UOB rolls out fully automated car loan application process

This cuts processing time from three days to 15 minutes.

UOB has launched a fully automated financing solution for car buyers that will be available at seven dealerships and online marketplace Carousell.

Also read: UOB raises One Account deposit rates by 0.55%

The digital loan application removes the need for manual form filling and furningshing of paper documents to effectively slash the processing time from three working days to 15 minutes, according to a press release.

The bank also custom-built a loan dashboard for each partner and integrated into the solution each dealership’s own database of car makes and models, enabling dealers to view the status of their customers’ UOB car loan applications and listing of the car makes and models.

“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,” Jacquelyn Tan, head of personal financial services Singapore at UOB said in a statement.

A car dealer needs only the applicant’s name, mobile phone number and NRIC number to activate UOB’s digital car loan solution. Buyers need only log in using their SingPass to confirm further details and then allow UOB to process the application with help from its credit processing engine, MyInfo and Credit Bureau Singapore.

For applications made via Carousell, the buyer only needs to click on the ‘Apply for UOB Car Loan’ link to enter their details once they have chosen their car. Once UOB has approved the application, the car dealer calls the buyer to confirm the purchase.

UOB’s partners are Cycle & Carriage Singapore, Inchcape Singapore, Motor Image Enterprises, Performance Premium Selection Limited, Premium Automobiles, Tan Chong Motor Sales and Trans Eurokars, and Carousell.