CIMB Bank and CIMB Islamic Bank today unveiled ‘CIMB 1-Minute Auto Financing InstaApproval’, a digital platform that approves auto financing within one minute of submitting all required information and documents.
The platform significantly reduces the time taken for auto financing to be approved – which often takes a day to process.
Samir Gupta, CEO, Group Consumer Banking, CIMB Group said, “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. 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.”
CIMB 1-Minute Auto Financing InstaApproval is available on both new and used cars. Approval comes complete with the issuance of a Letter of Undertaking and an instant SMS notifcation and email to both the customer and dealer.
As of now, CIMB 1-Minute Auto Financing InstaApproval will be available at selected partner showrooms and used car dealerships. Currently, partners include Cycle & Carriage Bintang, Edaran Tan Chong Motor, Honda Malaysia, Ingress Auto Malaysia, Perodua Sales, Perusahaan Otomobil National, and UMW Toyota Motor. More partners will be added in the future.