Emirates NBD Announces VAT-Based Loan Solution for SME Customers
Emirates NBD, a leading bank in the region has announced the launch of a new VAT-based enhanced loan solution for small and medium-sized enterprise (SME) customers.
The new loan program makes it easier for SMEs to apply for financing by providing copies of their VAT (Value Added Tax) returns filed with the UAE’s Federal Tax Authority to serve as validation of business turnover and income.
Suvo Sarkar, Senior Executive Vice President, Head of Retail Banking and Wealth Management, Emirates NBD said, “Emirates NBD’s VAT-based loan offering symbolises our commitment to the UAE’s small and medium businesses and supports the objective of Expo 2020 Dubai to foster growth of the SME sector.”
The new program will cover home loan, auto loan and business loan products. Emirates NBD is the leading SME bank in the country offering a wide range of services comprising transaction banking, cash management, payments, lending propositions, guarantees as well as FX and investment products. Emirates NBD is also the Official Banking Partner of Expo 2020 Dubai.
Emirates NBD, the leading banking group in the region, was formed on 19 June 1963, when H.H. Late Sheikh Rashid bin Saeed Al Maktoum signed the Charter of Incorporation of the National Bank of Dubai (NBD) which became the first National Bank established in Dubai and the United Arab Emirates (UAE). With the blessings of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, NBD merged with Emirates Bank International (EBI) on 06 March 2007, to form Emirates NBD, the largest banking group in the region by assets. On 16 October 2007, the shares of Emirates NBD were officially listed on the Dubai Financial Market (DFM). The merger between EBI and NBD to create Emirates NBD, became a regional consolidation blueprint for the banking and finance sector as it combined the second and fourth largest banks in the UAE to form a banking champion capable of delivering enhanced value across corporate, retail, private, Islamic and investment banking throughout the region.