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CIMB Debuts Suite Of Financial Solutions To Drive Adoption Of EVs In Malaysia

CIMB Bank Berhad and CIMB Islamic Bank Berhad (CIMB) have unveiled its own unique suite of electric vehicle (“EV”) financial solutions said to be the most comprehensive in the market with the aim to 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.

According to Effendy Shahul Hamid, Chief Executive Officer, Group Consumer and Digital Banking of CIMB Group, the Bank foresees that through this market leading offering, it is able to deliver greater value by making the customer’s EV ownership journey accessible, convenient and even more rewarding.

During the introductory campaign, which will run until 30th April 2024, customers can 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 9 years. CIMB is also providing a ‘green lane’ for expedited approvals within 8 hours.

Additionally, 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.

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.

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. On top of these, the coverage includes unlimited towing to the nearest EV charging station.

“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," Effendy added.

As part of its EV initiatives, CIMB recently installed its first EV charging stations at its CIMB Preferred branch at Plaza Damansara. The Bank will soon be adding more EV charging stations for its customers.


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