MENA-based banking group Emirates NBD has entered a partnership with CARS24 to allow car buyers in the UAE to initiate their auto loan process via the former’s platform. As part of their collaboration, customers are set to receive the ability to obtain approvals for their auto financing with Emirates NBD, while ensuring that their purchase has a valid service history and underwent quality checks via CARS24’s auto team.

The decision to partner can be attributed to the considerable projected growth of the UAE’s used car market. Operating as a banking group in the MENAT region, Emirates NBD provides its services to 13 countries, including the UAE, Egypt, India, Turkey, the Kingdom of Saudi Arabia, Singapore, the UK, Austria, Germany, Russia, and Bahrain, with representative offices in China and Indonesia. Additionally, after the chosen vehicle is selected from the CARS24 website or app, buyers can apply for a loan from Emirates NBD, while existing customers of the banking group can receive pre-approval on their car purchase within 10 minutes of application, without being required to physically visit a branch. Once the pre-approval process is completed, the procedure is fast-tracked to confirm the final loan agreement within two days.

Emirates NBD and CARS24’s development strategy and capabilities According to Emirates NBD’s officials, the collaboration with CARS24 advances the bank’s commitment to improving customer experiences by optimising the auto loan process across the UAE. The banking group aims to provide existing Emirates NBD customers with the ability to secure financing for their car purchases conveniently, which solidifies its allegiance to simplifying and making banking more accessible. On the other hand, representatives from CARS24 underlined that their company is working towards developing its customer experience and the exclusive alliance with Emirates NBD supports its mission to ensure that its buyers can receive additional benefits when completing an acquisition. Furthermore, currently having more than 1,500 in its inventory, CARS24 has provided its services to over 20,000 customers since its launch and plans to invest USD 100 million in the GCC region to expand its footprint and solidify its presence in the pre-owned car industry.

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