Emirates NBD has announced a new collaboration with CARS24 to elevate the car purchasing and auto financing journey for customers in the UAE.
For the first time, UAE car buyers can now initiate their auto loan application with Emirates NBD in as soon as 10 minutes at the touch of a button.
Through this partnership, customers will receive speedy approvals for their auto financing, ensuring they can buy cars with verified service histories and rigorous quality checks conducted by CARS24’s auto experts.
According to Mordor Intelligence, the UAE’s second-hand car market is expected to grow to $32B by 2027, with a compound annual growth rate of approximately 11% from 2022 to 2027.
Once customers select their preferred vehicle from the CARS24 website or app, they can apply for an Emirates NBD loan. Existing Emirates NBD customers can receive pre-approval for their car purchases within 10 minutes of applying, without needing to visit a physical branch.
Upon receiving pre-approval, the process is expedited to confirm final loan approval within two days.
Deepak Chandran, Group Head of Retail Products at Emirates NBD, commented: “As leaders in digital banking, our partnership with CARS24 underscores our commitment to enhancing customer experiences by revolutionising the auto loan process in the UAE. We are delighted to provide existing Emirates NBD customers with an unmatched opportunity to quickly and effortlessly secure financing for their car purchases, reaffirming our dedication to making banking straightforward and accessible for all.”
Abhinav Gupta, CEO Gulf Region at CARS24, stated: “We continually strive to enhance customer experiences, and this exclusive partnership demonstrates our commitment to ensuring that our buyers can maximise the benefits of our comprehensive service model.”
CARS24 boasts a stock of over 1,500 vehicles, making it one of the largest e-commerce platforms for used cars in the country.
Since its establishment in the UAE in 2021, CARS24 has served more than 20,000 customers and plans to invest $100M in the GCC region to expand its footprint and become a leading technology facilitator in the pre-owned car industry.
