CIMB Bank Philippines has no branches and runs everything through its app, including a personal loan from ₱30,000 to ₱1,000,000 with no collateral and no guarantor. Terms are 12, 24, 36, 48 or 60 months, with a fixed monthly installment.
Why do we recommend the CIMB Personal Loan?
The pricing is unusual for a bank. The monthly add-on rate starts at 0.83%, an annual contractual rate of 18%, and the minimum gross monthly income is only ₱15,000.
The Product Disclosure Sheet is published openly and spells out the amounts, the installment formula, every fee and the first due date: if the loan is released on or before the 15th, the first payment falls on the 1st of the following month; after the 15th, on the 1st of the second month.
There is no disbursement fee when the proceeds go to your CIMB account; sending them to another bank costs 1% or ₱500, whichever is higher. Documentary stamp tax of ₱1.50 per ₱200 applies by law.
Author’s opinion
We would suggest it to a young employee or freelancer who is comfortable doing everything on the phone. Keep in mind that 0.83% is the starting rate: the figure you get depends on the bank’s risk assessment, so compare the total repayment in the app before accepting.
Costs appear if you change plans. Early settlement costs 3% of the unbilled amount or ₱300 minimum, and a late installment is charged 5% of the unpaid amount or ₱300, whichever is higher, each month it stays unpaid.
The bank is BSP-regulated, deposits in the linked account are insured by the PDIC and the loan comes with group creditor life insurance.
Keep the CIMB account funded before the 1st and pick the shortest term you can afford.
I want to learn more about the CIMB Personal Loan!
Who can apply, which IDs and income documents CIMB accepts and how the in-app application works are on the next page. Press the button.
