CIMB Offers New EPF Account 2 Backed Personal Loans

CIMB Bank Berhad (CIMB) has just recently launched its Cash Plus Personal Loan Account 2 Support Facility.

This will be available to all members of the Employees Provident Fund (EPF). It also comes with an attractive introductory rate in the market at 4.5% fixed rate per annum, terms and conditions applied.

EPF members eligible for financing up to RM50,000

This scheme will allow EPF members to apply for personal financing of up to RM50,000. However, this is subject to their EPF Account 2 balance that must have a minimum balance of RM3,000. 

The scheme is aimed at offering additional financial options and flexibility to EPF members, particularly those who are aged between 40 and 55 with a minimum gross income of RM2,000.

Repayment tenure up to 10 years

It is aimed as providing support for EPF members who may have cash flow needs or specific financial goals to achieve. The scheme will also have a repayment tenure of up to 10 years.

Application for the personal financing can be done through a dedicated online platform. The fully digital onboarding process will offer customers the ability to navigate the website independently and give them the tools to complete eligibility checks and submit their applications seamlessly.

“At CIMB, we believe in ensuring all members of society have access to financial services and are empowered to make financing decisions based on their needs. To that end, we are pleased to offer the Cash Plus Personal Loan Account 2 Support Facility to provide additional avenues for EPF members,” said Effendy Shahul Hamid, Chief Executive Officer, Group Consumer and Digital Banking, CIMB Group.

“To complement this, CIMB is also offering an attractive introductory interest rate of 4.5% fixed rate per annum, which stands as one of the most competitive rates available in the market, providing our customers greater value and flexible financing options,” he added.