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Since June, Emirates Bank International has been running an aggressive promotion that guarantees clients the lowest car loan rates in town. "It has proved to be quite successful. We want to maintain our claim of giving the lowest rate. We are now guaranteeing 3.95 per cent onwards showing our commitment to stick to our promise. This is lower than the 4.29 per cent we were offering earlier and undoubtedly the lowest rate in town," says Bertram Paul, Manager - Retail Product Management and Development, Emirates Bank International.
"This is to ensure we improve our positioning and credibility in the market this year," says Atul Jain, Product Manager - Retail Loans. New cars of any make are eligible for car loans from EBI. The loans start from 3.95 per cent and even the highest rate charged by the bank is not very high. The slabs are closer together and the advantage of low interest rates in the industry is being passed on to the customer. There are not many conditions to be met before the loan is granted.
"We were the first bank to pass the advantage to the customer specially on car loans as far back as September 2001. It helped us to get a bigger market share of course, but it was to the advantage of our customers. When we started we were offering 4.99 per cent," says Paul.
There are four ways to avail an EBI car loan. The first is to go to the car showroom where EBI personnel as well as sales people will help customers get a loan. Secondly, a customer can call up the bank and ask for help; EBI personnel will personally meet him and do the needful. In the third case, a customer can go to the Website www.emiratesbank.com and give basic information of what he is looking for; he will be contacted by the bank at the earliest. In the fourth case, the customer could visit any branch of Emirates Bank International or Middle East Bank where the staff will assist him with his requirements.
Loan instalment payments can be made during a period of up to five years depending on conditions. Customers can even get a loan without transferring their salary. Even post-dated cheques are accepted and there is also the option of 0 per cent down payment. There are many options built into the product and it is entirely the choice of the customer.
The car loan deals have received good response from customers and helped the bank meet its targets. "With the new rate, we hope more customers will come in to avail the opportunity specially with new car models being launched in the market at this time of the year. The offer is valid till the end of the year," says Jain.
EBI also enjoys close relations with car dealers and offers some special deals in conjunction with them for financing their cars. Automated loan approvals are set to commence early next year. Ordinarily, it takes time for banks to study cases and approve loans. Sometimes a customer wants the car in a hurry and the delay in the processing of the loan irks him. With the automated system, he can go online, answer the questions truthfully and find out whether he is eligible or not within minutes. If there is any discrepancy between his answers and the reality when he actually goes for the loan, the bank has the right to reject the loan.
"This will make the process of getting a loan simpler and faster. The customer will know whether he is eligible to get the loan within 10 minutes," says Jain.
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