Emirates NBD, one of the largest banking groups in the Middle East, has launched Green Auto Loan to encourage the sales of eco-friendly vehicles, which conforms to the UAE Vision 2021 mission of creating a sustainable, carbon-free environment. Many Dubai residents agree the idea of promoting nature-friendly automobiles and are willing to invest in them. The new loan has been introduced to cater the growing interest of potential customers of electric and hybrid vehicles.
The Green Auto Loan is a result of the efforts put by The Emirates Authority for Standardization and Metrology (EMSA) to set up new rules for securing electric vehicles in the UAE. The UAE System for Electric Vehicles will embark upon every region in the first quarter of 2017 establishing safety and efficiency of the electric vehicles.
Suvo Sarkar (Senior Executive, Vice President and Group Head of Retail Banking and Wealth Management in Emirates NBD) elaborated the eligibility criteria for the new loan. He says that anyone eager to purchase hybrid or electric cars from a renowned auto dealership in the UAE can request for Green Auto Loan. Customers can get a concession of 50 basis points on applicable interest rate or almost 25 basis points on flat rate. The bank is providing cash back facility on full processing fee in the start.
Emirates NBD contributes toward Government Accelerators Initiative and Dubai Green Mobility Initiative under Dubai Supreme Council of Energy. The bank has also signed an agreement with UNEP Dubai Declaration for Sustainable Finance under the support of Ministry of Climate Change and Environment.