KUALA LUMPUR: CIMB Bank Bhd and its Shariah compliant arm, CIMB Islamic Bank Bhd, has launched the CIMB 1-Minute Auto Financing InstaApproval, a digital platform that approves auto financing within one minute upon full submission of information and documents.
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.
This marks the latest addition to CIMB’s InstaApproval series, which also features the 1-Minute Home Financing InstaApproval.
“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,” its chief executive officer of group consumer banking Samir Gupta said in a statement.
“Our InstaApproval platform 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.”
This series which offers a fast, secure, paperless and complete online financing approval process involving, among others, biometric fingerprint identification is available for all types of cars, both new and used.
The approval comes complete with the issuance of a Letter of Undertaking and instant notification via SMS and email to the customer and car dealer.
The platform is currently being offered through seven partners namely 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.
More partners will be added to this platform in future.