Abu Dhabi Islamic Bank (ADIB), has announced the signing of an affiliate partnership agreement with Tesla. The new deal will offer financing to Tesla car buyers at profit rates starting at 1.79% through ADIB’s electrical car financing program VOLT.
The partnership will also provide Tesla buyers with a free wall charger and complimentary home installation as part of the finance package during its Ramadan campaign.
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As part of this collaboration, ADIB branches will host self-serve test drives of Tesla vehicles, allowing ADIB customers to experience the vehicles first-hand at their own convenience. Tesla vehicles will be stationed at selected branches, where customers can scan a QR code to schedule their test drive and then download the Tesla App to complete necessary documentation, including uploading their Emirates ID or Driving License, and participate in a test drive. Tesla will oversee the entire process virtually, including remote lock/unlock capabilities for the vehicles.
ADIB hopes the announcement shows commitment to its ESG strategy
In addition to this, ADIB will install electric vehicle (EV) chargers at key branches and its headquarters.
Amit Malhotra, Global Head of Retail Banking at ADIB, commented: “At ADIB, we believe in driving positive change while offering value to our customers. This collaboration with Tesla allows us to do both. By installing EV chargers at our branches and headquarters, we’re contributing to the development of a robust EV infrastructure in the UAE. Additionally, our competitive financing rates and incentives encourage sustainable choices, aligning with our commitment to green finance and our ESG strategy.”
The bank recently launched the Volt Electric Vehicle Finance program, offering a highly competitive financing rate of 1.79%, the lowest in the industry for new electric cars. The Volt program aligns with ADIB’s Environmental, Social, and Governance (ESG) commitment and aims to make electric vehicle ownership financially accessible to a wider audience.
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