My quick and easy loan application experience: CIMB PH 0% Fixed Loan Term

CIMB PH is offering 0% fixed term loan of up to ₱50,000 to select customers. Here are a couple of things I like about this promo:

✓ Fully digital loan application

✓ Approval takes less than a week

✓ 0% interest rate for a fixed 12 months

✓ Cheaper than most loan programs from big banks

✓ Loan amount is disbursed to your CIMB account which you can transfer to GCash or withdraw directly via CIMB debit card (with 0 atm fees - tried and tested)

For more info:

https://www.cimbbank.com.ph/en/promotions/campaign/0-percent-fixed-loan-term.html

In this promo, for a loan of ₱50,000 you will be disbursed a net of ₱47,125. Your monthly installment for 1 year is ₱4,166.67 per month.

Here's how other banks compare, taken from iMoney PH Personal Loan Calcualtor

Principal loan amount: ₱50,000

Loan tenure: 12 months

Seeeee? With other banks you'd be paying ₱500 more each month! But of course, this is just a promo. 

CIMB's regular personal loan rate for 50k at 12months is:

Still cheaper.

Alright, now on to my application experience

June 10, 2020 - Applied for a ₱50k loan through the CIMB mobile app

The application flow in the app is pretty straightforward. You'll be asked to enter your personal and work details, attach your recent payslip, provide some ID details, and sign electronically. 

After submitting your application and getting pre-approved, every time you open the app you will be greeted by the current status of your application.I don't know who really qualifies for a loan but ever since the promo period started I've been receiving SMS notifications about the promo. According the Verified GCash Users group on Facebook, there's no required amount on your CIMB account to qualify. Even those with zero balance with CIMB, as long as they have an account, can apply. 

To manage your expectations, here are  sample computations:

For a ₱30,000 loan amount you will pay ₱2,500/month for 1 year

✦ But you will only be disbursed ₱28,275

✦ The deductions come in the form of 5% processing fee (₱1,500) and Documentary Tax Stamps (₱1.50 for every ₱200 amount of loan - that's ₱225)

✦ Total deductions - ₱1,725

For ₱50,000 loan amount you will pay ₱4, 166.67/month for 1 year

✦ But you will only be disbursed ₱47,125

✦ The deductions come in the form of 5% processing fee (₱2,500) and Documentary Tax Stamps (₱1.50 for every ₱200 amount of loan - that's 375)

✦ Total deductions - ₱2,875

So you're not really getting the full loan amount since there are fees deducted upfront. In case you're thinking of abusing this promo lol. Also, who in their right minds would offer 0% interest rate with no processing fees?

June 15, 2020 - Approved and disbursed net loan proceeds

I was notified via email that my loan application has been approved.

Email contains the loan contract, breakdown of fees, ammortization schedule, and so on. Loan amount (less deductions) has also been disbursed to my CIMB FastPlus account.

Due date is set to the 1st of every month

Aside from the abovementioned fees, the following fees are also worth noting:

✦ Loan repayment fees - waived 

✦ Early settlement fee* - 4% of the total unbilled loan  Free

✦ Late payment fee - 5% of unpaid installment due or Php300 (whichever is higher)

* - to be clarified because while it says 4% in the email, it says FREE in my attached contract. It's important for me to know if I can finish my loan in advance without incurring fees. Other banks charge you for loan contract pre-termination so hopefully it's really free!

ETA: I just confirmed that the early settlement fee is FREE because I just paid the whole loan amount and I wasn't charged for it. Yey!

Finally

Overall I'm pretty pleased with the experience. Everything was fast, smooth, and easy. 

Have you tried applying for a loan with CIMB? How was your experience?

Preparing for Retirement in Your Twenties

In your twenties, you might feel as though you’ve got your whole life ahead of you. You’d be right of course, even in your late twenties, you are still young. You’re yet to experience any signs of age, your body is still youthful, and you feel alert and filled with energy. You’ve still got years and years left to work. You might be able to eat the world without gaining a pound. Then, quite suddenly and out of nowhere, the signs of ageing start to show. It’s quite common to get greyer in your thirties. Cellulite, stretch marks, and varicose veins begin to creep up on you. You can no longer stay out all night and get up for work the next morning without feeling worse for wear. You might suddenly find that you can’t even look at a piece of cake without putting on weight. Ageing is a gradual process, but that process often starts much earlier than you’d like it too.

Of course, that doesn’t mean that you are old. You’re not, you’ve still got a long time to go, and there’s no reason why you can’t live a long and healthy life. But, it is a gentle reminder that time passes quickly and that if you want to be able to enjoy your old age and your retirement, it’s never too early to start thinking about it.

Photo from Pixabay

Give Your Mind a Workout

Most of us worry about how we look. We diet and exercise, and stress about how we look in a bikini on the beach. We worry about how our bodies will age and hope never to lose our looks. But, we don’t worry about our minds, and how they might age. 

But, they do. Your brain ages just like your body. The things that seem easy now might not always. You might start to forget things, or struggle to think clearly. This can hinder your happiness in old age even more than the physical signs of ageing. 

When we’re kids, we’re always learning. Every day we learn something new to the point that our minds can sometimes feel tired and overwhelmed. Then, we start work, we settle into our adult lives, and we stop using our brains so much. We don’t need to think. We just go through the motions. Doing this for too long can lead to premature ageing of the mind, just like not exercising could lead to your body ageing before it’s time. 

Fortunately, there are plenty of ways to give your brain a workout. Reading, doing puzzles, learning languages and even going to new places and having new experiences. Anything that is out of the ordinary that gives you something to think about is a good exercise for your mind and can help it to stay young.

Watch Your Diet

When we’re in our twenties, and we feel as though we can eat anything without worry, we often do. Older friends and family members might warn you that it will all catch up with you one day and you won’t believe them. But, it will.

It might not catch up with your hips or belly in the form of weight gain, but that doesn’t mean that a fatty diet isn’t clogging your arteries, or that too much sugar isn’t affecting your teeth and vital organs. You might be able to drink everyone under the table without getting a hangover, but that doesn’t mean that it’s not killing your brain cells. 

That doesn’t mean that you can’t indulge in treats. There’s no point in living a long life if you don’t allow yourself to enjoy it. The key to all things is balance. Drink water, as well as other drinks. Eat fruit and vegetables, and limit your treats. 

Maintain Your Friendships

There is plenty of evidence to suggest that living in a nursing home when you are older can keep your mind young, help to prevent depression, and even give you the chance to live longer. One of the main reasons for this is that social living in old age can prevent loneliness, which can lead to depression, isolation, and unhappiness. 

Often when we retire, and we stop going to work, we lose touch with our friends and colleagues, and we find ourselves much more alone than we’ve ever been before. This can have a negative effect on our mental and physical health. 

It might seem as though there’s not much that you can do about this now, but there is. Even when you are busy, make time for your friends. Develop your friendships and keep them going, and there’s no reason you can’t stay firm friends for life. 

Find Hobbies That You Love

When we’re young, we don’t always have the time for hobbies, and many of the things that we felt passionate about when we were kids get left behind. Then, as we get older, our time becomes more limited as we move up the career ladder, raise families or both. Suddenly, we’re old. We don’t have anything in our life that we love to do. We retire with nothing to fill our time, and we’ve spent our working years so busy that we suddenly feel empty and lost. It can be almost like we don’t know how to relax. 

Starting hobbies now can help your future self immeasurably. Finding hobbies that you love, and that you are keen to make the time for will help to keep your mind young and alert, give you a way to meet new people and ensure that you have love in your life, no matter what else happens. 

Start Saving

Photo from Pixabay

One of our biggest worries about retirement is money. We worry that we will still have debt or a mortgage to pay off when we finish work. We’re concerned that we won’t have enough money to enjoy our retirement, or that we will end up poor. Start saving now, and avoid debt where you can, and you’ll never need to worry. 

Be More Aware

One of the best ways to prepare yourself for retirement and old age is simply being more aware of your body and your mind. Become more aware of how the things that you are doing now will affect you in the future.

Money Diaries: A Week in April

Inspired by Helga's post, I decided to create a diary of my own as well!

I'm living with my parents so there are a lot of things (ie. my entire life) I'm getting for free. I was even hesitant to try this 'cos I know I don't usually spend much on a regular day *ehem* so what's the point. But I wanted to know how much I'm actually spending, and I have a feeling I'll end up crying with all the blessings I have, and filled with gratitude for my parents who work so hard so they could provide me with a life of comfort.

Arg. I'm starting to tear up already.

Also I'm ready to get surprised if I actually come out with a spending problem. Hope not. By the way, my daily allowance is ₱200. That covers fare to and from the office, and food (even though I have packed lunch). I work the graveyard shift so I'm a bit confused how to divide the days for this post, so let's just say each day starts when I wake up and end when I go to bed (~8pm to 12pm next).

★ Monday (April 3)

Parking -  ₱50
Plain iced coffee from McDonald's - ₱47
Chicken and mushroom pot pie (₱45) and revel bar (₱35) from Family Mart -  ₱80

I love Family Mart's pot pies, they look pricey for such a small treat but they're really delicious! Iced Coffee actually costs  ₱47 but I always pay 50 and keep the change in the car so I don't really get to keep it hehe.

Total - ₱177

★ Tuesday (April 4)

Parking - ₱50
Plain iced coffee from McDonald's - ₱47
Chicken and mushroom pot pie and revel bar from Family Mart -  ₱80
Banana from Mini Stop - ₱17

Somehow, I'm already used to banana costing that much.

Total - ₱194

★ Wednesday (April 5)

Parking - ₱50
Plain iced coffee from McDonald's - ₱47

You see, I love McDonald's plain iced coffee I literally drink it everyday, at least whenever I'm taking the car to work cos I can drive-thru on the way. Hopefully I won't overspend on food today because apart from my baon (kamote and fried fish), my sister also bought me cheeseburger and fries so yey!

Total - ₱97

★ Thursday (April 6)

Was supposed to commute to work today but I woke up late so had to bring the car.

Parking - ₱50
Plain iced coffee from McDonald's - ₱47

I'm basically enjoying this routine. I've been sleeping very late these days but my daily iced coffee fix solves my sleepy problems at work quite effectively. My mom will be arriving from China this morning and I wanted to come fetch her at the airport but I have to stay 8 frigging hours so no chance I'm catching Dad's 5am ride.

Unless of course I time out early. Which is what I did haha.

Jollibee chickenjoy with rice -  ₱83 (NAIA 2 price. Hay)

Total - ₱180

★ Friday (April 7)

Quite an uneventful day.

Parking - ₱50
Plain iced coffee from McDonald's - ₱47

Total - ₱97

★ Saturday (April 8)

Wedding errands totally racking up my expenses arg. Today we headed to Makati to fit gowns/suits at Chungdam bridal. Jeckie and my sister came with me. Then we ate lunch at New Bombay (I LOVE IT), then looked around Glorietta/SM Makati for suits hehe.

Ah yes, we're not the superstitious kind, I don't mind having my fiance tag along during gown fittings haha.

Gas - ₱200
Beep card reload - ₱100
MRT to Buendia station - ₱0 (₱24 charged to Beep)
Taxi to Chungdam - ₱100
Taxi to Glorietta - ₱50 (split the bill)
Lunch at New Bombay - ₱470/head (split the bill)
Parking at Trinoma - ₱90

Total - ₱910 AAAARGH

★ Sunday (April 8)

Today we attended a food tasting event with Queensland Catering at Las Piñas. It was suuuuuch a hassle for us because we're from the far north and we didn't know how to get around so yeah. Grab here and there, plus a couple of stress factors with Queensland = hay ewan, will post about them separately!

Gas - ₱300
Plain iced coffee from McDo - ₱48 (LOL it's 1 peso more expensive at Don Antonio branch)
MRT to Ayala station - ₱0 (₱24 charged to Beep)
Lunch at Project Pie - ₱355 (OH HOW I MISS YOU)
GrabCar to Ysabel's Garden, BF Resort Village - ₱174 (promo!)
Skyway toll fee to Filinvest exit - ₱164
GrabCar to ATC - ₱54 (promo!)
Beep card reload - ₱50
P2P bus to Greenbelt - ₱0 (₱50 charged to Beep)
Plain iced coffee from McDo - ₱47 (my 2nd today)
Parking at Trinoma - ₱100
Midnight snack from McDo (regular cheeseburger meal, plain iced coffee, apple pie) - ₱138

Somebody stop me from drinking iced coffee.

It was a very tiring day for Jeckie and I. Had to adjust our budget, finalize guests, talk about suppliers and stuff. Ang daming kelangan gawin! We're 5 months away from the big day

Total - ₱1,383 HAIZT

GRAND TOTAL - ₱3,085 

That means I'm averaging ~₱440/day which is overspending in my terms. In fair, all my weekends are going to be busy because of the wedding planning so there's that. I gather it'll be like this for the next 5 months holey moley. Weekend expenses are erratic as hell.

Final thoughts. I enjoyed doing this post. I got to see how much I'm spending and I realized I had to adjust my expenses as well, as in increase my budget for EVERYTHING arg.

Chink+ Money Kit: Your ultimate money management system!

Most of us have problems saving, budgeting, and just plain stashing our cash where we can't touch it. fortunately, there have been lots of systems out and about online that would teach you how to manage your finances better, and they're all very helpful especially if you've found one that works best with your lifestyle.

i've personally taken heed to the JARS system where i keep tabs of my savings and spendings using a spreadsheet i can access online. but for those who don't frequent the web or use the computer, there's another way to get organized with your money in a more hands-on way.

Chink+ Money Kit is a money management system that is designed to teach you how to save, budget, invest, and stay debt-free. with this system, no matter how small you earn, you'll be able to property budget your money and save!

Get rid of your financial problems and stress today! Take a look at what's inside the box :)

Chink+ Money Kit includes

1. Chink Positive Money Kit Manual
This guide will help you navigate through the step-by-step process on how to start your financial journey to becoming financially literate and debt-free.

2. Chink Positive Debt Repayment Plan Worksheet
This worksheet allows you to choose different debt reduction strategies, including identifying the highest debt. This allows you to choose a strategy when you fill in the necessary information into the worksheet. This will also help you identify and visualize when you can become totally debt free.

3. Chink Positive Accordion Folder
This allows organizing and dividing your monthly expense.

4.  Chink Positive Financial Obligations Worksheet
This helps you to prioritize spending and focus on the needs and remove the wants in life. This system will play a major role in creating a healthy and successful budgeting system.

5.  Chink Positive Expenditure Envelope
This allows you to keep track your daily, weekly, and monthly expenses. You will see how much you have spent within a month in a glance. As I always say in my seminars, “You got to know where your money is going to know where you’re heading.”

6. Till Debt Do Us Part
This book of Mr. Chinkee Tan has sold over 100,000 copies that help people on the basics of savings, budgeting, getting out / staying out of debt and invest. It is a book worth reading over and over again until such time it helps you to change your financial

7.  Chink Positive Savings Envelope
This allows you to have the financial discipline to get started in savings, even with whatever little you have. Once you get rolling and see how easy it is for you; you’ll surely develop the habit of saving.

8.  Chink Positive Buying Envelope
This system helps you to stop from overspending. You cannot buy things with the money that you don’t have. This system allows you to buy the things you desire in CASH so that you will avoid getting into debt.

9.  Chink Positive Investment Envelope
Investing in the future is one of the most neglected parts in financial planning. This system allows you to set & achieve your financial goals in order to make your money grow.

10. Budgeting Software
This is a full automated system that allows you to do the following: To edit the items base on your personal needs or preference. To keep track of your monthly, semi-annual or annual expense. To know how much money you are earning on a monthly, semi-annual or annual basis. To be able to know if you are living within or beyond your means.

11. Chink Positive DVD Guide
Chinkee Tan will be your own personal wealth and life coach. He will help you and guide you in your personal financial journey. It is like bringing Chinkee Tan as your personal mentor to your very home at your convenient time and place.

How much is the Money Kit?

The entire kit only costs Php 2,500. But if you order now, you also get to receive 6 BOOKS by Chinkee Tan FOR FREE, and a Chink+ Shirt! And not only that, you'll also get the opportunity to start your own e-Loading business from LoadCentral because I'll be giving away free retailer accounts too. :)

Order Form

Fill out this form if you want to order your own Money Kit and be amazed at how well it works!

If you want to receive the give-away being offered on this blog, just fill up this form to reserve (DO THIS FIRST). You will receive an opt-in confirmation email to ensure you are not being added without your consent. Once you confirm, you will get an email that has the links to purchase Chinkee Tan's books, money kit and training programs.

Name

Email

Contact number

Mailing address

Products
Books
Do it Yourself Money Kit
KaChink! Event

[Disclosure: I am an accredited online lead generator for Chinkee Tan's Books and Training Programs]

How to Retire Before the Age of 50

Are you constantly worried about the state of your finances? Buried in debts and liabilities? Your bills eating up your vacation fund? Do you have trouble saving money? Do you want to be able to live an abundant life before you hit 50?

If you said yes on any of the questions above, see you soon and let's get our lives sorted out!

Level up your personal finance by attending this wealth management conference led by Chinkee Tan, wealth and life coach, and renowned motivational speaker on June 20, 2015, 1pm-6pm at The Metro Tent, Metro Walk, Pasig City. 

How to Retire Before the Age of 50

Whether you're a student, an employee, a sales agent, a business owner, a direct seller, or a housewife... this event is for you! Well, it's for everyone who is determined to take a step up in charge of their finances. Isn't that soooo us?

In this 5 hour event, we will be learning life changing lessons that will drastically alter our mindset about money. We will learn how to CREATE, HANDLE, GROW, and PROTECT our wealth in order to emerge financially free and debt free!

Are you excited?

I freaking am! Which is why I'm inviting all of you to grab your tickets now because it's only a matter of time before the tent gets filled!

Take advantage of these early-bird rates

Register now and get Php 1,000 off the regular rates!

 GOLD: Php 1,800 NOW Php 800 

Sit this close to the stage and never doze off as you get called for recitation haha

SILVER: Php 1,600 NOW Php 600

If you're okay with a miniature version of Chinkee Tan, plus a complementary sea of heads, go ahead! XD

BRONZE: Php 1,400 NOW Php 400

Reallyyyy, unless the nearer slots are sold out... you're not paying for an audiobook you know. XD

Go for the GOLD guys, you won't regret it!

What more, add Php 1,000 and spend an exclusive dinner with Mr. Chinkee Tan where you can get more of his insights about financial planning, plus a photo-op and book signing opportunity!

Just fill out the form at end of this post to reserve your slots!

as a sign of thanks...

I want you to know that i'm giving away something awesome to everyone who reserves a ticket from this blog.

Since we're talking about growing your wealth and overcoming your finances, i'm giving you a chance to start your own e-loading business for free as i give you a FREE LoadCentral Retailer Account! :)

I usually charge 200 pesos for those who want to register as my retailers, but you're in luck because i'm waiving all that so you can start your own business with minimum capital! :D

With this account, you can start your own loading business! this 1-sim-loads-all account delivers e-load to ALL networks. you can also sell gaming credits w/ these (MOL, Garena, LevelUp, etc.), and much more. For a complete list of products you can sell and earn from, check out this link.

So what are you waiting for? Sign up now for this KaChink Event, learn from the expert, and have fun with your new business!

Here's the form, just fill it out and indicate the type of product you're availing (in this case, KaChink Event).

If you want to receive the give-away being offered on this blog, just fill up this form to reserve (DO THIS FIRST). You will receive an opt-in confirmation email to ensure you are not being added without your consent. Once you confirm, you will get an email that has the links to purchase Chinkee Tan's books, money kit and training programs.

Name

Email

Contact number

Mailing address

Products
Books
Do it Yourself Money Kit
KaChink! Event

[Disclosure: I am an accredited online lead generator for Chinkee Tan's Books and Training Programs]