Vehicle finance innovation from Emirates Money

Easy access to customers at its branches or via the vehicle/equipment dealer and financing of up to AED 7 million provided at competitive interest rates. Emirates Money enables entrepreneurs to streamline their day-to-day finances and manage cash flows more efficiently.

The need for companies to finance purchase of commercial vehicles, construction equipment and fleets is generally underserved in the UAE, as most financiers focusing on financing purchase of personal use vehicles. To serve this gap in the market, Emirates Money has created a customised finance solution for purchase of trucks, buses, fleets or construction equipment. Since its launch in 2008, Emirates Money has financed the purchase of more than 18000 vehicles. The loan process begins with a member of Emirates Money evaluating the customer’s needs in a face to face meeting to determine how much exposure they can manage, what are the margins and so forth. Armed with a thorough understanding of the revenue each asset will generate, the team then recommends a customised solution.

Emirates Money also offers easy access to customers at its branches or via the vehicle / equipment dealer showroom. Customers can benefit from financing of up to AED 7 million, provided at competitive interest rates.

Commenting on the process, Vikas Thapar, CEO Emirates Money says, “As a long standing player in the UAE, we have a deep understanding of customer requirements and cater to them with customised solutions. This insight-led approach has definitely given us an edge over most lenders in the current market scenario.

“Emirates Money finances the purchase of commercial vehicles, buses and trucks, as well as passenger vehicles used for business purposes. We also specialise in financing forklifts and other construction equipment. The company uses different evaluation criteria for different customers and offers tailor-made packages to cater to customer requirements that can go from a single car owner to a multiple-vehicle business,” added Thapar.

Emirates Money’s strategy around vehicle financing includes employing sales officers with a background in the vehicle industry who are able to understand the technical specifications of commercial vehicles and can advise businesses on possible purchasing options. More importantly, they can evaluate customer requirements and advise customers on the type of vehicle or equipment to buy. In-depth market knowledge also enables the sales officers to advise customers about the best pricing in the market.

To provide further stimulus to the growth of UAE’S industrial activity, Emirates Money recently entered into a preferred partnership with CNH Capital, the global financing powerhouse for heavy vehicles and equipment. This agreement foresees financing activities for industrial products which includes commercial vehicles and construction equipment commercialised by CNH Industrial brands Iveco, Iveco Bus and Case construction equipment through authorised dealers in the UAE. As a result, Emirates Money is able to provide financing under the brand of CNH Industrial Capital for a wide spectrum of products within the commercial vehicles and construction equipment sectors.

Recently Emirates Money also launched a limited period AED 50,000 cashback offer for all customers availing loans. New customers will also be entitled to apply for a free Emirates Money MasterCard Business Credit Card to meet the specific credit needs of SME /Micro SME business owners in the UAE.

Thapar commented, “The lifetime cashback of up to AED 2,000 per month on the Emirates Money Business Credit Card along with a guaranteed cashback on all Emirates Money Loans will enable entrepreneurs to streamline their day-to-day finances and manage their cash flows more efficiently. For the medium to long-term, Emirates Money expects consumers and businesses to move from cash deals to financing options that offer cost efficiencies on purchase of trucks and equipment. Clearly, with so much happening in a favorable market, the commercial vehicles market is set for a smooth, long ride.”Untitled-1

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