CIMB Bank and CIMB Islamic Bank have introduced a suite of electric vehicle financial solutions in Malaysia. These solutions cover all aspects of owning an EV, including financing, insurance protection, and exclusive privileges.CIMB’s EV solutions aim to make it easier for consumers to purchase and own EVs with confidence, and drive the adoption of sustainable mobility in Malaysia. The solutions offer unique benefits that are exclusive to CIMB customers, and the bank claims to be the first in Malaysia to offer a complete suite of sustainable finance solutions.
CIMB Bank is offering customers preferential fixed rates as low as 1.98% per annum on financing for EVs. This offer is available until April 30th, 2024. Customers can get up to a 90% margin of financing with a repayment period of up to 9 years. CIMB is also providing a ‘green lane’ for expedited approvals within 8 hours.
CIMB has 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 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.
CIMB is offering comprehensive EV pack coverage for EV owners in Malaysia. This coverage includes protection for EV home wall chargers of up to RM15,000 against theft, lightning, explosions, and flooding. There is also personal liability coverage of up to RM50,000 for accidents while using EV chargers. If you find yourself with a depleted battery, CIMB is providing unlimited towing to the nearest EV charging station. This is a CIMB-exclusive benefit for EV owners.
CIMB is offering free Touch ‘n Go RFID tags to customers who take up their EV financing. Customers can also enjoy a 0% Flexi Payment Plan of 12 months when they purchase an EV home wall charger from car dealers using selected CIMB Credit Cards. CIMB has also installed its first EV charging stations at its CIMB Preferred branch at Plaza Damansara and plans to add more stations for its customers soon.
Effendy Shahul Hamid, CEO of CIMB Group Consumer and Digital Banking, said that they are proud to offer the most comprehensive EV financial solutions in the market, providing value and making the customer’s EV ownership journey accessible, convenient, and rewarding. CIMB is committed to offering innovative sustainable finance solutions that encourage Malaysians to adopt a sustainable lifestyle and work towards the country’s Net Zero ambitions. Visit the CIMB’S EV Campaign page for more information.