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Some critical components of CIBC personal loans:

• Review Credit History. Credit specialists will be available to discuss the client’s options for loans. They will review the client’s credit history to determine if they can find an option that suits the needs of the client. The client must ensure their credit score is favorable to obtain the best terms for the loan.
• Verify No Prepayment Penalties. Clients must also ensure that they will have no prepayment penalties if they pay off the loan early.
• Typical Loan Terms. At CIBC, clients may borrow up to $200,000 and a minimum of $3,000. Amortization is usually five years on an unsecured loan. Payments may be made through the Electronic Fund Transfer (EFT). Expedited approval process will allow clients to get access to credit faster.

Several of the features of CIBC creditor insurance available for personal loans and lines of credit are listed below:

• Loan Repayments During Illness. Insurance will be made with insurance if an individual cannot work due to illness or injury. Typically, up to $1,500 per month will be repaid. This insurance is available to any applicant who is between the ages of 18 and 64 and is employed at the time of the application.
• Benefits Paid After 30 Days. Benefits will begin after 30 days of continuous disability if the individual is working. If the individual is not working, the benefits will begin in 90 days. The premium paid will be based upon the declining balance on the loan.
• Pre-existing Health Conditions. Most insurances will not cover pre-existing health conditions in the first 12 months. There is no medical questionnaire to complete. Clients are automatically accepted.