There are so many banks nowadays that offer a personal loan, but CIMB Bank was one of the popular. Why? because they have CIMB Personal Loan that can be initially approved in just 10 minutes and the final approval can be processed as fast as 24 hours without any hassle as long as you’re eligible and you have all the documents needed.
If you wanted to know more about CIMB Personal Loan this might help you.
What’s Good About CIMB Loan?
- 10 minutes of loan approval
- Borrow as much as ₱1,000,000
- No processing fees
- Loan terms from 12 to 60 months
What are the interest rates?
The monthly add-on rates range from 1.12% to 1.95% (Corresponds to annual contractual rates of 24%, 30%, or 36%).
Who are Eligible to Apply for a Loan?
- 21 years old and above
- Not 65 years old upon loan maturity
- Filipino citizen
- With Philippine mailing address
- Must have an active Philippine mobile number
- With a minimum gross monthly income of ₱15,000
- If employed, must be tenured for at least 6 months, or 1 year continuously
- Must be operating a business for at least 1 year, if self-employed
What are the Requirements Needed?
- Valid ID
- SSS or GSIS number
- Bank account number
- Proof of income
- Certificate of Employment (for employed)
- Payslip (for employed)
- BIR Form 2316 (W2) and Form 1700 (for employed)
- DTI or SEC Registration (for self-employed)
- Mayor’s Permit (for self-employed)
- BIR Form 1701 (for self-employed)
How’s the Process?
Step 1. Log in your account to the CIMB Bank PH mobile app
Step 2. Click “Product” on the homepage
Step 3. Tap “Apply for a Product” and select “Personal Loan”
Step 4. Fill in all the necessary details
Step 5. Choose your preferred loan amount and tap “Next”. If you wish to cancel you have an option to cancel the loan application, just click “Leave Application”
Step 6. Afterward, you will be required to provide more personal details such as employment information and emergency contact
Step 7. Once done, sign your digital signature if you agree to the terms of the loan
Step 8. Select your payment method. Choose your bank and then provide your bank account number
Step 9. Upload your proof of income document
Step 10. Proceed with the virtual verification process
Step 11. If you’re approved, an email with the loan contract and details will be sent to you, if you didn’t receive any check the spam folder on your email
This loan has a monthly add-on interest rate range from 1.12% to 1.95% (Corresponds to annual contractual rates of 24%, 30%, or 36%). Some would say that is a very high-interest rate. Therefore, if you don’t need money urgently there are more loan options for you, you may consider checking them. However, if you need cash urgently, you may apply for this loan.