UOB's superfast car loan solution [news]

By davidkhoo, 01 August 2018

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UOB's supercharged digital solution could see car-loans approved in 15mins flat...

KF1, Singapore - Buying a car should be a happy occasion, especially since it's possibly the next biggest ticket item after buying a home. And when you're dropping serious bucks on something, the last thing you want to do is to spend a lot of time on the manual labour of form-filling (sometimes in multiples), and then up to another few more nail-biting days wondering if your loan was approved, since paying full cash is a luxury very few can afford these days. 

With its eight automotive partners (Carousell, Cycle & Carriage Singapore, Inchcape Singapore, Motor Image Enterprises, Performance Premium Selection Limited, Premium Autmobiles, Tan Chong Motor Sales and Trans Eurokars), United Overseas Bank (or UOB) has created a fully-digital financing solution (with bespoke brand dashboards for its respective automotive partners) that eliminates reams of paperwork and could see the loan application process cut from an average of three working days... to just 15 minutes!

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Just three key data points are needed from the customer: name, mobile number and NRIC number – the combination of UOB's credit processing machine, a secure link to MyInfo and Credit Bureau Singapore does the rest.

It's even simpler if you're buying a car through the Carousell app, because a direct 'Apply for UOB Car Loan' link in the ad listing prompts the buyer for the information needed to apply for the loan once he/she has selected a car. Once UOB approves it, the dealer contacts the buyer to finalise the transaction.

According to Ms. Jacquelyn Tan, Head of Personal Financial Services Singapore, UOB, "UOB finances one in four new car sales so we understand first-hand from our partners in the automotive industry, and our customers, that they have a need for speed when it comes to car financing approvals. We have brought together Singapore's largest car ecosystem – including online and brick-and-mortar car dealerships – to design a simpler, smarter and speedier route for car sales agents to help customers apply for loans."

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