Auto Loan Innovation: Emirates NBD and CARS24 Launch Exclusive Digital Experience for UAE Customers
● First-of-its-kind partnership in the UAE for financing used car purchases
● Existing Emirates NBD customers to get exclusive Auto Loan Pre-approval within 10 minutes
Dubai, UAE, 27 June 2024: Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region, has announced its exclusive partnership with CARS24, taking the customer car buying and auto financing journey to new heights. For the first time, car buyers in the UAE can now initiate their auto loan process with Emirates NBD at the click of a button.
Through this partnership, customers will be able to get approvals for their auto financing in record time, ensuring that they can purchase cars that have a valid service history and have undergone stringent quality checks through CARS24’s auto experts.
As reported by Mordor Intelligence, the UAE’s used car market is projected to reach USD 32 billion by 2027, growing at a compound annual growth rate of around 11% from 2022 until 2027.
Once the preferred vehicle is selected from the CARS24 website or app, buyers can apply for a loan from Emirates NBD and existing Emirates NBD customers can get pre-approval on their car purchase within 10 minutes of application, with no physical visits required at all. Once the pre-approval is received, the process is fast-tracked to confirm the final loan approval within two days.
Deepak Chandran, Group Head of Retail Products at Emirates NBD, said: “As pioneers in digital banking, Emirates NBD’s partnership with CARS24 solidifies the bank’s commitment to enhancing customer experiences by transforming the auto loan process in the UAE. We are proud to offer existing Emirates NBD customers an unparalleled opportunity to secure financing for their car purchases swiftly and effortlessly, reinforcing our dedication to making banking simple and accessible for everyone.”
Abhinav Gupta, CEO Gulf Region at CARS24 commented: “We are always working to amplify our customer experience and this exclusive partnership is another example of our commitment to ensure that our buyers can gain maximum advantage of our one-stop-shop model.”
With over 1,500 cars in its inventory, CARS24 is one of the largest used car e-commerce platforms in the country. Since its opening in the UAE in 2021, CARS24 has serviced over 20,000 customers with plans to invest USD 100 million in the GCC region to expand its presence and become one of the largest tech enablers in the pre-owned car industry.
