Since the 19th century, automobile manufacturers have been working on the usage of alternative fuel resources in cars. In this regard, the first successful attempt was the launch of hybrid vehicles and later all-electric cars. The core purpose of using electricity as fuel is to slash fossil fuel usage and reduce the carbon footprint of vehicles.
The Emirate of Dubai also contributed to the carbon footprint reduction by promoting the usage of EVs in the region. For this purpose, the Government of Dubai took practical steps including electric car finance deals.
Recently, DEWA also announced the availability of finance and other offers for electric vehicles on their online store. Let’s dissect DEWA electric vehicle finance, its benefits and other aspects in more detail.
What is DEWA Store
DEWA store is an online platform of DEWA initiated in 2018. The purpose of this digital store is to provide value-added services and discounts to customers. The store is restricted to registered DEWA customers only and can be accessed through the DEWA mobile app (Android | Apple).
How it is Providing Subsidies for Electric Cars in Dubai
DEWA stores provide a wide range of discounts on multiple items including electric cars in Dubai. The store collaborates with public and private companies to facilitate EV owners. The core benefit that it delivers to customers is offering them financial discounts. The store not only offers car loans in Dubai but also provides insurance and other services for EV owners at discounted rates.
For instance: the collaboration of DEWA and Dubai Islamic Bank results in green auto loans for hybrid and electric vehicles only. This offers finance up to AED 1 million for the salaried person earning at least AED 15,000. However, these offers are time constrained and should be redeemed within the validity.
Here are some other offers available at the DEWA store that you can utilise:
Electric Vehicle Motor Insurance
The Union Insurance Company is offering discounted insurance for Tesla and BMW electric car owners. This comprehensive insurance will provide owners with a 3-year repair package, replacement of vehicle, valet parking theft control and windscreen damage.
However, the car owner should be more than 25 years of age and have a valid driving license. The offer is valid till the 21st of December-2022.
EV Charger Installation Discount
The Fully Charged offers a 10% discount on electric charger installations with 2 years warranty of installation and 4 years warranty of chargers. Along with this, they also provide 24/7 service to cater to the charging problems faced by customers. You can redeem this offer till the 15th of September-2022.
Apart from these offers at the DEWA store, a number of banks are providing green auto loans specifically for electric and hybrid vehicles. Below we have listed some of the banks that provide green auto loans.
Green Auto Loans in Dubai
Here is the list of banks in Dubai that are currently offering green auto loans.
Emirates NBD Bank
Emirates NBD Bank offers green loans for electric and hybrid cars. Customers opting for these loans will be provided with a 0.25% to 0.50% discounted interest rate. The discount is subject to the terms and conditions of a bank.
HSBC
HSBC offers green car loans to contribute to the green vision of the UAE. HSBC offers different types of loans to cater to the needs and budgets of consumers.
- Tesla: On the purchase of all new Tesla models users can avail of a flat annual percentage rate of 1.84% with a 50% on arrangement fee.
- EVs (other than Tesla): Other Ev owners will be provided with a 50% arrangement fee discount along with a 0.25% rate discount.
- Hybrid Vehicles: Customers willing to purchase hybrid vehicles will be provided with a 0.15% discount on the interest rate.
To apply for HSBC’s green loan, the applicant must age between 21 years to 65 years and earn a minimum salary of AED 10,000/month.
National Bank of Fujairah
The green auto loan offered by the National Bank of Fujairah comes with a flexible payment plan for five years with fixed financing terms. Whereas, the interest rates start from as low as 3.00% per annum.
This was all about DEWA electric vehicle finance available in the DEWA store. All the initiatives of DEWA are in accordance with the UAE’s vision to reduce the carbon footprint and make Dubai eco-friendly. It is not necessary to buy an electric vehicle to contribute towards this mission. A number of hybrid and even conventional vehicles are being rolled off in the market with reduced emission levels. If you are interested in contributing to this mission, browse through these used cars for sale in Dubai and drive a car with lower emissions. \
Stay tuned to UAE’s top autoblog for more information on electric car finance.
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