As CIMB’s interest rates aren’t published upfront on their website, you’ll only be able to know the actual estimated interest rate you’ll be getting when you apply for the loan. At the moment, their advertised interest rates are from 3.38%, with an EIR above 6% and is subject to changes according to economic conditions globally.
To make things easier to understand, here is an example to illustrate. (But keep in mind that in reality, interest rates are personalised, so yours might differ from this example which was calculated using CIMB’s personal loan calculator.)
Let’s say you’re taking up a $10,000 loan over 3 years for your wedding expenses and your monthly income is about $2,500. With an interest rate of 3.38% p.a., your estimated monthly repayment amount would be $306, taking into account the EIR of 6.38% p.a. which can be determined by many other factors besides the interest you are charged, such as your number of installments, frequency of installments, whether your installment amounts are equal or not, administrative fee or processing fees.
Here's a quick breakdown of the estimated calculation: - Loan amount: S$10,000
- Interest rate: 3.38% p.a. (EIR 6.38% p.a.)
- Total interest payable: 3.38% p.a. x S$10,000 x 3 years = S$1,014
- Total repayment: S$11,014
- Monthly instalment: S$309
*Based on CIMB personal loan’s calculator
In the situation that you decide to opt for early repayment, there will be a fee of a minimum of $250 or 3% of the outstanding principal amount of the approved loan, whichever is higher.