CIMB Bank’s humble beginning can be traced back to 1974 when no less than Prime Minister Tun Abdul Razak Hussein launched it with its original name, Pertanian Baring Sanwa Multinational Bank (PBSM) in Kuala Lumpur.
When the Bank of Commerce acquired PBSM in 1986, it was renamed Commerce International Merchant Bankers Berhad or the CIMB Bank we popularly know today.
In 2018, the Bangko Sentral ng Pilipinas (BSP) approved CIMB to operate in the Philippines. After getting BSP’s approval, CIMB officially launched its digital retail banking business in the country, primarily targeting the Filipino masses.
CIMB Bank Personal Loan Overview
To provide the Filipinos with the funds they need as quickly as possible, CIMB developed an all-digital personal loan product.
When we say ‘all-digital,’ the application, submission of requirements, approval, and disbursement are all done online. In other words, as long as you have a cellphone or laptop connected to the internet, you can apply for CIMB’s personal loan. Regarding the loan proceeds, it will be disbursed into your CIMB account or account from another bank, whichever you prefer.
Below are some of the salient features of the CIMB Bank Personal Loan:
Eligibility and requirements:
- At least 21 years old; must not be older than 65 upon loan maturity
- Filipino citizen and a non-US person
- Employed applicants should be tenured for at least 6 months under the current employer or with 1 year of continuous employment, except if working in one of the country’s top 15,000 corporations
- Sel-employed can also apply, provided they can show proof that their business/ livelihood has been operating for at least a year
- ₱15,000 minimum gross monthly income is required
- With a Philippine mailing address and an active Philippine-registered mobile number
- With a valid ID
Interest rate:
0.83% monthly add-on rate
Loan amount:
₱30,000- ₱1,000,000
Repayment Term:
12- 60 months
Fees and charges:
- Documentary Stamp- ₱1.50 per ₱200 loan amount
- Disbursement Fee- Free if disbursed via CIMB account; if the proceeds will be deposited to other banks, you need to pay the equivalent of 1% of the Principal Amount or ₱500, whichever is higher
- Early Settlement Fee- ₱300 minimum or 3% of the unbilled amount, whichever is higher
- Late Payment Penalty- ₱300 or 5% of the unpaid installment due, whichever is higher
Application Turnaround Time:
10 minutes
Application Procedure
- Download the CIMB PH app in Google Play or App Store. Tap ‘Open an account’ then ‘Personal Loan’
- Read the eligibility requirements; if you qualify, prepare your valid ID and click ‘Let’s start!’
- Select your target loan amount and preferred loan term
- Input your Philippine-registered mobile number and email address. A text message containing an OTP will be sent to verify your number
- Register your username, password, and Mobile Banking Personal Identification Number (MPIN)
- Selfie verification to confirm your identity will follow
- After passing the selfie check, input your personal information
- Indicate your current Philippine address; make sure it’s complete and specific
- Fill out the additional needed personal information
- Provide your employment details
- Provide your employment/office address; make sure the address is complete and verifiable
- Review your application details, then tap ‘Submit’
- Upload your income document (make sure it’s one of CIMB’s accepted income proofs)
- Upload a front and back photo of your company ID. It is optional, but it might help in expediting loan approval
- Choose your preferred disbursement method
- At this stage, your application will be reviewed
- If approved, tap ‘Accept loan offer.’ This only applies if the loan offer is different from what you’ve applied for. If the approved amount is the same as what you intend to have, you’ll automatically proceed to the final step, which is the loan disbursement
- The loan proceeds will be deposited to your CIMB account or any other bank account, depending on your preference
Pros
- Low Interest: CIMB Bank Personal Loan comes with a 0.83% monthly add on rate, which is lower compared to other personal loan offers.
- Credit Score Tolerant: If you have a bad credit history with other banks, CIMB will still cater to you. This is because CIMB Bank follows a different method of assessing a client’s repaying habits. Particularly, CIMB will look into your GScore; if it’s good, you can avail of a loan from CIMB.
- All-digital personal loan: CIMB Bank Personal Loan employs a fully digital loan application and approval process. This means less hassle because you no longer need to visit a bank to apply for a loan.
- Minimal requirements: If you have a valid ID and a Certificate of Employment, you can apply for a CIMB Bank Personal Loan.
- Quick approval: Within 10 minutes, you’ll know the status of your loan application. If approved, the loan proceeds will be immediately deposited into your CIMB account.
Cons
- Multiple fees: CIMB Bank Personal Loan has many fees and charges. The documentary stamp tax fee and disbursement fee are some of the fees you need to pay upfront. Meanwhile, you’ll also be charged with early settlement and late payment fees under certain circumstances.
- Buggy app: Just like other loan apps, the CIMB app also encounters technical glitches. Most of the complaints are about the app’s hanging or restarting tendency.
- Poor customer service: According to some borrowers, the CIMB Bank’s customer support team is inefficient in answering questions or resolving concerns.
Borrowers’ Feedback
Based on actual experiences, CIMB Bank Personal Loan is one of the best loan products, especially for those with bad credit histories.
Usually, banks will not grant a loan to applicants with a bad credit score. Of course, they don’t want to take risks. But with CIMB, it’s a different story.
CIMB Bank doesn’t rely solely on the borrower’s credit score. Instead, it utilizes other metrics to determine if someone is a responsible borrower. This behavior proves how inclusive and understanding CIMB Bank is to its clients.
In fact, many customers with bad credit records were approved for CIMB personal loans. I’m sure you’re curious: How did this become possible?
Again, CIMB Bank is not relying on credit score alone. Have you heard about GCash’s GSave and GCredit? If you avail of any of those financial services and show good paying habits, you’re a potential client for CIMB.
CIMB is a partner bank of GCash powering its mainstream financial loan products. Therefore, if you want to apply for a CIMB Personal Loan and are also an active GCash user, you have a higher chance of being approved.
What CIMB will do is check your credit habits in any of GCash’s financial offerings. Now, if you have good records, CIMB will consider your loan application. What about your bad credit history in other banks? With CIMB, they don’t matter!
CIMB Bank’s customer support team also deserves commendation for being so efficient in sending emails and texts to pre-approved borrowers. So, the term is ‘pre-approved,’ meaning if you accept the offer, you’ll automatically be approved with a CIMB Personal Loan.
CIMB can quickly determine the people to be considered pre-approved for a loan by evaluating their respective GCash records.
Conclusion
The CIMB Bank Personal Loan has pros and cons. However, in times of financial struggles and you’re left with no other option, you must decide. Apply for a CIMB Bank Personal Loan or not? It’s a yes for me! Compared to other bank loans, CIMB Bank Personal Loan is less evil!
