Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Turkey) region, has announced its exclusive partnership with CARS24, taking car purchasing and car financing to a new level for customers.
For the first time, car buyers in the UAE can now initiate their car loan process with Emirates NBD with the click of a button.
This partnership will enable customers to receive approvals for their car financing in record time, ensuring they can purchase cars that have a valid maintenance history and have passed rigorous quality checks by CARS24’s car experts.
As Mordor Intelligence reports, the UAE’s used car market is expected to reach $32 billion by 2027, growing at a compound annual growth rate of approximately 11% from 2022 to 2027.
Once the preferred vehicle is selected on the CARS24 website or app, buyers can apply for a loan with Emirates NBD and existing Emirates NBD customers can receive pre-approval for their car purchase within 10 minutes of applying, without the need for a physical visit is. Once pre-approval is received, the process is expedited to confirm final loan approval within two days.
Deepak Chandran, Group Head of Retail Products at Emirates NBD, said: “As a pioneer in digital banking, Emirates NBD’s partnership with CARS24 reinforces the bank’s commitment to improving customer experience by transforming the car loan process in the UAE.” We are proud is committed to offering existing Emirates NBD customers an unprecedented opportunity to secure financing for their car purchase quickly and effortlessly. This underlines our commitment to making banking easy and accessible for everyone.”
Abhinav Gupta, CEO Gulf Region at CARS24, commented: “We are always working to improve the customer experience and this exclusive partnership is another example of our commitment to ensuring our buyers get the most value from our one-stop shop. “Be able to draw a model.”
With over 1,500 cars in inventory, CARS24 is one of the largest used car e-commerce platforms in the country. Since opening in the UAE in 2021, CARS24 has served over 20,000 customers and plans to invest $100 million in the GCC region to expand its presence and become one of the largest technology providers in the used car industry.