CIMB Rolls Out Suite Of Financial Solutions To Drive EV Adoption

Alex Cheong Pui Yin

9th May 2023 - 3 min read

CIMB Bank and CIMB Islamic Bank have rolled out a suite of financial solutions aimed at driving the adoption of electric vehicles (EVs) in Malaysia. Said to be the most comprehensive within the country, this set of EV solutions includes financing, insurance protection, and a range of exclusive privileges – thereby making it easier and more rewarding for customers to own EVs.

In a statement, CIMB stated that one of the key solutions that customers will be able to enjoy is the preferential fixed rate on financing for EVs, currently starting from as low as 1.98% p.a. as an introductory offer (set to run until 30 April 2024). It also provides up to 90% margin of financing, with a repayment period of up to 9 years, as well as expedited approvals (within 8 hours).

Aside from financing-related perks, CIMB has also partnered with Berjaya Sompo Insurance Bhd to introduce first-in-market complimentary EV benefits for motor insurance. Provided specially for those who purchase the Secure Motor insurance with Berjaya Sompo through CIMB Auto Finance Centres, you can enjoy a 5% discount on the premium rates for EVs, and 10% cash rebate on premiums. This offer is applicable to both new and used EVs of up to eight years old.

In addition to that, CIMB and Berjaya Sompo will also provide CIMB EV owners with a complimentary EV pack coverage that offers additional protection and benefits, including:

RM15,000 EV home wall charger coverage in the event of accidents (fire, theft, lightning, explosions, and flooding)
RM50,000 personal liability coverage on accidents while using EV chargers
Unlimited towing to nearest EV charging stations
RM100,000 personal accident

To further sweeten the deal, CIMB is offering free Touch ‘n Go (TNG) RFID tags as part of its sign-up benefits as well, for those who do take up EV financing with the bank. Furthermore, CIMB customers can enjoy 0% flexi payment plans of 12 months when they purchase an EV home wall charger from car dealers using selected CIMB credit cards.

“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,” said the chief executive officer (group consumer and digital banking) of CIMB Group, Effendy Shahul Hamid.

To further contribute to this green movement, CIMB said it has also recently installed its first EV charging stations at its Preferred branch at Plaza Damansara. There are plans to add more of such stations at other locations.

Aside from these latest financial offerings for EVs, CIMB had also launched a full suite of sustainable living home solutions just last month to encourage the adoption of low-carbon lifestyle. It includes offerings such as preferential rates for green home financing, solar panel financing, and deals on energy-efficient appliances.

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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