ADIB partners with Tesla to offer affordable EV financing

ABU DHABI: Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has announced the signing of an affiliate partnership agreement with Tesla, to offer financing to Tesla car buyers at affordable profit rates starting 1.79 per cent through ADIB’S electrical car financing program “VOLT”. The partnership will also provide Tesla buyers a free wall charger and complimentary home installation part of the finance package during the Ramadan campaign until 31st of March 2024.

As part of this collaboration, ADIB branches will host self-serve test drives of Tesla vehicles, allowing ADIB customers to experience the innovative technology 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.

In addition to this, ADIB will install electric vehicle (EV) chargers at key branches and its headquarters, contributing to the infrastructure necessary for sustainable transportation options.

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.