CIMB unveils first, one-minute approval for auto financing
KUALA LUMPUR: CIMB Bank Bhd and CIMB Islamic Bank Bhd ( CIMB) 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’.
In a press statement, CIMB Group Consumer Banking chief executive officer Samir Gupta, commented: “The speedy approval process of CIMB’s ‘1- Minute Auto Financing InstaApproval’, currently the fastest in market, is not only a ref lection 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 ‘ InstaApproval’ 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
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.
complete with 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’ 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’ which are 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, CIMB said.
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.
For more information, 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 via CIMB branches for customers requiring face-to-face assistance.
Samir Gupta, CIMB Group Consumer Banking chief executive officer