CIMB Malaysia today launched its new 1-Minute Auto Financing InstaApproval, a platform that approves auto financing (car loans) within one minute upon full submission of information and documents. This service is available to customers who are looking to purchase new or used cars from reputable dealers.

Given the fast-paced nature of our lives, the new service allows customers to have their car loan approved within the same application session (like when visiting a showroom) rather than having to wait for a few days.

Aside from a fast approval time, the process is also paperless and secure thanks to the use of biometric fingerprint identification. In fact, you’ll only need your identification card for the procedure, whereby details like your EPF statement and credit rating can be pulled from existing systems (CCRIS, etc.)

Within a minute of signing off on the application, the customer and dealer will then receive an SMS upon the approval of the loan, complete with the issuance of a Letter of Undertaking. Loan tenures of up to nine years and loan-to-value ratios of up to 90% are available.

“The speedy approval process of CIMB’s 1-Minute Auto Financing InstaApproval, currently the fastest in the 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,” said Samir Gupta, CEO of Group Consumer Banking at CIMB Group.

For now, the fast credit approval service is available at selected partner showrooms, partner roadshows and selected user car dealers. These include Cycle & Carriage Bintang, Edaran Tan Chong Motor, Honda Malaysia, Ingress Auto Malaysia, Perodua Sales, Perusahaan Otomobil Nasional and UMW Toyota Motor, with more joining the list in the near future.

For more information, head on over to CIMB Malaysia’s official website.