CIMB Bank is an all-digital bank that provides financial products and services to help you achieve your life goals. Aside from savings accounts, CIMB also offers a personal loan product customized to address different needs. Learning how to apply for a CIMB loan can help you take advantage of a loan amount of up to ₱1 million.
Let’s walk through the things you need to know about this personal loan in the Philippines and how to increase your chances of a CIMB Personal Loan approval.
What is the CIMB Personal Loan?
The CIMB Personal Loan is a fully digital personal loan product that allows you to get a loan amount from ₱30,000 to ₱1 million, payable in 12 to 60 months.
What is the CIMB Personal Loan Interest Rate?
The monthly add-on interest rates range from 1.12% to 1.95%, which correspond to annual contractual rates of 24%, 30%, or 36%.
How Long is the CIMB Personal Loan Processing Time?
CIMB ensures that the initial approval of personal loans is done within 10 minutes. However, the full and final approval can be within 24 hours, depending on the documents you’ve submitted.
Who is Eligible for a CIMB Personal Loan?
To qualify for the CIMB Personal Loan, you must meet the following criteria:
- 21 years old and above but not older than 65 years upon loan maturity
- Filipino citizen
- With a minimum gross monthly income of ₱15,000
- With a Philippine mailing address and an active mobile number
- Employed for at least six months or have one year of continuous employment (unless working in the top 15,000 corporations)
- Operating for at least one year if self-employed
What are the CIMB Personal Loan Requirements?
If you meet the eligibility criteria, then it’s time to prepare the CIMB loan requirements.[1] Here are the things you’ll need to submit.
Valid ID
Here are the valid IDs that CIMB Bank accepts:
- Driver's license
- Passport
- Professional Regulation Commission (PRC) ID
- Social Security System (SSS) ID
- Unified Multipurpose ID (UMID)
- Postal ID
- COMELEC Voter's ID Card
Proof of Income
Employed and unemployed applicants each have a different set of income documents to provide:
- For employed loan applicants - Any of the following: latest one-month pay slip, Certificate of Employment, or BIR Form 2316
- For self-employed loan applicants - Both DTI and SEC registration of your business
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
- Download the CIMB Bank PH mobile app from the Google Play Store or the App Store.
- On the login page, tap Open an Account. Then tap Personal Loan.
- Double-check your eligibility to apply. Tap Let's Start.
- Choose your desired loan amount and loan tenure.
- Input your mobile number, email address, and OTP.
- Create your username, password, and MPIN.
- Get verified via the selfie process.
- Provide your present address and other required personal information.
- Provide your employment information and office address.
- Review all details. Click Submit.
- If you pass the preliminary check, upload your income document/s and a photo of your company ID (optional).
- Choose your disbursement method.
- If your CIMB personal loan application is approved, accept the offer before it expires. Wait for the disbursement.
CIMB Personal Loan Application Steps for Existing Borrowers
Existing CIMB customers who have an UpSave, Fast Plus, or Fast account can also apply by following the steps below:
- Log in to your CIMB account through the mobile app.
- Choose Accounts on the homepage.
- Choose Add a Product.
- Select Personal Loan.
- Choose the desired loan amount and loan tenure.
- Perform the selfie check. Provide other required personal information.
- Review your loan application and submit it.
- If you pass the preliminary check, upload your income document/s and a photo of your company ID.
- Choose your preferred disbursement channel
- If your CIMB personal loan application is approved, accept the offer before it expires. Wait for the disbursement.
Note: Completing the Virtual Verification stage changes your CIMB personal loan application status from Application in Progress to Pending Final Approval. This means that the application is now subject to final verification by the credit underwriters.
How to Check the Status of Your CIMB Personal 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.
CIMB Personal Loan FAQs
1. Can I apply for a CIMB Personal Loan via GCash?
Yes. You can apply for a CIMB Personal Loan on GCash through GCredit. But to qualify, you must have a fully verified GCash account.
2. What is the interest rate for CIMB Personal Loan/GCredit?
The GCredit interest rate is up to 5% per month.
3. Will my GScore affect my CIMB Personal Loan application?
No. Your GScore won't affect your CIMB personal loan application. But it will affect your GCredit application. For GCredit, your maximum loan amount and interest rate will depend on your GScore, which is a trust rating based on your GCash usage.
Related: GLoan and GGives Guide: How to Get a Loan Using GCash
4. How much can I borrow from GCredit?
With GCredit, you can borrow up to ₱30,000.
5. How is Revi Credit different from the CIMB Personal Loan?
Revi Credit[2] is another product offering from CIMB. It’s a revolving credit line offered to select customers only. CIMB’s Revi Credit allows you to borrow up to ₱250,000, with an interest rate as low as 1% per month. You can also convert your Revi Credit into cash or a term loan, whichever you need.
6. Does CIMB offer a loan promo?
Yes. Enjoy a monthly flat interest rate as low as 0.69% when you apply for a Personal Loan worth ₱30,000 to ₱150,000 with a tenure range of two years or less.
This loan promo is open to existing CIMB customers with good payment history until November 30, 2022. Visit CIMB for more information.[3]
7. What is a CIMB Personal Loan revision?
A revised loan may either affect your maximum loanable amount or your loan tenure. More often than not, a loan revision[4] happens when the credit underwriter feels your monthly income is much lower than your declared amount. If you agree with the revised loan, then affix your digital signature and proceed with the loan application.
8. What is the CIMB Personal Loan disbursement process?
During application, you’ll be asked for the most convenient loan disbursement method. If you chose for the loan proceeds to be deposited to your CIMB account, expect the deposit immediately after your CIMB loan approval review. However, if you nominated a different bank account, the loan proceeds will be posted within two business days.
9. What should I do if my CIMB personal loan application is rejected?
If your application is declined, you may check other loans from CIMB, like Revi Credit and GCredit. You may also wait for three months before applying again for a CIMB Personal Loan.
10. How can I cancel my CIMB Personal Loan application?
You can cancel your loan application up until the approval stage. To cancel your application, go to Accounts, select Add a New Account, and select another product to apply for.
11. What's the CIMB Personal Loan late payment charge?
The late payment fee is 5% of the unpaid installment due or ₱300, whichever higher. This charge will be applied three days after your loan payment was due.
12. What is the CIMB Personal Loan Hotline?
For PLDT, Smart, and TNT subscribers, call the CIMB Customer Care Team at #2462 (#CIMB) or +632 8924 2462 for TM and Globe landline subscribers.
Check out these other personal loan options in the Philippines:
Final Thoughts
Now that you know how to apply for a CIMB Personal Loan, you'll realize it’s an easy and convenient way to borrow money for an emergency. You don’t need to leave your home to get a loan, and you can get the result quickly as well. This is because the CIMB personal loan application and approval process is fully digital.
However, before applying for a loan, make sure you know what personal loans are and how they work. Planning your loan application can also help you use your loan properly and maximize its benefits.
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Sources:
- [1] 5 Things You Need to Prepare When Applying for a Loan Online
- [2] REVI Credit
- [3] Get a Personal Loan with Lower Interest Rate (CIMB Bank Philippines)
- [4] CIMB Bank Loan Revision
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