QIB launches auto financing offer with additional incentives to purchase electric cars

Qatar Islamic Bank (QIB) has announced the launch of its ‘Auto Finance’ promotion for new and existing customers seeking to purchase a car or an electric car. The new promotion will offer financing options with special profit rates and benefits during the holy month of Ramadan with additional incentives to encourage customers to purchase Electric cars as part of QIB’s Sustainability strategy. In line with QIB’s commitment to sustainability and with the growing demand of environmentally friendly choices, QIB has introduced ‘Green Car Financing’ to promote environmental consciousness, clean energy, and non-carbon emissions aligned with the objectives of Qatar National Vision 2030, the National Strategy for the Environment and Climate Change and the United Nations Sustainable Development Goals. The special Auto Finance promotion will offer customers exclusive benefits including competitive profit rates starting from 3.65% (1.91% flat) on cars, and 3% on electric cars. Moreover, customers applying for Auto Finance will receive a free credit card for the first year, in addition to a comprehensive insurance rate at 1.8%, as well as a three months’ grace period from the finance tenure for Qatari nationals, and up to two months grace period for residents. QIB has partnered with a variety of automotive dealers and brands to offer special financing deals on new vehicles during Ramadan. Customers will be able to purchase cars as well as electric vehicles from a variety of distinguished manufacturers under competitive and equitable financing arrangements. The promotion will run until May 31 and is available for new and used cars from authorised dealers, for existing and new to QIB customers, and for both Qatari citizens and residents. D Anand, QIB’s general manager (Personal Banking Group), said: “We are proud to be giving back to the community during Ramadan, offering exclusive and highly competitive auto financing deals. Our team has extensive local market knowledge and strong relationships with local dealerships to better serve new and existing customers and help them purchase their dream car.” “The new promotion reiterates our ongoing efforts to further integrate sustainability and encourage sustainable practices. We are constantly increasing our investment in innovative and green products and services, as part of our customer-centric strategy spurred on by demand from today's environmentally conscious consumer,” Anand added. QIB has released its first sustainability report in 2021, in line with Qatar National Vison 2030 and the recently launched National Strategy for the Environment and Climate Change.