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MYEG Personal Loan

Quick and accessible loans with fast turnaround time of approval!

 

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PERSONAL LOAN FEATURES

  • Fast approval
  • Up to 1m pesos maximum loan amount
  • Zero processing fee
  • Zero early settlement fees
  • 1.2% monthly fee only

PERSONAL LOAN REQUIREMENTS

  • Must be at least 21 years old and no older than 65
  • Must be a Philippine citizen
  • Must have a Philippine mailing address and active local mobile number
  • Must have a minimum gross monthly income of PHP 15,000
  • If employed, must be tenured for at least 6 months or 1 year of continuous employment
  • If self-employed, must be operating for at least 1 year

Frequently Asked Questions

Lending Services

How can I apply for a Personal Loan?
You can apply for a Personal Loan by following the steps below:
1) Visit the website myeg.ph
2) Choose Personal Loan from the Menu
3) Click link to A Personal Loan
4) Fill in your personal details and select your desired loan amount and tenure
5) Attach required documents
6) Agree with terms & conditions and wait for updates from our team
What are the eligible criteria to apply for a MYEG-CIMB Personal Loan?

Eligibility criteria to be eligible for a MYEG-CIMB Personal Loan:
1) Individuals only
2) Applicant must be at least 21 years old; at most must be no older than 65 upon loan maturity
3) Applicant must be a Philippine citizen and a non-US person
4) Applicant must have a Philippine mailing address and active Philippine mobile number
5) Applicant must have a minimum gross monthly income of PHP15,000
6) Applicant, if employed, must be tenured for at least 6 months, or 1 year of continuous employment, unless employed in the top 15,000 corporations or if salary crediting under CIMB payroll account
7) Applicant, if self-employed, must be operating for at least 1 year

Eligible IDs that may be submitted for your application:
1) Driver’s License
2) Passport
3) Postal ID
4) SSS – Social Security System
5) TIN – Tax Identification Number
6) Unified Multi-Purpose ID (UMID)
7) Voter’s (COMELEC) ID Card
8) National Professional ID Card (PRC ID)

What is the minimum and maximum loan amount and tenure for the Personal Loan product?
Personal Loans between PHP30,000 to PHP1,000,000 with repayment terms ranging from 12 to 60 months. 
What are the interest rates?
The monthly add-on rates range from 1.12% to 1.95% (Corresponds to annual contractual rates of 24%, 30%, or 36%).
What is the difference between add-on rate and contractual rate?

Add-on rates determine the interest payable at the beginning of a loan, then it is added per month to the principal with each payment. The interest payable amount per month is the same throughout the loan period.

Example:
A loan amount of Php100,000 with tenure of 1 year and an add-on rate of 1.12% requires a repayment of Php8,333.33 plus interest payable of Php1,122.63 (1.12% of 100k), totaling Php9,455.96 per month. The principal and interest payable remain constant throughout the loan period.

On the other hand, annual contractual rates compute the interest payable based on the remaining balance per repayment. The monthly repayment amount is determined using the annuity payment formula.

Example:
A loan amount of Php100,000 with tenure of 1 year and an annual contractual rate of 24% requires a total repayment of Php9,455.96 per month, interest included. The next month’s payment is also Php9,455.96, but the amount of principal and interest is different because the outstanding loan amount decreased.

What are the acceptable income documents for submission?

If you are EMPLOYED, you may upload any ONE of the following:
– 1 month pay slip
– Certificate of Employment
– BIR Form 2316 (W2)
– BIR Form 1700

If you are SELF-EMPLOYED, you have to upload / provide ALL of the below:
– DTI or SEC Registration
– Mayor’s permit
– BIR Form 1701 OR Latest 6 months Bank Statement of the Owner / Business

How is my loan amount decided?
Your loan details will be decided based on your assessed risk level and other credit checks performed by our credit underwriters.
How long does it take for my Personal Loan application to be processed?
Initial approval for Personal Loan application can be done in 10 minutes! Your full and final approval can be processed as fast as 24 hours. You just need to ensure that your documents are complete when you submit these. 
What if I do not wish to accept the revised terms of the loan?
If you do not wish to accept the revised terms of the loan, you can cancel the application by selecting LEAVE APPLICATION on the LOAN SUMMARY screen.
What happens if I don't finish my loan application?
If you have a incomplete loan application, your application will be automatically cancelled after 6 months. 
Why was I rejected for the Personal Loan application?
If your application for a MYEG-CIMB Personal Loan was rejected, then this product may not apply to you. However, you are free to submit another application within three (3) months of your initial rejection.
I completed all the stages of the loan application and was offered a revised loan.
If the credit underwriter deems your gross monthly income lower than the amount declared, the credit underwriters reserves the right to amend it for a re-assessment. The re-assessment might result in a revision of the loan amount or loan tenure. If you choose to accept the revised terms of the loans, you can proceed by signing your digital signature. If you choose to reject the new terms of the loan, you can tap LEAVE APPLICATION and cancel your loan application. 
How and when do I receive my loan proceeds?
During your loan application, you will be asked to choose a disbursement method. If you chose to disburse to a CIMB account, the loan proceeds will be disbursed immediately upon loan approval. If you chose to disburse to other banks, you loan proceeds will be disbursed within 2 business days upon loan approval.
Are there other fees and charges?

Below are all the fees applicable to a MYEG-CIMB Personal Loan:
1) Documentary Stamp Tax – PHP1.50 per PHP200 loan (fraction of)
2) Late Payment Fee – 5% of unpaid installment due or PHP300 (whichever higher)
(Note: to be computed from the payment due date till full payment of the obligation

There are no disbursement fees nor are there any application fees.

If I was rejected for a loan application, how long before I can re-apply for a MYEG-CIMB Personal Loan again?
If your loan application was rejected, you may apply again after 3 months from the date you were informed of the rejection. 

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