CIMB Shortens Automobile Financing Approval Time To Within One Minute
CIMB Bank Berhad and CIMB Islamic Bank Berhad (CIMB) has unveiled the CIMB 1-Minute Auto Financing InstaApproval, its online platform that approves automobile financing within one minute upon submission of all required information and documents.
This follows the introduction of the 1-Minute Home Financing InstaApproval, and is the latest product in CIMB’s InstaApproval series that offers a fast, secure, paperless and complete online financing approval process involving biometric fingerprint identification and other secure features.
The CIMB 1-Minute Auto Financing InstaApproval shortens the approval time for automobile financing, which normally takes a day, thus reducing customers’ waiting time for the financing decision in the process of purchasing a car (new or used). The approval from CIMB will include the issuance of a Letter of Undertaking and instant notification via SMS and email to the customer and car dealer.
The CIMB 1-Minute Auto Financing InstaApproval is available at selected partner showrooms, partner roadshows, as well as selected used car dealers. Currently, seven partners are participating in the CIMB 1-Minute Auto Financing InstaApproval i.e. Cycle & Carriage Bintang Berhad, Edaran Tan Chong Motor Sdn Bhd, Honda Malaysia Sdn Bhd, Ingress Auto Malaysia Sdn Bhd, Perodua Sales Sdn Bhd, Perusahaan Otomobil Nasional Sdn Bhd, and UMW Toyota Motor Sdn Bhd. More partners are expected to join this platform in the future.
Samir Gupta, CEO, Group Consumer Banking, CIMB Group said, “The speedy approval process of CIMB’s 1-Minute Auto Financing InstaApproval, currently the fastest in market, is not only a reflection of our commitment to digital innovation as laid out in our T18 Strategy, but also a great milestone in CIMB’s journey to continuously enhance our customers’ experience. Our InstaApproval platform – which cuts down waiting time considerably – was designed around customers’ ultimate convenience. We are confident that the 1-Minute Auto Financing InstaApproval proposition will be a game-changer for us and our auto partners, by enabling customers to own their dream car within a minute.”
Besides the auto financing and home financing, the CIMB InstaApproval platform also facilitates applications for personal financing, Amanah Saham Bumiputera financing and credit cards. For more information, you can visit www.cimbbank.com.my/insta and www.cimbislamic.com.my/insta-i.
CIMB’s InstaApproval platform is also offered as part of the recently launched CIMB F.I.R.S.T., a holistic financial solutions proposition that is unique to each customer’s needs and life stage. CIMB F.I.R.S.T. stands for Finance, Insure, Returns, Save and Transact premised on savings, financing, insurance, investments and credit cards. It is available through www.cimbbank.com.my, www.cimbislamic.com.my and at CIMB branches.
