OCBC Bank has just announced a new digital process that allows its customers to get a car loan approved in just 60 seconds
Main photo: Wikimedia Commons
Applying for and getting a car loan approved in Singapore typically requires a fair amount of time and paperwork. But OCBC Bank has now announced that it is implementing a new digital process that will significantly cut down the time needed for car loans down to just 60 seconds.
All customers need to do is to fill in their requisite details online, and the system makes use of the national data repository, MyInfo, and the bank’s real-time KYC (know your customer) and credit assessment system to instantly approve the loan.
The solution cuts down on a significant amount of hassle out of car loan applications, which are typically completed by car sales representatives in Singapore on behalf of car buyers, and requires a few working days to process. Customers will also no longer need to share sensitive details like their financial information with the sales representative.
Singaporean car buyers who have been waiting to emulate Nicolas Cage (below) can now do so. Presumably.
“Not only is the (conventional) car loan application process time-consuming, but customers also have to share sensitive personal information such as income details with the sales representative. On top of that, approval by the financier may take a day or even a few days on a case-to-case basis,” the bank said in a statement.
The bank has tied up with 11 authorised distributors in Singapore to use the new car loan approval process by this month, and they are:
EuroSports Auto (Lamborghini)
EuroAutomobile (Alfa Romeo)
Inchcape Group (Toyota, Lexus, Suzuki)
Kah Motor (Honda)
Premium Automobiles (Audi)
Tan Chong Motors (Nissan)
Motor Image (Subaru)
Trans Eurokars Group (Porsche, Rolls-Royce, Mini, Mazda, McLaren, MG)
Vantage Automotive (Ford, Peugeot, BYD)
Vertex Euro Motors (Seat)