Dubai – Mubasher: MENAT-focused banking group Emirates NBD has entered into an exclusive partnership with CARS24 to elevate the customer car buying and auto financing journey in the UAE, according to a press release.

This is the first-of-kind partnership in the UAE for financing used car purchases under which car buyers in the country will be able to initiate their auto loan process with Emirates NBD at the click of a button.

Meanwhile, existing Emirates NBD customers can get exclusive Auto Loan Pre-approval within 10 minutes, while CARS24’s auto experts will provide stringent quality checks to ensure the customers purchase cars that have a valid service history.

The UAE's used car market is expected to hit $32 billion by 2027 and grow at a compound annual growth rate (CAGR) of nearly 11% from 2022 until 2027, according to Mordor Intelligence.

Group Head of Retail Products at Emirates NBD, Deepak Chandran, 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.”

Meanwhile, once the pre-approval is received, the loan process is fast-tracked to confirm the final loan approval within two days.

Abhinav Gupta, CEO of Gulf Region at CARS24, said: “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.”

CARS24 has been operating in the UAE since 2021 and currently has more than 1,500 cars in its inventory. The company has become one of the largest used car e-commerce platforms in the country and has offered services to over 20,000 customers.

The platform has plans to invest $100 million in the GCC region to expand its presence and become one of the largest tech enablers in the pre-owned car industry.

The UAE bank recently collaborated with the Saudi Jarir Marketing Company (Jarir Bookstores) to boost the customer experience through exclusive services and benefits to their clients.

During the first quarter (Q1), Emirates NBD generated a net profit of AED 6.71 billion while its total operating income reached AED 10.66 billion.