CIMB Bank Berhad and CIMB Islamic Bank Berhad unveils 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 is the latest addition to CIMB’s InstaApproval series after the 1-Minute Home Financing Insta Approval. Offering a fast, secure, paperless and complete online financing approval process, the InstaApproval is a paradigm shift in approval time for auto financing.
Samir Gupta, CEO Group Consumer Banking CIMB Group says the loan is available for both new and used cars and comes complete with the Letter of Undertaking upon approval. Customers will receive an instant SMS notification once the loan is approved and an email will be sent to the customer and car dealer. He adds, “Customers only need to use their Identity Card and do a biometric fingerprint identification. The data will then be checked to see the eligibility. We are not compromising the requirements for the financing as they are still the same. We are just speeding up the process of approval.”
Currently, seven partners are participating in the CIMB 1-Minute Auto Financing InstaApproval. They are 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. Samir adds that more dealers will be added in the near future. This will include both new and used car dealers as well.