SingSaver and CIMB are launching “UnlockYourDreams” Campaign where you could stand a chance to win one of the below categories when you sign up for an eligible CIMB Personal loan through SingSaver:
Here are the prizes to be won:
Prizes (1 winner in each category): | Consolation (1 winner in each category) | |
‘Hustler Hannah Starter’ Category |
– Apple Watch Series 9 (worth S$604.50) | Apple iPhone 15 Pro Max 256GB (worth S$2,017.50) |
‘Reno Ryan Home Starter’ Category |
– Morning Coffee Machine + 20 Capsules Bundle (worth S$684) | Samsung 43″ The Frame LS03D QLED 4K Art Mode Smart TV (worth S$2,199) |
‘Wanderlust Wendy Travel Starter’ Category |
– A pair of Economy Class round-trip tickets to Anywhere (worth up to S$3,000) – AirWheel S3ES (S$1,480) | AirWheel S3ES (worth $1,480) |
How to Qualify:
Step 1: Apply for CIMB Personal Loan via SingSaver in the link below from now till 13 June, where the loan amount is at least S$8,000 with a tenure of 3 to 5 years.
Terms and conditions apply
Step 2: Follow the link in the email sent to you and submit your participation via Rewards Redemption Form.
Step 3: Answer the contest question in the Rewards Redemption form and ensure that:
- all fields related to the contest question are completed
- Contest Question is answered in English within a 300-character limit
- The more inspiring your dreams are, the better chances you have of winning
Step 4: Fulfill the specific eligibility product requirements. Contest winners will be announced on
SingSaver’s contest winners page
Overview:
This CIMB Personal Loan offers attractive features to help you manage your finances. Here’s a quick rundown:
- Cashback Bonus: Get up to S$2,000 cash back when your loan is approved (see below).
- Competitive Rates: Interest rates start as low as 2.80% per year (EIR 5.28% p.a.) for larger loans (S$10,000 and above). Rates are slightly higher for smaller loans.
- 2.80% p.a. (EIR 5.28% p.a.) for loans S$10,000 and above,
- Up to 5% p.a. for loans that are at least S$5,000, and above.
- Higher 9% p.a. for loans less than S$5,000
- Flexible Loan Terms: Choose a loan term between 1 and 5 years to fit your repayment needs.
- Manageable Loan Amounts: Borrow between S$2,000 and S$200,000 depending on your income. (To qualify for above promotion, loan amount needs to be at least S$8,000 with a tenure of 3 to 5 years)
- No Processing Fee: There’s no processing fee for loans of S$5,000 or more (a 1% processing fee applies to smaller loans).
- Loan up to:
- 2x monthly income (if your annual income is between S$20,000 to S$29,999)
- 4x monthly income (if your annual income is between S$30,000 to S$119,999)
- 8x monthly income, up to S$200,000 (if your annual income exceeds S$120,000)
- Early redemption fee of 3% of outstanding principal, or S$250 – whichever is higher
- Late payment fee of S$100
Eligibility:
- Only Singapore Citizens or Singapore Permanent Residents (PRs)
- Minimum annual income: S$20,000
- Age: 21 – 70 years old
Interest and Tenure Chart:
Loan amount less than S$5,000 | Loan amount S$5,000 – S$9,999 | Loan amount less than S$10,000 – S$29,999 | Loan amount S$30,000 and above | |||||
Tenure (Years) | Interest Rate (p.a.) | EIR (p.a.) | Interest Rate (p.a.) | EIR (p.a.) | Interest Rate (p.a.) | EIR (p.a.) | Interest Rate (p.a.) | EIR (p.a.) |
1 | 9% | 18.15% | 5% | 9.10% | 4.00% | 7.30% | 4.00% | 7.30% |
2 | 17.46% | 9.32% | 7.50% | 7.50% | ||||
3 | 16.96% | 4.48% | 8.38% | 3.38% | 6.38% | 2.80% | 5.31% | |
4 | 16.54% | 8.33% | 6.36% | 5.30% | ||||
5 | 16.17% | 8.26% | 6.32% | 5.28% | ||||
Sample Computation:
Loan Amount | S$10,000 |
Interest Rate | 3.38% p.a. (EIR 6.38% p.a.) |
Tenure | 3 years |
Processing Fee | 0% |
Total Interest Payable | 3.38% p.a. x S$10,000 x 3 years = S$1,014 |
Total Repayment | S$11,014 |
Monthly Installment | S$306.00 |
Stacked Promotion: Receive the S$2,000 Cashback
CIMB is offering attractive cashback of up to S$2,000 should your loan be approved. To be eligible, approved loans have to be:
- Three, four or five years in tenure
- At least S$8,000 loan amount
Approved Loan Amount | Cashback Earned |
S$8,000 – S$14,999 | S$50 |
S$15,000 – S$49,999 | S$300 |
S$50,000 – S$79,999 | S$750 |
S$80,000 – S$149,999 | S$1,000 |
S$150,000 and above | S$2,000 |
Conclusion:
While the CIMB Personal Loan offers enticing features, it’s crucial to approach borrowing responsibly. Avoid using personal loans for non-essential expenses. This loan can be a valuable tool for financing specific goals, such as home renovations or business investments, due to its competitive rates and potential cashback.
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