Asia: CIMB Malaysia launches “1-minute auto financing InstaApproval” for car financing

CIMB’s newest auto financing feature, “1-minute auto financing InstaApproval,” has now been launched as part of the bank’s instant approval series. The digital platform is recognised for providing car financing approvals within a minute of submitting necessary documentation and information.

CIMB consumer banking CEO, Samir Gupta, explained, “The speedy approval process of CIMB’s 1-minute auto financing InstaApprovalTM, 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.”

The auto car financing feature is currently the fastest in the market and cuts customers’ waiting times for financing their chosen car from the usual one day to one minute. The approval is rendered with a Letter of Undertaking and an instant SMS and email notification to the appropriate car dealer and customer.

This feature has also been made available for all car types and already has onboard seven partners such as; Honda Malaysia, Cycle & Carriage Bintang Berhad and UMW Toyota Motor Sdn Bhd. The financing feature will be available at selected partner roadshows, showrooms, and used car dealers where more partners are expected to be added to the digital platform.

Customers who took up their personal loans in the last year used a mix of both physical and digital channels for research and application. The focus on making the digital application process seamless will be important in converting those who use digital channels for initial research to actual customers.

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