1. What is the CIMB Personal Loan Calculator?

The CIMB Personal Loan Calculator helps you estimate your monthly payments for personal loans from CIMB Bank in Malaysia. It uses the standard loan amortization formula to calculate payments based on principal amount, interest rate, and loan term.

2. How Does the Calculator Work?

The calculator uses the standard loan payment formula:

Where:

• \( PMT \) — Monthly payment amount
• \( P \) — Principal loan amount (MYR)
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Total number of payments (loan term in years × 12)

Explanation: The formula accounts for compound interest over the loan term, calculating equal monthly payments that pay off both principal and interest.

3. Understanding Personal Loan Payments

Details: CIMB personal loans in Malaysia typically have interest rates starting from 4.38% p.a. with terms ranging from 1 to 10 years. Early settlement may incur fees.

4. Using the Calculator

Tips: Enter the loan amount in MYR, annual interest rate (minimum 4.38%), and loan term in years. The calculator will show your estimated monthly payment, total repayment amount, and total interest cost.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum loan amount from CIMB?
A: CIMB typically offers personal loans starting from MYR 5,000, with maximum amounts based on your income and creditworthiness.

Q2: Are there any processing fees?
A: CIMB may charge a processing fee of 1-3% of the loan amount, which is typically deducted from the principal.

Q3: Can I repay my loan early?
A: Yes, but early settlement may incur a fee (typically 1-3% of the outstanding balance). Check with CIMB for current terms.

Q4: How does interest work on personal loans?
A: Interest is calculated on a reducing balance basis, meaning you pay less interest as the principal decreases.

Q5: What factors affect loan approval?
A: CIMB considers your income, credit score, existing debts, employment status, and other financial commitments.