Commonly referred to as CIBC, the Canadian Imperial Bank of Commerce is one of the "Big Five" banks in Canada. The bank has its headquarters in Toronto, Ontario, at Commerce Court.
William McMaster founded the Canadian Bank of Commerce that opened as a competition for the Bank of Montreal in Toronto on May 15, 1867; by 1874, it had 24 branches.
The Imperial Bank of Canada, founded by former Commerce Vice-President Henry Stark Howland, opened in Toronto on March 18, 1870. Read on to learn more about CIBC's Personal Loan.
Personal Banking Loans at CIBC
There are a variety of reasons why borrowing money might be needed. If you are looking to renovate your house, consolidate your debt, or take that much-needed vacation, finding the right borrowing option is crucial.
Features of the Loan
Particular Loan Features include a disbursement type (a lump sum), rates of interest (fixed or variable), a loan amount (with a personal loan, you must borrow at least $3,000).
There are options for repayment – you can choose from weekly, biweekly, semi-monthly and annual payments. Their fees would be a mixture of interest and principal.
Secured loans are backed by your collateral either by property or investment, resulting in higher borrowing amounts and lower interest rates, whereas they typically have a faster approval process with unsecured loans.
Eligibility
While it varies from bank to bank, the age, occupation, employment, ability to repay the loan, and residence are the general requirements.
You must have a daily income source to make use of a personal loan, whether you are a salaried employee, a self-employed business person, or a student. Eligibility for an individual is also affected by the company with which he is employed, his credit history, etc.
Maximum Duration of Loan
It can take from 1 to 5 years or 12 to 60 months. Shorter or longer tenures can be allowed on a case-by-case basis, but they are rare.
Loan Disbursement
Learn more about these credit lines and bank loans, which are listed below.
- Home Equity Credit line
- Loan to RRSP
- Student Credit Line
- Auto loan
A loan reduces the burden of paying for major purchases in cash outright and allows you to spread the cost over time. A personal loan, by definition, is an extension of a blender's credit to a borrower, where the borrower agrees to pay the lender back with interest at a predetermined time.
Anyone facing a large purchase-a home, a car, home renovations, or the cost of education-will probably have to consider borrowing money through a personal loan.
Interest Rates and Fees
Stable funds, with fixed payment rates, for any reason and have the versatility of repayment options ranging up to 5 years.
Payments can be made weekly, bi-weekly, semi-annual, or annual, for your added convenience. All loans offer fixed and variable rates at 2.45 percent based on CIBC Prime Rate.
CIBC Prime is the variable interest rate per year deemed to be the prime rate for Canadian dollar loans issued by CIBC in Canada from time to time. The interest rate on your personal credit line will adjust each time CIBC Prime changes.
Contact Information
This is a general description only; for more information and product terms and conditions, consult product brochures or call a CIBC representative at 1-866-525-8622. We have also listed their mailing address below.
CIBC Credit Card Services
P.O. Box 4058
Station A
Toronto, ON
M5W 1L8
Conclusion
In general, when loans are secured with some form of collateral, rates are lower, as the lender has less risk to assume. They will also consider your credit rating. A higher credit score shows you're a lower credit risk, and you'll likely be entitled to a better rate.
Since the characteristics of a loan are as varied as the reasons for borrowing, it's essential to get the right loan for the right purpose.
Disclaimer: There are risks involved when applying for and using credit products. Ensure you consult the bank's terms and conditions page before agreeing to anything.
