Emirates NBD, a leading bank in the region, announced today that it had entered into a partnership with Roads and Transport Authority (RTA) Dubai, to test the new online Vehicle Mortgage Release service.
Vehicle owners with auto loans from Emirates NBD can now apply via the bank’sbranches and call centre for a vehicle mortgage release from the bank. The bank in turn would release the vehicle mortgage online to RTA, thereby reducing the time taken to release the vehicle mortgage and significantly improving customer convenience. There is no need for the customer to visit the Bank for collection of physical vehicle mortgage release letter.
“Customer convenience is an important driving factor at Emirates NBD, and we are always on the lookout to partner with like-minded organisations to ease business procedures for our customers,” said Suvo Sarkar, General Manager, Retail Banking, Emirates NBD. “With auto loans constituting a significant part of our retail business, the volume of customer traffic can be quite high at our physical branches. The new online service in co-operation with RTA will considerably reduce the turnaround time for customers in getting their vehicle mortgage release letters.”
As per the existing process, customers,who wish to clear the mortgage component from their auto registrations, are required to physically obtain a vehicle mortgage release letter from their financing bank, which then has to be submitted to the RTA.
“We are pleased to sign the partnership agreement with Emirates NBD, one of the largest local financial services providers in the region, to test our new online vehicle mortgage release service,” said Ahmed Hashem Bahrozyan, Chief Executive Officer - Licensing Agency, RTA. “This partnership will enable us to reach out to Emirates NBD auto loan customers to offer them a speedy and more accurate service, which is also environmentally friendly since it eliminates considerable paperwork.”
The new partnership with RTAwill alsoenable Emirates NBD to release vehicle mortgage for its auto loan clients directly from the RTA website, without having to issue a physical vehicle mortgage release letter.