CIBC Personal Loan

CIBC Personal Loan

Choose the term of your loan, the frequency of your payments and whether you’d prefer a fixed or variable interest rate.

Term: 1 year to 5 years

This personal loan is for you if you want:

  • To borrow for a specific purchase, and to pay the loan off within a set period of time
  • Specific monthly payment amounts, making it easier to budget
  • To take a vacation, buy furniture, make an investment, or even consolidate your higher interest debt
  • A loan that’s secured against the equity in your home or other assets
  • To pay off all or part of the loan at any time without penalty
  • The ability to lower your interest costs by making more frequent payments
  • To apply online for a faster approval

Other loan details:

  • Borrow a minimum of $3,000
  • Make scheduled payments from your CIBC account at no charge with an Electronic Fund Transfer (EFT)

Benefits of a secured vs. unsecured personal loan:

Secured loan
  • Get a lower interest rate that’s secured by your home or other assets
  • Get a higher credit limit for major purchases like renovations or a vacation property
Unsecured loan
  • Get access to credit faster with an expedited approval process
  • Borrow up to $200,000

Applicants must meet all CIBC lending criteria. Certain conditions and restrictions apply. Credit limit determined by CIBC, in its sole discretion. Products, their features and advertised interest rates may change at any time. This is a general description only; for more information and product terms and conditions, consult product brochures or call CIBC at 1-866-525-8622.

1 CIBC Prime is the variable rate of interest per year declared from time to time to be the prime rate for Canadian dollar loans made by CIBC in Canada. The interest rate on your personal line of credit will change whenever CIBC Prime varies.

* Products and their features may change at any time. This is a general description only. Some limitations and exclusions apply (including pre-existing condition exclusions). A detailed summary of the terms, conditions, benefits, limitations, exclusions and other provisions are contained in your Certificate of Insurance. Download a sample copy of the current Certificate of Insurance (240 KB) used for new customer enrolments, or receive your copy upon enrolment. Creditor Insurance for CIBC Personal Loans is underwritten by The Canada Life Assurance Company and administered by Canada Life and CIBC.