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.

Best for: CIMB Cash Plus personal loan can be a good option for those looking for quick approval, zero fees, and relatively low eligibility requirements.

Main characteristics of the CIMB Cash Plus personal loan

Interest rate6.88% pa – 14.88% pa
Amount of the loanRM2,000 – RM100,000
term of the loan25 years
Approval durationWithin one working day
Income requirementGross monthly income RM2,000
Age condition21 – 58; 60 years maximum at the end of the loan term
Linked bank account requiredNo
InsurancePurchase 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 loanFixed interest rateEquivalent effective interest rate
2-5 years6.88% pa12.31% pa
7.88% pa13.93% pa
9.88% pa17.09% pa
10.88% pa18.62% pa
11.88% pa20.13% pa
14.88% pa24.51% 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:

EmployeeFixed incomeVariable income support
Multinational enterprise, listed company or company linked to the governmentLast payslip OR last EPF declaration with a minimum contribution of six monthsPay slips for the last three months OR last EPF declaration with a minimum contribution of six months
OtherPay 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 employedDocuments
Sole proprietor, partnership or Sdn BhdCompany 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.

CIMB Bank Cash Plus personal loan

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Jothi Venkat

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