CIMB Offers EV Financial Solutions with Annual Fixed Rates As Low As 1.98%

Beyond the new model launches and concept model previews, the Malaysia Autoshow 2023 also witnessed the launching of a new EV financial solutions package by CIMB Bank Berhad and CIMB Islamic Bank Berhad, the CIMB EV Financial Solutions.

Dubbed as the most comprehensive EV financial solutions available in the market, this financial package covers every aspect of owning an EV, including the financing, insurance protection, as well as several other added benefits for customers.

Group Consumer and Digital Banking of CIMB Group CEO Effendy Shahul Hamid (right) at the Malaysia Autoshow 2023

Commenting on the package launch, Group Consumer and Digital Banking of CIMB Group CEO Effendy Shahul Hamid 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 sustainable lifestyle, as we work together towards achieving the country’s Net Zero ambitions," Effendy added.

Volvo XC40 Recharge & C40 Recharge - two of many new EVs eligible for this financial plan

For starters, CIMB offers the financing for new EV purchases with annual preferential fixed rates as low as 1.98%, as well as up to a 90% 90% margin of financing with a repayment period of up to 9 years. Mind you, this offer is part of the introductory campaign period which runs until Apr 30 next year.

To help expedite the application process, CIMB is also providing a ‘green lane’ access for prospective EV owners opting for the CIMB EV financial solutions package, with approvals set to be granted within eight hours from the application submission time.

Aside from the financing plan, CIMB also offers a special Secure Motor insurance plan tailored for EVs – a result of a collaboration with Berjaya Sompo Insurance Berhad. Applicable via CIMB Auto Finance centres, this special insurance plan is applicable to both new and used EVs of up to eight years old, plus a special 5% discount on EV insurance premium rates, as well as a 10% cash rebate on said premiums.

CIMB customers will also be entitled to a special complimentary comprehensive EV pack coverage. This package 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 that, said coverage also includes unlimited towing services to the nearest EV charging station.

In addition, CIMB is also offering an additional sign-up benefit of free Touch 'n Go RFID tags for those that do take up EV Financing with CIMB. As for the EV purchase itself, existing CIMB customers can 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.

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.

For more information on CIMB EV Financial Solutions plan, visit CIMB Bank’s official website.