KUALA LUMPUR: CIMB Bank Bhd and CIMB Islamic Bank Bhd have introduced a suite of electric vehicle (EV) financial solutions to drive the adoption of EVs in the country.
In a statement, the group said the solutions will address the needs of consumers across every aspect of owning an EV, including financing, insurance protection and a range of exclusive privileges.
“In supporting the shift towards sustainable mobility, the solutions make it easier for consumers to purchase and own EVs with confidence, knowing that they have access to a range of value-add benefits unique to CIMB customers,” the bank said.
During the introductory campaign which runs until April 30, 2024, CIMB said customers would enjoy a variety of financing, insurance and other benefits.
“These include 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 nine years.
“The bank is also providing a ‘green lane’ for expedited approvals within eight hours.”
Beyond financing, CIMB and its bancassurance partner Berjaya Sompo Insurance Bhd have teamed up to offer greater value and first-in-market complimentary EV benefits on motor insurance.
“Tailored to CIMB customers who take up Secure Motor insurance with Berjaya Sompo through CIMB auto finance centres, the benefits are available for both new and used EVs of up to eight years old.
“As part of the collaboration, CIMB customers will enjoy a 5% discount on EV premium rates, as well as a 10% cash rebate on premiums.”
CIMB added that EV owners will also be entitled to complimentary comprehensive EV pack coverage exclusive to its 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 the EV chargers.
“On top of these, the coverage includes unlimited towing to the nearest EV charging station.”
In addition, CIMB is also offering an additional sign-up benefit of free Touch ‘n Go radio-frequency identification tags for those that do take up EV Financing with CIMB.
At the same time, CIMB customers will 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.“Given the growing availability of EV models and infrastructure in the market, coupled with the extension of Malaysia’s EV tax incentives and exemption, CIMB anticipates a substantial growth in demand for EV financing.
“CIMB recorded strong year-on-year green vehicle financing growth of 350% in 2022, and it intends to accelerate growth in this segment as part of its sustainable finance commitment.
“CIMB Group
aims to mobilise RM60bil in green, social, sustainable impact products and services across its markets by 2024.”
As part of its EV initiatives, CIMB recently installed its first EV charging stations at its CIMB Preferred branch at Plaza Damansara here.
The bank will soon be adding more EV charging stations for its customers.
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