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July 18, 2011
 

CIMB Personal Loan

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Written by: bridal

You may need a personal loan to fit into your long or short term plans. It could be to fund your children’s higher education, for medical emergencies or a new business plan that requires easy and convenient personal loans. Of course, you prefer to apply for the loans with minimal documents but yet, the bank can approve it in no time. With CIMB personal financing options, borrowers can decrease the amount of high interest debts and set a monthly payment. There are several financing choices offered by CIMB – Credit Line Secured Draft, ASB Financing, Xpress Cash Financing-I, Cash Plus Financing-I and Pembiayaan Peribadi Sektor Awam-I.

Basically, the two most popular products available are Credit Line Secured Draft and ASB Financing. Credit Line Secured Draft is a financing option offered to locals and foreigners. Borrowers can withdraw funds without hassle directly from their account without having to liquid their investment assets. But bear in mind that the interest is calculated on daily basis.

That means, the bank charges lower interest if you pay the fixed amount on time. This financing option is available for individuals aged 21 years and above with at least RM10,000 pledge collateral. Borrowers can use fixed deposit, FD freedom, commerce investment guarantee (CIG), CIMB unit trust, CIMB structured deposit and ASN products as collateral pledge.

On the other hand, ASB Financing which is only open to Bumiputras is another attractive financing option due to its flexible loan tenures and attractive interest rates. This option is only available for ASB investors based on ASNB guidelines. Applicants must be above the age of 18 and for those who are unemployed or still studying, a guarantor is needed. Bank would grant between RM10,000 to RM200,000 to applicants. With ASB Financing, applicants can purchase and earn annual dividends from ASB investments while at the same time, gaining loan from the bank.

The other three financing options under Shariah Solutions are Xpress Cash Financing-I, Cash Plus Financing-I and Pembiayaan Peribadi Sektor Awam-I. Xpress Cash Financing-I offered by CIMB Islamic Bank is a convenient personal loan as it does not require collateral or guarantor (for loans below RM5,000). This package is only open to individuals aged between 21 and 60 with at least a monthly income of RM800. Applicants must be employed or have ventured into business for over 6 months. Once you submit the application, the bank will update your status within 24 hours. Unlike other personal financing options, Xpress Cash Financing-I does not require processing fees and security deposit.

Cash Plus Financing-I is also somewhat similar to Xpress Cash Financing-I as it does not require guarantor or collateral. However, those who opt for this package must have at least a monthly income of RM2,500 since the amount of loan is higher than Xpress Cash Financing-I. Pembiayaan Peribadi Sektor Awam-I is one of the unique products offered by CIMB Islamic Bank as it is designed and catered to government servants. Applicants must be between the ages of 18 and 58 with a minimum income of RM500 to be eligible for this option. Payment period can be extended up to 15 years.