OCBC enables instant car loan approvals

It only takes 60 seconds to approve a loan.

OCBC Bank has leveraged national data repository MyInfo and partnered with 11 authorised car distributors to enable an instant car loan approval process, an announcement revealed.

The bank claims that they will be able to approve car loans in 60 seconds. The new feature also allows on-the-spot approval, so that a customer can own and drive off its dream vehicle literally in minutes.

The car distributorships offering OCBC’s instant car loan are EuroSports Auto, EuroAutomobile, Inchcape Group (Borneo Motors & Champion Motors), Kah Motor, Premium Automobile, Tan Chong Motors & MotorImage, TransEurokar Group, Vantage Automotive, Vertex Euro Motors and Wearnes Automotive.

OCBC’s new loan approval process eliminates the need to fill-up hard copy forms, as well as the need need to share sensitive details with a third party since customers will input their personal details online using their own devices.