Malaysian lenders CIMB Bank Berhad and CIMB Islamic Bank Berhad (collectively CIMB) have on Monday introduced its suite of electric vehicle (EV) financial solutions in Malaysia to drive the adoption of EVs in Malaysia.

CIMB said in a statement that the set of EV solutions 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, it said 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.

“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,” said Effendy Shahul Hamid, Chief Executive Officer, Group Consumer and Digital Banking of CIMB Group.

He also said the bank will continue to offer innovative sustainable finance solutions that encourage Malaysians to
consider a more sustainable lifestyle, as it works together towards achieving the country’s net zero ambitions.

During the introductory campaign which runs until April 30, 2024, customers will enjoy a variety of financing, insurance and other benefits.

These include preferential fixed rates as low as 1.98 percent per annum on financing for EVs, and up to a 90 percent 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 Berhad 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 percent discount on EV premium rates, as well as a 10 percent 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 MYR15,000 ($3380) in the event of incidents such as fire, theft, lightning, explosions and flooding, as well as MYR50,000 ($11,268) 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.

In addition, CIMB is also offering an additional sign-up benefit of free Touch ‘n Go radio frequency identification (RFID) tags for those that do take up EV Financing with CIMB.

At the same time, CIMB customers can enjoy a 0 percent 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 substantial growth in demand for EV financing.

CIMB recorded strong year-on-year green vehicle financing growth of 350 percent in 2022, and it intends to accelerate growth in this segment as part of its sustainable finance

CIMB Group aims to mobilize MYR60 billion ($13.52 billion) in Green, Social, Sustainable Impact Products and Services (GSSIPS) 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.

The bank will soon be adding more EV charging stations for its customers.

With the growing awareness and interest in environmental, social and governance (ESG) among consumers, CIMB offers a complete suite of sustainable finance solutions that makes it easier for consumers to adopt sustainable practices in an accessible and rewarding manner.

Besides green financing for homes or vehicles, this also includes other ESG-aligned offerings such as products that enable financial inclusion, wealth products and environmentally-focused deposits.

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