CIBC Personal Loans & Product Overview

The table below helps you explore key details about Canadian Imperial Bank of Commerce (CIBC) personal loan options. CIBC offers custom-tailored borrowing, so you can be sure to find something that suits your budget, needs, and lifestyle.

How much will a loan from CIBC cost? Use the CIBC personal loan calculator below to discover your monthly repayment estimate. Simply input your desired loan amount and loan term and adjust where necessary until a budget-friendly amount comes up.

Terms from 1 to 5 years. Representative example: 5 year $10,000 loan with comparison rates from 7.99% to 46.96% APR would cost between $12,163 and $26,087, including fees. The interest can vary between $2,163 and $16,087.

CIBC personal loan calculator

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CIBC personal loans review

Personal loans from CIBC can be the perfect borrowing solution for anything from debt consolidation, education expenses, home renovations, plus more.

CIBC loan features

  • Loan amount. Starting from $3,000.
  • Loan terms. From one to five years.
  • Interest rates. Your rate can be fixed, meaning your rate and payments stay the same during the loan term. It can also be variable, meaning it’s based on the CIBC Prime Rate and can fluctuate during the loan term. In any case, the rate you get typically depends on your credit score.
  • Secured or unsecured. You can choose a secured loan, which requires an asset, such as your home. Alternatively, you can opt for an unsecured loan, which has no collateral requirements.
  • No prepayment penalties. There’s no early payment fee should you choose to make additional payments.

How to apply for a CIBC personal loan?

You can apply for a personal loan online via the CIBC website. Completing the application will only take five minutes.

Check that you’re eligible:

Before applying online for a CIBC personal loan, you must confirm that you:

  • Are a Canadian resident
  • Have reached the age of majority in your province
  • Have a minimum annual gross income of $17,000
  • Are not applying on behalf of a third party
  • Haven’t been declined for credit by CIBC in the past six months
  • Haven’t declared bankruptcy in the past seven years

If you don’t meet this lending criteria, you can still visit the nearest CIBC branch to discover options available to you.

What you’ll need

You will need to provide:

  • Your name, date of birth, and contact information
  • Social Insurance Number
  • Your monthly income, expenses, assets, and liabilities
  • Employment details
  • Banking details (if you do not bank with CIBC)
  • Loan details, such as amount, type of loan, etc.


What’s the difference between a CIBC secured loan and an unsecured loan?

Simply put, a secured loan requires that you offer an asset such as your home. This reduces the lender’s risk since they have more confidence you’ll repay what you owe. As a result, secured loans tend to have lower rates and the flexibility to borrow more than unsecured loans, which have no collateral requirements.

What’s the difference between a CIBC fixed rate or variable rate loan?

A fixed interest rate never changes, while a variable interest rate fluctuates because it’s influenced by the CIBC prime rate.

Does CIBC offer lines of credit?

Yes. Unlike a personal loan, a line of credit offers a reusable personal reserve of funds instead of a lump sum. Additionally, you can pay off the balance anytime instead of within a set period.

Can I apply online for a CIBC personal loan?

Yes. You can also apply by visiting your nearest CIBC Branch or by calling 1-866-525-8622. When you apply online, you can still opt to sign all your loan documents in person at your banking centre.

Learn more about CIBC in this video