{"id":46748,"date":"2021-02-08T17:24:09","date_gmt":"2021-02-08T09:24:09","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=46748"},"modified":"2024-12-16T15:09:01","modified_gmt":"2024-12-16T07:09:01","slug":"cimb-cash-plus-personal-loan-review","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/cimb-cash-plus-personal-loan-review","title":{"rendered":"An Unbiased Review: CIMB Cash Plus Personal Loan"},"content":{"rendered":"

CIMB Cash Plus Personal Loan<\/a> is an attractive option for those looking for a financing solution that doesn\u2019t require a guarantor or collateral. You don\u2019t need a high income (or prove that you\u2019ve been working at your company for a long time) to qualify for this loan, either.<\/p>\n

It has a fast loan approval of within one working day – one of the speediest processing duration on the market – making this a good choice if you need to cover an emergency.<\/p>\n

However, while this plan offers competitive interest rates, it doesn\u2019t offer the lowest rates on the market.<\/p>\n

Best for: CIMB Cash Plus Personal Loan can be a good option for those looking for fast approval, zero fees and relatively low eligibility requirements. <\/div><\/div>\n

<\/span>CIMB Cash Plus Personal Loan key features<\/span><\/h2>\n\n\n\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
Interest rate<\/td>6.88% p.a. - 14.88% p.a.<\/td>\n<\/tr>\n
Loan amount<\/td>RM2,000 - RM100,000<\/td>\n<\/tr>\n
Loan tenure<\/td>2 - 5 years<\/td>\n<\/tr>\n
Approval duration<\/td>Within one working day<\/td>\n<\/tr>\n
Income requirement<\/td>RM2,000 monthly gross income<\/td>\n<\/tr>\n
Age requirement<\/td>21 - 58; maximum 60 years old upon maturity of loan tenure<\/td>\n<\/tr>\n
Linked bank account required<\/td>No<\/td>\n<\/tr>\n
Insurance<\/td>Purchase is optional<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

<\/span>Rates<\/span><\/h2>\n

CIMB Cash Plus offers rates from 6.88% p.a. to 14.88% p.a. The interest rate that you\u2019ll get is subject to the bank\u2019s internal approval criteria.<\/p>\n

\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t
Loan Tenure<\/strong><\/th>Fixed interest rate<\/strong><\/th>Equivalent effective interest rate<\/strong><\/th>\n<\/tr>\n<\/thead>\n
2 to 5 Years<\/td>6.88% p.a.<\/td>12.31% p.a.<\/td>\n<\/tr>\n
7.88% p.a.<\/td>13.93% p.a.<\/td>\n<\/tr>\n
9.88% p.a.<\/td>17.09% p.a.<\/td>\n<\/tr>\n
10.88% p.a.<\/td>18.62% p.a.<\/td>\n<\/tr>\n
11.88% p.a.<\/td>20.13% p.a.<\/td>\n<\/tr>\n
14.88% p.a.<\/td>24.51% p.a.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\nCIMB\u2019s rates are fairly competitive, but it doesn\u2019t offer the best interest rates on the market – other personal financing plans offer lower interest rates starting at 3.9%. However, these plans typically have stricter eligibility requirements. They may only be available for civil servants, or they may require applicants to be employed in the same company for at least two years. On the other hand, CIMB Cash Plus has more relaxed requirements.<\/p>\n

The tiered interest rates are subject to the bank\u2019s (undisclosed) approving criteria. When we reached out, CIMB said that the rates are not affected by your credit score. However, you\u2019ll still need to meet an (undisclosed) credit score and debt service ratio requirement to get approved for this loan.<\/p>\n

<\/span>Fees<\/span><\/h2>\n

CIMB Cash Plus does not have any processing fees, early settlement fees or stamp duty. This means that with this plan, you\u2019ll receive 100% of the loan disbursement. By contrast, other financing plans typically have a 0.5% stamp duty or other processing fees that will be deducted from your loan amount.<\/p>\n

However, like most personal financing plans on the market, it imposes a late payment penalty of 1% of your outstanding payment.<\/p>\n

<\/span>We like<\/span><\/h2>\n