The CIMB Personal Loan is a popular unsecured personal loan in Singapore known for its competitive interest rates and attractive cashback promotion. Borrowers can enjoy rates from as low as 1.00% per annum (EIR from 1.94% p.a.), offering one of Singapore’s most affordable loan options. Moreover, there are no processing fees, and borrowers can get cashback up to S$2,888 depending on the approved loan amount and tenure.

The application process is simple and fully online. Applicants need to meet the minimum income criteria—S$20,000/year for Singaporeans and PRs, and S$30,000/year for Malaysians working in Singapore. Tenures are flexible, ranging from 1 to 5 years, and approved applicants enjoy instant approval and rapid cash disbursement, even if they don’t have a CIMB account. Loan amounts can go up to 8 times your monthly income, subject to the bank’s discretion.

How to Apply

1. Complete the easy online application using MyInfo (Singaporeans and PRs) or submit required documents (Malaysians).
2. Wait for instant approval notification.
3. Upon approval, funds are quickly disbursed to your PayNow-linked bank account.

Pros

CIMB Personal Loan stands out for its exceptionally low interest rates and zero processing fees, making it highly appealing to cost-conscious borrowers. Instant approval and a fuss-free application process enhance the overall experience. The generous cashback promotion is another big plus for those borrowing larger amounts or opting for longer tenures.

Cons

Cashback is only available for loans with tenure of 3 years or more, and approved amounts below S$15,000 receive no cashback. The lowest advertised rates are not guaranteed and will depend on credit and income profile. Malaysians need to submit more documentation, making the process less seamless for them.

Our Verdict

The CIMB Personal Loan is a strong contender for anyone seeking flexible, quick personal financing in Singapore. Its low rates, fast approval speeds, and cashback opportunities make it an excellent choice, especially if you meet the higher loan amount and tenure requirements to maximize benefits. However, personalized interest rates mean actual costs may vary, so it’s wise to double-check your final offer and terms before proceeding.