Emirates NBD, a leading bank in the region, announced today the launch of a Green Auto Loan product in line with its commitment to support the UAE’s transformation into a low-carbon economy, as part of UAE Vision 2021.
The Green Auto Loan has been designed in response to the growing interest from residents in supporting a green and sustainable economy in the UAE, and seeks to encourage customers to invest in environmentally friendly vehicles.
Commenting on the launch, Suvo Sarkar, Senior Executive Vice President and Group Head – Retail Banking and Wealth Management, Emirates NBD said: “There is growing global acceptance about the need to earnestly pursue initiatives that enable nations, organisations and individuals to transition to a sustainable low-carbon future. While this presents a significant opportunity there is also an enormous challenge in the considerable capital required to transform economies that have been largely reliant on a fossil-fuel based energy system. We at Emirates NBD believe that a three-way partnership is imperative between policy, technology and capital to support independent initiatives, and that is why we are taking the step to launch a Green Auto Loan.”
Customers interested in investing in electric or hybrid cars sold from approved auto dealerships in UAE are eligible to apply for the Green Auto Loan, which offers 50 basis points discount on applicable interest rate (reducing) or up to 25 basis points on flat rate. As an introductory offer, Emirates NBD is also offering cash back on the full processing fee.
Emirates NBD’s Green Auto Loan aims to contribute to a cleaner environment by promoting Electric and Hybrid Cars through participation and contribution to the Government Accelerators Initiative, and supporting the Dubai Green Mobility Initiative under Dubai Supreme Council of Energy.
The bank is also a signatory to the UNEP Dubai Declaration for Sustainable Finance under the auspices of the Ministry of Climate Change and Environment.