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RETAIL BANKING | Staff Reporter, Malaysia

CIMB debuts one-minute car financing approval feature

A notification via text and email is delivered to the customer upon approval.

CIMB rolled out “1-Minute Auto Financing InstaApproval,” a digital platform that approves car financing within one minute of documentary submission.

The time customers spend waiting for financing of their desired car will be slashed from a typical 24 hours to one minute. The feature will also be available for all types of car and the approval comes with the issuance of a Letter of Undertaking and instant notification via SMS and email to the customer and car dealer.

“The speedy approval process of CIMB’s 1-Minute Auto Financing InstaApprovalTM, 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,” said CIMB Group consumer banking CEO Samir Gupta.

Seven partners are presently onboard the CIMB 1-Minute Auto Financing InstaApprovalTM 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.

The auto financing feature is the latest addition to the bank’s instant approval series where it joins CIMB’s instant home financing approval launched last March.  

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