CIMB Bank Berhad and CIMB Islamic Bank Berhad launched the CIMB 1-Minute Auto Financing InstaApproval digital platform earlier today. This is an online service by them that will approve any auto financing application within one minute upon full submission of information and documents. Of course, one must also apply the usual caveats with this - like if you qualify and submit everything required in full as stated!
Anyway, it is available for all types of cars, both new and used. The CIMB 1-Minute Auto Financing InstaApproval platform reduces the waiting time for the approval of loan applications to under a day. It reduces customers’ waiting time for the financing decision in the process of purchasing a car. 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 service will be available at selected partner showrooms, partner roadshows, as well as selected used car dealers. Currently, there are 7 distributor/dealers which have signed up for the platform. This means you can submit loan documentation online for approval. These are as follows:
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.
According to the chaps at CIMB, More partners will be added to this platform in future. Do note that the partners mentioned above means that it would be quite easy to submit new loans online for Mercedes-Benz, Nissan, Honda, BMW, Perodua, Proton and Toyota through them. Of course, the approval is still subject to the strength of your loan documentation and financial standing. If you submit a self drawn copy of your I/C card then obviously the application will be rejected...and other funny stuff like that too.
Aside from going to the above dealers, you can also head over to the following CIMB branches which also handle the matter directly (Note they are located in and around the Klang Valley):
Petaling Jaya
Third Floor,
A-3-3, Block A, Jaya One,
72A Jalan Universiti,
Petaling Jaya, Selangor
Kajang
Second Floor,
Block A-2, MKH Avenue,
Jalan Avenue 1A,
Kajang, Selangor
Kampung Baru
First Floor,
No 64, Wisma Jayanita,
Jalan Raja Muda Abdul Aziz,
Kampung Baru, Kuala Lumpur
Anyway, this is the latest addition to CIMB’s InstaApproval series, which also features the 1-Minute Home Financing InstaApproval is a fast, secure, paperless and complete online financing approval process involving, among others, biometric fingerprint identification. CIMB wants to make more headway into digital, online banking with this platform.
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.”he added.
CIMB’s InstaApproval platform is also offered as part of CIMB F.I.R.S.T. This ia a complete financial service that can be tailor made to each customer’s needs and stage in their lives. CIMB F.I.R.S.T. stands for Finance, Insure, Returns, Save and Transact with the focus 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.
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