CIMB Bank offers convenient personal loans in the Philippines with competitive rates and flexible terms, and repaying a CIMB loan is straightforward, especially with multiple online payment options available. Still, numerous individuals have difficulties in repaying their loans promptly in the Philippines.
Therefore, whether you prefer mobile apps, bank transfers, or online banking, CIMB provides a wide selection of digital methods to make timely repayments hassle-free. In this article, we’ll explore these options in detail and the steps required to help you repay your CIMB Bank loan efficiently.
Avenues For Repaying a CIMB Bank Loan Online in The Philippines
Repaying your CIMB Bank loan online in the Philippines is simple and can be done using a variety of digital payment methods. Here are step-by-step instructions for each option to help ensure smooth and timely repayments:
1. Using the CIMB Bank App
- Log in to your CIMB Bank PH app.
- Go to “Loans” and select your loan account.
- Choose “Repay” and enter the payment amount.
- Confirm the transaction, and you'll receive a payment confirmation.
2. Via GCash
- Open your GCash app and select “Pay Bills.”
- Search for CIMB Bank under the "Loans" category.
- Enter your loan account number and payment amount.
- Confirm the transaction to complete your payment.
Still in doubt on how to proceed with this method? Check out this video. It demonstrates in detail how to use the Gcash app to pay off a CIMB loan in the Philippines, providing a practical online method for loan repayment for existing and potential borrowers.
3. Through Online Banking
- Log in to your preferred online banking platform.
- Choose “Bills Payment” and search for CIMB Bank as the biller.
- Enter your loan details and payment amount.
- Confirm the transaction and your payment will be processed.
4. Using Maya (formerly PayMaya)
- Open the Maya app and go to “Bills.”
- Find CIMB Bank under the “Loans” section.
- Enter your loan account number and the amount to be paid.
- Confirm to complete the payment, and you’ll receive a transaction receipt.
5. Over-the-Counter Partner Payment Centers (via QR Code)
- Generate a QR code via the CIMB app for your payment.
- Visit a partner center (e.g., 7-Eleven, SM Bills Payment).
- Show the QR code to the cashier and provide the payment amount.
- Keep the receipt as proof of payment.
Also Read: Explained: Typical Terms of Small Business Loans
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Full Settlement of a CIMB Bank Loan Online in The Philippines
Fully settling your CIMB Bank loan online in the Philippines is a straightforward process that allows you to close your loan account efficiently. Here's how to proceed with the full settlement process:
1. Access Your Loan Account
- Log in to the CIMB Bank PH app.
- Navigate to the "CREDIT" section and select "PERSONAL LOAN."
2. Initiate Account Closure
- Tap on the three dots to access your loan details.
- Select "CLOSE ACCOUNT" and follow the subsequent instructions.
3. Be Aware of Early Settlement Fee
- An early settlement fee applies, calculated as 3% of the unbilled amount or a minimum of PHP 300, whichever is higher.
Also Read: 6 Things You Need for Small Business Loan Requirements
Key Points To Consider Before Planning an Early Loan Settlement of a CIMB Bank Loan
Early loan settlement can be an effective way to save on interest, but it’s essential to understand the terms and potential fees involved with its completion. Here are some points to consider before proceeding with an early loan settlement:
1. Early Settlement Fee
CIMB Bank charges an early settlement fee, typically 3% of the remaining loan balance or a minimum of PHP 300, whichever is higher. Consider if the fee outweighs the interest savings to determine if early settlement is financially beneficial.
2. Remaining Interest Savings
Calculate the interest you’ll save by settling early versus the total interest if you continue regular payments. This calculation can help you assess if early repayment leads to substantial savings, especially for loans with high interest rates.
3. Impact on Credit Score
Successfully closing a loan account with an early settlement can reflect positively on your credit score. It shows responsible financial behavior and may improve your eligibility for future loans, particularly with favorable terms.
4. Cash Flow Considerations
Assess your current cash flow before using a significant amount for loan settlement. Ensure that paying off the loan won’t impact your emergency fund or other financial priorities, maintaining a balanced financial position.
5. Bank’s Processing Time
Some banks may require a few business days to process an early settlement request. Plan your timing to avoid late payments, and check if additional documentation is needed to ensure a smooth process.
Conclusion
In conclusion, as this article explains, CIMB Bank offers a range of convenient online repayment options in the Philippines, allowing borrowers to manage their loan payments with ease. Whether using the CIMB Bank app, GCash, online banking, or payment centers, borrowers can choose the method that best fits their lifestyle and preferences.
Moreover, ensuring timely online payments not only helps avoid penalties but also contributes to maintaining a positive credit history. Therefore, by making use of the numerous digital repayment options available to them, CIMB Bank borrowers can enjoy a smooth and efficient loan management experience.
Frequently Asked Questions (FAQs)
1. How do I pay my CIMB loan principal?
To repay your CIMB Bank loan principal in the Philippines, log in to the CIMB Bank PH app, navigate to the ‘credit’ section, select the ‘personal loan’ option, and choose the ‘Pay Now’ option.
You can make payments online via CIMB or other banks, or over-the-counter at partner locations but always remember that advance payments are held until the due date.
2. Can I pay off my CIMB loan early?
Yes, you can fully repay your CIMB Bank loan before the end of your loan tenure. However, an early settlement fee applies, calculated as 3% of the unbilled amount or a minimum of PHP 300, whichever is higher.
To proceed, log in to the CIMB Bank PH app, navigate to your loan details, and select the ‘Close Account’ option.
3. What will happen if I don't pay my CIMB loan?
Failing to repay your CIMB loan can lead to several consequences:
- Late Payment Charges: A fee of 5% of the outstanding balance due or PHP 300 per month, whichever is higher, will apply if any Monthly Installment Amount Dues are not fully paid on the Payment Due Date.
- Legal Actions: The bank may initiate legal proceedings to recover the owed amount.
- Credit Score Impact: Your credit rating will suffer, affecting future loan approvals.
4. What is a CIMB bank loan in the Philippines?
CIMB Bank Philippines offers personal loans ranging from PHP 30k to PHP 1 million with repayment terms between 12 to 60 months.
These loans feature competitive monthly add-on interest rates of 0.83%, leading to an annual rate of 18%, and a fully digital application process via the CIMB Bank PH app, to provide a convenient borrowing experience for Filipinos seeking financial assistance.
