OCBC customers can now apply and get approval for car loans within 60 seconds, following similar moves made by two other local banks.
The faster approval process is made possible due to leveraging Singapore’s national data repository, MyInfo, and the bank’s real-time KYC (know your customer) and credit assessment system. The lender said its latest digital solution will cut the hassle of filling up hard-copy forms, simplifying a process that traditionally takes a few working days.
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.
In the automotive industry, around 95 percent of car purchases and car loans are completed with the help of car sales representatives, and these representatives along with their customers typically need to complete a considerable amount of paperwork.
With the new process, customers need not share sensitive personal details with a third party under OCBC’s new car loan approval process. Instead, they will key in their personal details online using their own devices.
In July 2018, United Overseas Bank (UOB) launched what it says is the fastest digital loan solution for car buyers in Singapore, and announced a tie-up with Carousell, an online classified ads marketplace. Similarly, DBS also leverages on MyInfo to simplify the process of applying for car loans on their website.