CIMB unveils 1-minute approval for auto financing

By Digital News Asia June 4, 2018

Available for all types of cars, both new and used
Comes with a Letter of Undertaking and instant notification via SMS and email

CIMB unveils 1-minute approval for auto financing

CIMB Bank Bhd and CIMB Islamic Bank Bhd (CIMB or the bank) on May 31 unveiled the CIMB 1-Minute Auto Financing InstaApproval, a digital platform that approves auto financing within one minute upon full submission of information and documents.

This marks the latest addition to CIMB’s InstaApproval series, which also features the 1-Minute Home Financing InstaApproval. This series offers a fast, secure, paperless and complete online financing approval process involving, among others, biometric fingerprint identification.

The CIMB 1-Minute Auto Financing InstaApproval is a paradigm shift in approval time for auto financing, which typically takes a day. It reduces customers’ waiting time for the financing decision in the process of purchasing a car. Available for all types of cars, both new and used, the approval comes complete with the issuance of a Letter of Undertaking and instant notification via SMS and email to the customer and car dealer.

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.”

The CIMB 1-Minute Auto Financing InstaApproval will be 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 Bhd, 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 will be added to this platform in future.

In March 2018, CIMB launched the 1-Minute Home Financing InstaApproval that approves mortgages within one minute upon full submission of information and documents. The CIMB InstaApproval platform also facilitates applications for personal financing, Amanah Saham Bumiputera financing and credit cards.

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.