Emirates NBD, a prominent banking group in the MENAT region, has teamed up with CARS24 to revolutionize the auto financing journey for customers in the UAE. This exclusive partnership marks a significant step towards enhancing the car buying experience through streamlined digital processes.
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Through the collaboration, customers can now initiate their auto loan applications seamlessly via Emirates NBD with just a few clicks, directly from the CARS24 website or app. This digital-first approach aims to expedite the approval process, ensuring customers can swiftly purchase vehicles that meet stringent quality standards and have a verified service history, courtesy of CARS24’s expert evaluations.
The UAE's used car market is booming, projected to reach USD 32 billion by 2027 with an annual growth rate of approximately 11%. This partnership between Emirates NBD and CARS24 capitalizes on this growth by offering buyers unparalleled convenience and efficiency in securing financing for their vehicle purchases.
Existing Emirates NBD customers stand to benefit from expedited pre-approval within 10 minutes of application, eliminating the need for physical visits. Final loan approvals are confirmed within two days, facilitating a quick and hassle-free transaction process.
Deepak Chandran, Group Head of Retail Products at Emirates NBD, highlighted the bank’s commitment to enhancing customer experiences through digital innovation. He emphasized, "Our partnership with CARS24 reinforces our dedication to simplifying banking and providing seamless auto financing solutions in the UAE."
Abhinav Gupta, CEO Gulf Region at CARS24, echoed this sentiment, emphasizing their continuous efforts to elevate customer satisfaction. "This exclusive collaboration underscores our commitment to delivering a superior customer experience, ensuring that buyers can leverage our comprehensive platform to their maximum advantage."
With CARS24 boasting an inventory of over 1,500 vehicles and ambitious expansion plans backed by USD 100 million investment in the GCC region, the partnership aims to solidify their position as leaders in the pre-owned car industry and tech enablers in the UAE market.
Together, Emirates NBD and CARS24 are poised to redefine the car buying and financing landscape, offering a seamless, efficient, and digitally-driven experience that meets the evolving needs of UAE consumers.
