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What if I fail to fulfill my loan obligation?

In the event of default on your CIMB Bank Personal Loan, the Bank has the right to recall and demand repayment of all sums owed by the Applicant to the Bank in respect of other facilities granted by the Bank. The Bank may, by giving seven (7) calendar days notice to the Applicant, declare that the loan or any part thereof which remains unreleased be suspended, withdrawn, or terminated and that the outstanding balance, together with the interest, be payable to CIMB Bank Philippines after seven (7) calendar days from the Bank's notice.

 

Late charges 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.

 

Other legal actions will be taken in case you fail to fulfill your obligations from your CIMB Personal Loan.

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