5 Things You Need to Prepare When Applying for a Loan Online

Getting a loan is a financially sound way to leverage your finances. This can be a practical source of capital for a business or investment and even a great source of funds to invest on your future. There are quite a number of banks and credit facilities that offer loans; some of them are even available online. In this day and age, access to new funds is literally at your fingertips. However, before starting your application, make sure to have these things on hand for a smooth sailing application process.

1. Valid ID

The first thing that you will need when applying for a loan is a valid ID. This helps the bank identify the person to whom they are about to lend their money. Providing an ID is necessary for the bank to perform background checks on all its applicants.


For CIMB Bank, you may only need one valid ID, but check first if the ID card you have on hand is one of the following:

  • Driver's license
  • Passport
  • Professional Regulation Commission (PRC) ID
  • Social Security System (SSS) ID
  • Unified Multipurpose ID (UMID)
  • Postal ID
  • COMELEC Voter's ID Card

2. Proof of Income

One of the most important parts of your loan application is the income verification. This is done in order for the bank to be able to assess your capacity to pay and the risks that can come when lending money to you.


When applying for a CIMB Personal Loan, there are several documents needed from applicants and these will depend on whether you are employed or self-employed.


For employed applicants, prepare at least one of the following documents:

  • Most recent 1 month pay slip
  • Certificate of Employment
  • BIR Form 2316 (W2)


For self-employed applicants, make sure to prepare the following:

  • DTI Registration of your business
  • SEC Registration of your business

3. A stable internet connection

A good internet connection is vital when applying for a loan online. This is to help avoid any unnecessary delays that can cause errors in uploading your requirements. Make sure that you have a stable internet connection before you start your loan application process.

4. Good lighting

Now that you can apply for a loan digitally, some platforms like the CIMB Bank PH app, may require you to verify your identity through a selfie check. Having good lighting makes it easier for the system [MOU1] to recognize your facial features and verify it with the ID you submitted. Find an area that is near a window or a room with enough light to take a clear photo.


Additionally, taking a photo and uploading your income documents in a well-lit area assures that you can capture clear images and texts of all the necessary details the bank needs when verifying your source of income.

5. A disbursement account

Lastly, make sure that you have a bank account ready where you will be able to receive the disbursement of your borrowed amount. Keep in mind that some banks may charge for disbursement fees which can vary depending on which bank or credit facility you choose to apply a loan from.


With a CIMB Personal Loan, a disbursement fee of 1% of your principal loan amount or PHP 500 (whichever is higher) may apply if you opt to disburse your loan to other banks.

However, if you opt to disburse your loan to your CIMB Bank savings account, you will not be not be charged any disbursement fee.

If you are an existing CIMB Bank account holder, you may qualify for the CIMB Bank Loan Loyalty Program. A first-of-its-kind program where you can enjoy yearly increasing rebates starting with 10% for the first year and up to 30% by the fifth year. All you need to do is pay your monthly loan payments consistently and on time!


Just apply and get approved for a Personal Loan on or before March 31, 2021 to become eligible. Make a move towards your financial goals!

Learn how you can apply for a Personal Loan using the CIMB Bank PH App:

Visit the link below to know more about our Loan Loyalty Program: 

Download the app to apply for our Personal Loan today!