• Existing Emirates NBD customers to get exclusive Auto Loan Pre-approval within 10 minutes

Dubai, UAE: 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.

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About Emirates NBD

Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As at 31st March 2024, total assets were AED 902 billion, (equivalent to approx. USD 246 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 858 branches and 4,450 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 3.89 billion. 

Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region.

Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE’s main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE’s Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.

For further information on Emirates NBD, please contact:
Ibrahim Sowaidan
Senior Vice President
Head - Group Corporate Affairs
Emirates NBD
e-mail: ibrahims@emiratesnbd.com

Burson
Dubai, UAE
Email: emiratesnbd@bm.com

 

About CARS24:

Founded in India in 2015, CARS24 is the leading global e-commerce platform for pre-owned vehicles with a robust presence in India, the Middle East, Australia and Southeast Asia. CARS24 has been firmly established in the United Arab Emirates since 2021. Creating new industry benchmarks for high quality used cars using a tech-first approach coupled with a deep understanding of what buyers and sellers need has propelled CARS24 as the preferred one-stop-shop for buying or selling used cars.