Important disclosure

CIBC Bank USA Personal Loans Calculator & Overview

Carla Soto
Updated 19 Aug 2023
Fact checked

Canadian Imperial Bank of Commerce logo

The Canadian Imperial Bank of Commerce was founded in 1867. This Illinois-based financial institution is one of the largest commercial banks in the United States. In 2021, CIBC Bank USA originated more than 1,500 mortgages worth $1.3 billion.

What is the total cost of a CIBC personal loan? Use the CIBC Bank USA personal loans calculator to estimate your monthly repayments. See the loan eligibility criteria and features so you can figure out if this is within your budget.

Personal loans have an annual percentage rate (APR) varying from around 3% to 36% APR. The interest rates you can receive will depend on a range of factors, such as your credit score, income, and debt-to-income ratio. On a loan of $10,000 over 5 years, the cost could vary between $10,781 and $21,680. The interest cost is between $781 and $11,680.

A snapshot of CIBC Bank USA personal loans

Canadian Imperial Bank of Commerce offers secured and unsecured loans. There is a wide range of personal loan products to meet your particular needs. Borrowing from CIBC will enable you to accomplish your most important life goals. You can use the funds to buy a new car, replace kitchen appliances, pay off high-interest debts, or make an investment.

CIBC Bank personal loan features

Listed below are the main features and benefits of various CIBC personal loan products:

EasyPath Personal Loan

  • Extra cash to help you with small and quick purchases
  • Borrow up to $2,500
  • Fixed interest rate
  • Repayment terms up to 2 years

EasyPath Step Loan

  • A certificate of deposit (CD) loan to help establish good credit or build savings
  • Borrow from $500 up to $10,000
  • Fixed interest rate
  • Repayment terms between 12 and 60 months

Overdraft Protection Line of Credit

  • Funds for your checking account
  • Helps you avoid bounced check charges and overdraft fees
  • Helps you avoid overdraft fees
  • Automatic payments to pay back your line of credit

CD Secured Loans

  • Lets you borrow against your existing CD amount
  • No early withdrawal penalty
  • Earn interest for the life of the loan
  • Flexible repayment terms

 

CIBC Bank USA personal loan calculator

Loan Amount

$20,000

Term

3 months

CIBC Bank USA

CIBC Bank USA personal loans(Overdraft Protection Line of Credit)

Estimated Month Repayments
Interest Rate
28.90%
APR
Repayment Period
12 months
to 60 months
Loan Amounts
$1,000
to $20,000
Our loans and lines of credit can help you pay for purchases or major expenses like home repairs or vehicle costs.
CIBC Bank USA

CIBC Bank USA personal loans (CD Secured Loans )

Estimated Month Repayments
Interest Rate
28.90%
APR
Repayment Period
12 months
to 60 months
Loan Amounts
$1,000
to $20,000
Our loans and lines of credit can help you pay for purchases or major expenses like home repairs or vehicle costs.

SeeLoans.com provides factual information about financial products. While SeeLoans.com attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at the time of publishing. The information published on SeeLoans.com is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product, you will be dealing directly with that provider and not with SeeLoans.com. SeeLoans.com recommends reading the relevant product disclosure statement or product guide before taking up any financial product offer. Please view SeeLoans.com's Terms of Use for more information.

Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

CIBC personal loans list of requirements

CIBC did not provide a list of borrower eligibility list; typically, they expect you to:

  • Be 21 years of age
  • Be a US resident
  • Have a steady source of income
  • Have a good credit standing

When you apply for a CIBC personal loan, you have to submit the following documents

  • Proof of identity (driver’s license, social security number, other state-issuedIDs)
  • Proof of US residential address
  • Proof of employment (paystubs, W-2s and 1099s, employer statement)
  • Income verification (tax returns, bank statements, annuity statements)

Frequently asked questions

Why should I consider taking out a CIBC personal loan?

CIBC personal loans give you flexibility to tailor your financing. You may choose whether you want an unsecured or secured loan, a fixed or variable interest rate, how frequently you want to make loan installments, and if you want to automate payments. You may even submit an application online, in person, or via phone.

Will CIBC deduct an application or origination fee?

There are no application or origination fees for any CIBC personal loan products.

Will CIBC charge me if I pay the full loan amount in advance?

CIBC lets you pay off all or part of the loan at any time without penalty. You can save interest by repaying the full loan amount early.

What is the benefit of choosing a CIBC secured personal loan?

A secured personal loan from CIBC lets you use your home or other assets as collateral. This can lead to a higher credit limit and a lower interest rate.

What is the benefit of choosing a CIBC unsecured personal loan?

A CIBC unsecured personal loan gives you the funds you need within a faster time period.


Video: CIBC smart advice: Plan for tomorrow. Live for today.

Popular personal loan searches

Carla Soto
Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.

.