Proton Commerce loan disbursement grew by record 54% in 2022

PROTON Commerce Sdn Bhd loan disbursements grew by a record 54% last year when it issued 22,467 loans to Proton buyers.

Proton’s finance arm said the numbers were achieved after eight out of 12 months saw more than 2,000 disbursements with September setting an all-time high of 2,872.

“Overall, this represents a volume growth of 54% over 2021 and is also a new volume record,” it said in a statement today.

Its loan approval rate also grew in tandem with May and June achieving an all-time approval rate high of 59%

It was also the lead financier for the Proton Saga, the most popular model in the Proton range.

Beginning from the fourth quarter of 2021, Proton Commerce has been the market leader for the model for five consecutive quarters, which was punctuated by financing 32% of Proton Saga units sold last November, another new highwater mark.

“For 2023, we aim to grow our volume and approval rates even more by leveraging on the continued popularity of the current Proton model range as well as the introduction of new and updated models. Hopefully, this will propel us forwards to become the number one Proton financier,” said Proton Commerce CEO Mooi Fi Phang (picture).

Effective immediately, Proton Commerce said the validity of letters of undertaking issued will be extended to 180 days from 90 days making it more convenient for buyers of Proton models who face a long waiting time for the variant of their choice.

Mooi added that Proton Commerce will also honour the interest rate offered at the time of approval.

Proton Commerce is a joint venture between Proton Edar Sdn Bhd and CIMB Group Holdings Bhd with the aim of providing finance for Proton buyers. The company’s performance has mirrored Proton’s growth in sales trajectory. — TMR