iMoney’s Review Of CIMB Cash Plus Personal Loan
The CIMB Cash Plus personal loan is an attractive option for those looking for a financing solution that does not require a deposit or a guarantee. You also don’t need a high income (or to prove that you have been working in your business for a long time) to qualify for this loan.
It has fast loan approval within one business day – one of the fastest processing times on the market – making it a good choice if you need to cover an emergency.
However, while this plan offers competitive interest rates, it does not offer the lowest rates in the market.
Main characteristics of the CIMB Cash Plus personal loan
| Interest rate | 6.88% pa – 14.88% pa |
| Amount of the loan | RM2,000 – RM100,000 |
| term of the loan | 25 years |
| Approval duration | Within one working day |
| Income requirement | Gross monthly income RM2,000 |
| Age condition | 21 – 58; 60 years maximum at the end of the loan term |
| Linked bank account required | No |
| Insurance | Purchase is optional |
Rates
CIMB Cash Plus offers rates from 6.88% pa to 14.88% pa The interest rate you will get is subject to the bank’s internal approval criteria.
| term of the loan | Fixed interest rate | Equivalent effective interest rate |
|---|---|---|
| 2-5 years | 6.88% pa | 12.31% pa |
| 7.88% pa | 13.93% pa | |
| 9.88% pa | 17.09% pa | |
| 10.88% pa | 18.62% pa | |
| 11.88% pa | 20.13% pa | |
| 14.88% pa | 24.51% pa |
CIMB’s rates are fairly competitive, but they don’t offer the best interest rates on the market – other personal finance plans offer lower interest rates starting at 3.9%. However, these plans usually have more stringent eligibility requirements. They may be available only to civil servants or require applicants to be employed in the same company for at least two years. On the other hand, CIMB Cash Plus has more flexible requirements.
Laddered interest rates are subject to bank approval criteria (not disclosed). When we contacted, CIMB stated that the rates are not affected by your credit score. However, you will still need to meet a credit rating and debt service ratio requirement (undisclosed) to get approved for this loan.
Fees
CIMB Cash Plus has no processing, early settlement or stamp duty fees. This means that with this plan you will receive 100% of the loan disbursement. In contrast, other financing plans usually have a 0.5% stamp duty or other processing fee that will be deducted from your loan amount.
However, like most personal finance plans in the market, it imposes a late payment penalty of 1% of your arrears.
We like
- Fast approval. CIMB Cash Plus has a fast next business day approval term.
- Up to 8 times the monthly salary. You can borrow up to 8 times your monthly salary. It is not the highest multiplier on the market. For example, BSN MyRinggit-i EKSEKUTIF-1 personal finance can lend you up to 10 times your monthly salary. However, many other personal loans can only lend you up to 5 times.
- No charges. There are no handling fees, early settlement fees or stamp duty.
- No guarantor or guarantee. Like most personal loan or finance products, you don’t need a quality guarantor or guarantee for CIMB Cash Plus.
Things to consider
- Doesn’t have the lowest interest rates. CIMB Cash Plus offers competitive rates starting at 6.88%, but does not offer the best rates in the market.
- Limited time. CIMB Cash Plus offers terms of two to five years – other personal loans may offer terms of up to 10 years. This gives you less flexibility if you want to pay off the loan quickly to save on interest payments or if you need to extend it over many years.
How to be eligible for the CIMB Cash Plus personal loan
To be eligible for this loan, you must meet these conditions:
- 21 to 58 years (maximum 60 years at maturity of the loan)
- Malaysian citizen
- Minimum gross monthly income of RM2,000
- Employed for more than six consecutive months
- For the self-employed, the company must have been active for more than 24 months
You must also provide these documents:
| Employee | Fixed income | Variable income support |
|---|---|---|
| Multinational enterprise, listed company or company linked to the government | Last payslip OR last EPF declaration with a minimum contribution of six months | Pay slips for the last three months OR last EPF declaration with a minimum contribution of six months |
| Other | Pay slip for the last three months AND last three months’ salary bank statement OR last EPF declaration with a minimum contribution of six months | |
| Self employed | Documents |
|---|---|
| Sole proprietor, partnership or Sdn Bhd | Company bank statement of at least six months AND Company registration document OR a) Last payment receipt Form B AND LHDN OR b) Last e-form B AND acknowledgment of receipt of electronic filing |
The eligibility requirements for CIMB Cash Plus are relatively low, especially considering its maximum funding amount of 8x your monthly salary. Other competitors who offer funding above 7x the monthly salary typically require a minimum monthly salary of RM3,000 to RM 5,000. However, your final approved amount will still be subject to the approval criteria of the CIMB.
If you don’t meet the salary requirements of the CIMB, there are other plans that accept applicants with monthly earnings starting at RM 1,500. Check out our personal loan calculator to find the right plan.
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