An Unbiased Review: CIMB Cash Plus Personal Loan

CIMB Cash Plus Personal Loan is an attractive option for those looking for a financing solution that doesn’t require a guarantor or collateral. You don’t need a high income (or prove that you’ve been working at your company for a long time) to qualify for this loan, either.

It has a fast loan approval of within one working day – one of the speediest processing duration on the market – making this a good choice if you need to cover an emergency.

However, while this plan offers competitive interest rates, it doesn’t offer the lowest rates on the market.

CIMB Cash Plus Personal Loan key features

Interest rate	6.88% p.a. - 14.88% p.a.
Loan amount	RM2,000 - RM100,000
Loan tenure	2 - 5 years
Approval duration	Within one working day
Income requirement	RM2,000 monthly gross income
Age requirement	21 - 58; maximum 60 years old upon maturity of loan tenure
Linked bank account required	No
Insurance	Purchase is optional

Rates

CIMB Cash Plus offers rates from 6.88% p.a. to 14.88% p.a. The interest rate that you’ll get is subject to the bank’s internal approval criteria.

Loan Tenure	Fixed interest rate	Equivalent effective interest rate
2 to 5 Years	6.88% p.a.	12.31% p.a.
	7.88% p.a.	13.93% p.a.
	9.88% p.a.	17.09% p.a.
	10.88% p.a.	18.62% p.a.
	11.88% p.a.	20.13% p.a.
	14.88% p.a.	24.51% p.a.

CIMB’s rates are fairly competitive, but it doesn’t offer the best interest rates on the market – other personal financing plans offer lower interest rates starting at 3.9%. However, these plans typically have stricter eligibility requirements. They may only be available for civil servants, or they may require applicants to be employed in the same company for at least two years. On the other hand, CIMB Cash Plus has more relaxed requirements.

The tiered interest rates are subject to the bank’s (undisclosed) approving criteria. When we reached out, CIMB said that the rates are not affected by your credit score. However, you’ll still need to meet an (undisclosed) credit score and debt service ratio requirement to get approved for this loan.

Fees

CIMB Cash Plus does not have any processing fees, early settlement fees or stamp duty. This means that with this plan, you’ll receive 100% of the loan disbursement. By contrast, other financing plans typically have a 0.5% stamp duty or other processing fees that will be deducted from your loan amount.

However, like most personal financing plans on the market, it imposes a late payment penalty of 1% of your outstanding payment.

We like

• Fast approval. CIMB Cash Plus has a fast approval duration of within the next working day.
• Up to 8x monthly salary. You can borrow up to 8x your monthly salary. This isn’t the highest multiplier in the market. For example, the BSN MyRinggit-i EKSEKUTIF-1 Personal Financing may lend you up to 10x your monthly salary. However, many other personal loans may only lend you up to 5x only.
• No fees. There are no processing fees, early settlement fees or stamp duty.
• No guarantor or collateral. Like most personal loan or financing products out there, you don’t need a guarantor or collateral to quality for CIMB Cash Plus.

Things to consider

• Does not have the lowest interest rates. CIMB Cash Plus offers competitive rates starting at 6.88%, but does not offer the best rates on the market.
• Limited tenure. CIMB Cash Plus offers tenures of two to five years – other personal loans may offer tenures 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 stretch it out over many years.

How to qualify for CIMB Cash Plus Personal Loan

To qualify for this loan, you must meet these requirements:

• 21 to 58 years old (maximum 60 years old upon maturity of loan tenure)
• Malaysian citizen
• Minimum monthly gross income of RM2,000
• Employed for more than six consecutive months
• For self-employed, business must be active for more than 24 months

You must also provide these documents:

Employee	Fixed income earner	Variable income earner
Multinational company, public listed company or government-linked company	Latest payslip OR latest EPF statement with minimum six months’ contribution	Latest three months’ payslips OR latest EPF statement with minimum six months’ contribution
Others	Latest three months’ payslip AND latest three months’ salary crediting bank statement OR latest EPF statement with minimum six months contribution

Self employed	Documents
Sole proprietor, partnership or Sdn Bhd	Minimum latest six months’ company bank statement AND Business Registration Document OR a) Latest Form B AND LHDN payment receipt OR b) Latest e-Form B AND e-filing acknowledgement receipt

CIMB Cash Plus’ eligibility requirements are relatively low, especially considering its maximum financing amount of 8x your monthly salary. Other competitors who offer financing upwards of 7x monthly salary typically require a minimum of RM3,000 to RM5,000 monthly salary. However, your final approved amount will still be subject to CIMB’s approval criteria.

If you don’t meet CIMB’s salary requirements, there are other plans that accept applicants with monthly incomes starting at RM1,500. Just check out our personal loan calculator to find the right plan.