• 4.50% p.a. Interest Rate (subject to individual’s risk profile) and 8.21% to 8.41% p.a. EIR
• Loan tenures of 1 – 5 years
• $1,000 minimum loan amount
• Bank’s financing is capped at 80% of borrower’s credit limit
• Good for short term 1-year loans with lower interest rate of 4.50% p.a. (depending on individual)

CIMB’s CashLite loans offers flexible loan tenures of 1 – 5 years with low interest rates of 4.50% p.a. (subject to individual’s risk profile) and EIR of 8.21% to 8.41% p.a.. However, the minimum loan amount is $1,000 and the bank’s financing is capped at 80% of the borrower’s credit limit. Borrowers must also be a CIMB cardmember.

After comparing with the other banks, CIMB offers a great deal for 1-year loans with their low interest rates. For example, if one borrows a CashLite loan of $20,000 from CIMB with a repayment period of 12 months at an interest rate of 4.50% p.a. (and EIR 8.21% p.a.), the cost of the loan is only $900.