Emirates NBD has provided a digital revolving credit facility to Cars24 Arabia. The facility will support the used-car platform’s expansion in the UAE.
Eligible dealer partners can access, use, repay and top up credit through a digital, API-driven process.
The facility is part of Emirates NBD’s push into digital banking for automotive dealers and business partners in the UAE.
Partners can free up working capital and keep their liquidity flexible as they scale operations, the bank said.
Through the API integration, Cars24 Arabia and its dealer partners get instant loan creation, drawdown and repayment.
The connection cuts processing time from days to seconds. Eligible partners get straight-through processing with no manual steps. Credit limits also refresh automatically once repaid.
“This financing facility reflects our confidence in their trajectory and our commitment to delivering tailored digital financing solutions that directly support our clients’ growth ambitions,”
said Hamad Mohamed Zayed, Group Head of Business Banking at Emirates NBD.
“As a trusted partner, Emirates NBD understands the ambition and disciplined growth trajectory of Cars24 Arabia.
Structured with flexibility and foresight, this deal sets a new milestone in our journey,”
said Abhinav Gupta, CEO of Cars24 Arabia.
Featured image: Edited by Fintech News UAE, based on image by Emirates NBD via its Press Release.
