CIMB Bank Berhad and CIMB Islamic Bank Berhad have introduced their suite of electric vehicle (EV) financial solutions which claimed to be the most comprehensive in Malaysia right now. According to CIMB, these EV solutions are aimed at addressing the needs of consumers covering every aspect of owning an EV, which include financing, insurance protection and a range of exclusive privileges.
To support the shift towards sustainable mobility and to drive the adoption of EVs in Malaysia, CIMB says its 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 which are unique to CIMB customers. It claims to be the first bank in Malaysia to offer a complete suite of sustainable finance solutions that makes it easier for consumers to adopt sustainable practices in an accessible and rewarding manner.
Preferential EV financing rates as low as 1.98%
As an introductory offer from now until 30th April 2024, CIMB is offering customers preferential fixed rates as low as 1.98% per annum on financing for EVs and up to a 90% margin of financing with a repayment period of up to 9 years. To help you get your EV quicker, CIMB is also providing a ‘green lane’ for expedited approvals within 8 hours.
CIMB has also teamed up with its bancassurance partner Berjaya Sompo Insurance Berhad to offer extra value and first in the market complimentary benefits for motor insurance. CIMB customers who take up Secure Motor Insurance with Berjaya Sompo through CIMB Auto Finance customers can enjoy a 5% discount on EV premium rates as well as a 10% cash rebate on premiums. These benefits are offered for both new and used EVs up to 8 years old.
Coverage for wall chargers and unlimited towing to EV charger
EV owners will also be entitled to enjoy complimentary CIMB-exclusive comprehensive EV pack coverage which covers your EV home wall chargers of up to RM15,000 in the event of theft, lightning, explosions and flooding. Also included is RM50,000 in personal liability coverage for accidents while using the EV chargers. In addition, the insurance coverage also includes unlimited towing to the nearest EV charging station, which is handy if you find yourself in the unlikely event that your EV’s battery is depleted.
Free TNG RFID and 0% flexi payment plan for EV chargers
CIMB is also offering free Touch ‘n Go RFID tags for customers who take up their EV Financing with CIMB. If you need an EV charger at home, CIMB customers can enjoy 0% Flexi Payment Plan of 12 months when they purchase an EV home wall charger from car dealers using selected CIMB Credit Cards.
As part of its initiatives to go green, CIMB has recently installed its first EV charging stations at its CIMB Preferred branch at Plaza Damansara. The bank says it will be adding more EV charging stations for its customers soon.
Effendy Shahul Hamid, Chief Executive Officer, 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 s7ustainable lifestyle, as we work together towards achieving the country’s Net Zero ambitions,” Effendy added.
For more info, you can visit CIMB’s EV Campaign page.
Related reading
- Maybank offers Malaysia’s first integrated financing solution for EV and Hybrid buyers
- CIMB imposes mandatory SecureTAC for transactions above RM99 and call-in verification for first-time logins
- EVChargeGO: Gentari teases mobile charging service for EVs is coming soon
- Sunway teams up with Gentari and EVC to install EV charging stations at its premises nationwide
