AmBank Group has just introduced its Auto Finance Instant Approval with MAT (Mobile Application Terminal) service which allows prospective car buyers to have their car loans application approved on the spot through a tablet.
The MAT is a portable device that allows applicants to submit their details and documents onto AmBank’s system and receive immediate approval within 30 minutes if the applicants meet all the necessary requirements.
Some of the key features of the MAT include a built-in MyKad reader with biometric reader to allow customers to perform thumbprint verification, built-in camera with Optical Character Recognition (OCR) capability to capture all the document details just by taking a picture as well as and online connectivity to EPF i-Akaun.
The MAT can also populate customer information and generate e-forms with digital signature(s), making it a one-stop, paperless and fast solution to auto financing. The Auto Finance Instant Approval is applicable to both new and used cars alike regardless of the car price. Interest rate is also the same as a regular paper submission to AmBank.
At the moment, the Auto Finance Instant Approval with MAT is only open to private individuals although AmBank is studying ways to extend this instant approval service to company purchases. Presently, there are 800 MATs nationwide and customers can participate in paperless transaction with instant approval at AmBank appointed car dealers and AmBank branches.