Interest rate chargeable is on Risk Based Pricing. The Flat Interest Rate ranging from 8% to 36% per annum (equivalent to an Effective Interest Rate ranging from 8% to 60.99% per annum depending on loan tenure), varies for each customer. Various factors are taken into consideration to determine the final interest rate chargeable example: credit records, repayment behavior, loan tenure etc.
Example 1: Customer with rich credit records, good repayment behavior may have lower interest rate chargeable.
Example 2 : Returning customers with good credit and repayment history will enjoy more competitive rates.
CIMB e-Zi Tunai distributed via GOpinjam, is a flexible product that allows customers to borrow based on a needs basis which includes small loan amounts and shorter loan tenures. This makes e-Zi Tunai more affordable in terms of total interest payable for a similar loan amount.
Below is an example of the interest rate chargeable for CIMB e-Zi Tunai in comparison to “A Credit” Personal Financing whereby a user decides to take a RM1,000 loan for 3 weeks at 36% will only be charged RM21 in interest compared to “A Credit” Personal Financing where there are no options for shorter tenure: