amount | Up to 95% of your available credit limit | Up to 5 years | S$20,000 for Singaporeans |
| Standard Chartered | From 1.80% p.a. | From ~3.44% p.a. | 0%, first-year annual fee S$199 | 3% of the outstanding amount or S$150 | Up to 4X your monthly salary, capped at S$250,000 | 1 to 5 years | S$30,000 for Singaporeans. S$90,000 for foreigners |
| UOB | From 1.52% p.a. | From 2.92% p.a. | 0% | 3% of the outstanding amount or $150 | Generally up to 4X your monthly salary, 8X for high- income earners | 1 to 5 years | S$30,000 for Singaporeans |
| OCBC | From 5.42% | From 10.96% | S$100 if annual income is $20,000 to $29,999
S$200 or 2% if annual income is $30,000 or more |
3% of the outstanding amount | Up to 6X your monthly salary | 1 to 5 years | S$20,000 for Singaporeans. S$45,000 for foreigners |
| Citi | From 3.45% p.a. | From 6.5% p.a. | 0% | 3% of the outstanding amount or $100 | Up to 4X your monthly salary, 8X for high- income earners | 1 to 5 years | S$30,000 for Singaporeans. S$42,000 for foreigners |
| Maribank | From 1.86% p.a. | From 2.79% p.a. | 0% | 3% of the outstanding amount or $100 | Typically up to 4X your monthly salary, capped at S$200,000 | 3 months to 5 years | S$30,000 for Singaporeans |
| GXS | From 1.6% p.a. | From 3% p.a | 0% | 0% | Subject to discretion | 2 months to 5 years | S$20,000 for Singaporeans |
| Trust | From 1.56% p.a. | From 3% p.a. | 0% | 3% of the outstanding amount | Subject to discretion | 3 months to 5 years | S$30,000 for Singaporeans. S$60,000 for foreigners |
Among these options, the CIMB Personal Loan stands out with no early repayment fees (effective from January 2025) and processing fee waivers. Want a more in-depth personal loan comparison? Visit our loan comparison page now.
Get Cashback with CIMB Personal Loan
CIMB is giving up to S$200 cashback for every successful referral! There’s also no limit on the total amount of rewards you can earn. Promo runs from 12 February 2025 to 31 December 2025. Check out the full terms here.
How to apply for the CIMB Personal Loan
It is easy to apply.
Singaporeans and Singapore PRs (for more than 3 years) may apply with SingPass via MyInfo.
For Malaysians residing in Singapore, you will need the following documents:
- Malaysian NRIC
- Proof of Singapore home address
- Passport (Minimum 6 months validity)
- Latest 3 months’ payslip
- Foreign exchange declaration form
CIMB usually provides same-day approval if all the documents are valid.
PLF’s take: pros and cons of CIMB Personal Loan in Singapore
| Pros | Cons |
|---|---|
| One of the lowest interest rates around | EIR is subject to the terms |
| Flexible Tenure | Minimum loan amount is S$2,000 |
| No early repayment fees | Late repayment fee applies |
| Streamlined application and quick approval | Processing fees are subject to credit and income profile |
| Suitable for low-income borrowers | Foreigners who are not Malaysians aren’t eligible |
| Available to Malaysians working and residing in Singapore |
At PLF, we let you compare personal loan interest rates easily and match you with licensed money lenders based on your profile. To get the best personal loan tailored to your financial situation, talk to us now.
Who should consider CIMB Personal Loan?
The CIMB Personal Loan is suitable for you if you:
- Have low income, which makes it challenging to secure a loan from other lenders, as they might not feel confident in your ability to repay.
- Want flexible tenures. You get to decide how much of the debt you want to —and can— pay each month.
- Want to repay early without penalties. By settling your debt earlier, you incur less overall interest without having to pay a penalty for it.
- Are a Malaysian residing and working in Singapore. Many loans are not open to Malaysians, making the CIMB Personal Loan even more valuable.
- Want quick loan disbursements. As they say, time is money. Receiving the cash as soon as possible may be crucial in turning the tide.
- Are looking for competitive interest rates. Why pay more when you can pay less?
Borrowing from licensed money lenders
Apart from banks, an alternative to obtaining a personal loan would be from licensed money lenders. In Singapore, licensed money lenders are lenders authorised by the Ministry of Law to offer loan products. They usually charge higher interest rates but offer more lenient eligibility requirements compared to banks. It is totally safe to borrow from licensed money lenders, as they operate under strict regulations as stated in the Moneylenders Act.
That said, when engaging with licensed money lenders, ensure that they are legitimate. You can check if the lender you are dealing with is legal by referring to this official list of money lenders from the Registry.
Conclusion
CIMB Personal Loan in Singapore is a wise choice for anyone who requires a quick and trusted injection of cash. It offers one of the lowest personal loan rates, a fast approval process, a high loan amount, no early repayment fees, and is open to Malaysians, too.
However, before applying for a personal loan, always double-check:
- The effective interest rates offered to you.
- Read and understand the T&Cs.
- Ensure that you borrow an amount that you can comfortably repay.
- Use a personal loan calculator to estimate the monthly repayment.
Compare personal loans across Singapore and get a tailored quote based on your financial profile now.
Other common FAQs
Can I repay my CIMB Personal Loan early?
Yes. However, note that you must notify CIMB 1 month in advance either by calling CIMB’s contact centre at +65 63331111 or visiting a CIMB branch. If your loan was approved on or after 22 January 2025, the early repayment fee will be waived. Otherwise, there will be an early repayment fee of 3% or S$250, whichever is higher.
How to pay CIMB Personal Loan?
There are three modes of payment, and all payments must be made to the loan repayment account.
- You can transfer the monthly instalment amount to your loan repayment account via CIMB Clicks Singapore or via FAST using other banks’ internet banking platforms
- Set up monthly repayments for your CIMB Personal Loan repayment account with a standing instruction, by applying through your preferred bank’s digital banking services platform(s), or by contacting your preferred bank
- Make a payment to your CIMB Personal Loan repayment account by cheque
How will my CIMB personal loan fund be disbursed?
CIMB only offers funds disbursement via PayNow currently.
Will my credit limit be affected if I’m an existing CIMB credit card holder?
No, the CIMB Personal Loan does not affect your existing credit card limit.
How to accept the CIMB loan offer?
You will receive an email which bears the CIMB loan offer. Simply follow the instructions in the email, check the terms and conditions and accept the offer.
What’s the difference between flat rate and effective interest rate (EIR)
The flat rate, or advertised interest rate, is calculated based on the original principal amount, assuming it remains constant. It does not account for any upfront processing fees.
On the other hand, the EIR factors in the gradually reducing loan balance over time as well as any upfront processing fees. Thus, EIR is generally higher than the flat rate.
