CIMB is doing this to help drive EV adoption in our market
CIMB Bank Berhad and CIMB Islamic Bank Berhad (CIMB) today introduced its suite of electric vehicle (EV) financial solutions, the most comprehensive in the market, to drive the adoption of EVs in Malaysia.
Unveiled at the Malaysia Autoshow 2023 organised by Malaysia Automotive, Robotics and IoT Institute (MARii), CIMB has revealed a set of EV solutions that addresses the needs of consumers across every aspect of owning an EV, including financing, insurance protection and a range of exclusive privileges.
Moreover, Effendy Shahul Hamid, CEO, Group Consumer and Digital Banking of CIMB Group said, “We are pleased to offer the most comprehensive suite of EV financial solutions in the market today. Through this market leading offering, we are able to deliver greater value by making the customer’s EV ownership journey accessible, convenient and even more rewarding.”
“We will continue to offer innovative sustainable finance solutions that encourage Malaysians to consider a more sustainable lifestyle, as we work together towards achieving the country’s Net Zero ambitions.” He added.
During the introductory campaign which runs until 30 April 2024, customers can also enjoy a variety of financing, insurance and other benefits. These include preferential fixed rates as low as 1.98 percent per annum on EV financing, and up to a 90 percent margin of financing with a repayment period of up to 9 years. CIMB also provides a ‘green lane’ to expedite approvals within 8 hours.
On top of that, CIMB and its bancassurance partner Berjaya Sompo Insurance Berhad (Berjaya Sompo) have teamed up to offer greater value and first-in-market complimentary EV benefits on motor insurance. This benefits customers who take up Secure Motor insurance with Berjaya Sompo through CIMB Auto Finance Centres.
The benefits of this partnership are available for both new and used EVs of up to eight years old. As part of the collaboration, CIMB customers will also enjoy a 5 percent discount on EV premium rates, as well as a 10 percent cash rebate on premiums. EV owners will also be entitled to complimentary comprehensive EV pack coverage exclusive to CIMB customers.
This includes coverage on EV home wall chargers of up to RM15,000 in the event of incidents such as fire, theft, lightning, explosions and flooding, as well as RM50,000 in personal liability coverage on accidents whilst using electric vehicle chargers. The coverage also includes unlimited towing to the nearest EV charging station.
CIMB is also offering an additional sign-up benefit of free Touch ‘n Go RFID tags for those who take up EV Financing with CIMB. At the same time, CIMB customers can enjoy a 0 percent Flexi Payment Plan of 12 months when they purchase an EV home wall charger from car dealers using selected CIMB Credit Cards.
Find out more on the Official CIMB Website linked here.
