This post is brought to you by CIMB.
The Malaysian Government outlined its plans to achieve a net-zero emission by 2050 in the Twelfth Malaysia Plan (12MP) back in September 2021. Among other things, the plan encompasses promoting the use of low-emission and zero-emission vehicles.
To help facilitate Malaysia’s net-zero emission goal, the government is offering incentives for electric vehicle (EV) buyers including tax exemptions until the end of 2027. Therefore, buying an EV variant of a car model is much cheaper than buying a variant with an internal combustion engine (ICE).
That said, buying and owning an EV is a new experience for many people. You will need to consider things like public chargers, home chargers, good charging etiquette, and EV-specific tyres, to mention a few. But the one thing you will not need to worry about is financing and insuring your brand-new EV.
CIMB Bank Berhad and CIMB Islamic Bank Berhad have introduced a comprehensive suite of financial solutions which covers financing, insurance protection and a range of exclusive privileges. These solutions make it easier for consumers to purchase and own EVs with confidence, knowing that they have access to a range of value-added benefits that are unique to CIMB customers.
Preferential auto financing rates
As of writing, the average car loan interest rate offered by the major banks in Malaysia is 3.4%. However, CIMB is offering customers preferential fixed rates from as low as 1.98% per annum to finance their EVs until the 30th of April 2024. Customers get to choose a financing margin of up to 90% and a repayment period of up to 9 years.
Additionally, to help get your EV quicker, CIMB is providing a Green Lane for expedited approvals within 8 working hours.
5% discount on premium rates and complimentary EV coverage for Secure Motor Insurance
To support the shift towards sustainable mobility and to drive the adoption of EVs in Malaysia, CIMB has teamed up with its bancassurance partner Berjaya Sompo Insurance Berhad to offer more savings and first-in-the-market complimentary benefits for motor insurance.
CIMB customers who own EV vehicles can enjoy a 5% discount on premium rates and a 10% rebate when they take up Secure Motor Insurance with Berjaya Sompo through CIMB Auto Finance. These benefits are not only offered for new EVs but for EVs up to 8 years old as well.
EV owners who take up Secure Motor Insurance will also be entitled to complimentary EV coverage perks such as unlimited towing to the nearest EV charging station, in the unlikely event that their EV’s battery is depleted. Besides that, customers’ EV home charger is also insured for up to RM15,000 in the event of theft, lightning, and flooding.
Also included is RM50,000 in personal liability coverage for accidents while using the EV chargers and RM100,000 in Personal Accident coverage.
0% flexible payment plan for EV chargers
One of the perks of owning an EV is that you can conveniently recharge it at home. This means your EV will be fully charged every day and you never have to worry about finding a public charger on your daily commute.
In order to recharge your EV at home, you will need to purchase an AC home wall charger. Customers who have applied for Auto Financing with CIMB for battery electric vehicles, which is approved and disbursed during the campaign period, can enjoy a 0% Flexi Payment Plan of 12 months when they purchase an EV home wall charger with a minimum amount of RM500 using CIMB Credit Cards.
If you’re looking to purchase an EV soon, it’s worth checking out CIMB’s comprehensive suite of EV financial solutions.
Cash rebates on EV charging with CIMB PETRONAS Visa-i Credit Cards
Should you need to access a public charger, you can earn cash rebates on EV charging at PETRONAS stations by using CIMB’s PETRONAS Visa-i Credit Cards.
The credit cards offer up to 12% cash rebates* when using an EV charger at PETRONAS stations, including pumping petrol and purchases via the Setel app. There are also additional cash rebates of up to 6% on groceries, dining, and cashless parking. This rewards customers with up to RM120* in cash rebates per month.
For more info about the cards, you can visit CIMB’s website.
*Terms and conditions apply.
