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Commercial Bank of Dubai, a leading bank in the UAE, has announced a tie-up with Sharaf DG, a unit of UAE-based conglomerate Sharaf Group.
The partnership will enable customers to adopt clean energy by installing Solar PV Systems for their homes from Sharaf DG Energy via a sustainable and digital financing option from CBD. The Solar PV systems can be financed digitally via a Quick Loan or Credit Card using the CBD Mobile App. The application process is seamless and hassle-free; Emirates ID is the only document required. Customers can enjoy a loan repayment period of up to 48 months at preferential interest rates.
The agreement was signed by Dr Bernd van Linder, Chief Executive Officer of CBD and Mr Nilesh Khalkho, Chief Executive Officer of Sharaf DG, at a recently held event at the Bank’s Head Office in Dubai.
Dr Bernd van Linder, Chief Executive Officer, CBD, said, “Sustainability is integral to CBD’s business strategy and we are pleased to partner with Sharaf DG Energy and provide customers with the ability to produce their own clean energy and take positive actions in the drive towards a climate-neutral economy in the UAE. The UAE aims to produce 75 per cent of its energy requirements from clean sources by 2050 to meet the growing energy demand and ensure sustainable growth for the country’s economy. CBD is proud to back our nation’s ambitions and contribute to the UAE’s efforts toward developing a more sustainable future.
Mr Nilesh Khalkho, Chief Executive Officer of Sharaf DG, said, “Sharaf DG Energy is pleased to partner with Commercial Bank of Dubai in providing fully-financed Solar Energy solutions to villa owners, in turn, allows them to save on electricity bills while paying in extended payment plans. Producing electricity from sustainable energy sources, such as Solar, provides resilience to fluctuating energy costs underlining financial security for UAE and its residents.”
Amit Malhotra, General Manager – Personal Banking Group, CBD, said, “We are pleased to partner with Sharaf DG Energy to provide simple and digital finance solutions for our customers to purchase solar panels for their homes. We have a range of financing options available, including CBD Quick Loans and Credit Cards, which are attractively priced to help customers embark on this sustainable journey.”
In line with CBD’s commitment to sustainability, the Bank has also recently launched a number of new initiatives, including an Electric Vehicle Loan and Education Loan at discounted interest rates for customers.
Mr Ramkumar Sunkari, Business Head -Energy and CFO – Sharaf DG, said, “Having over 850 private villas solarized and more than 85 Megawatts of ongoing and completed solar projects across commercial, industrial and residential solar sectors, we take pride in providing payment flexibility to our customers backed by quality of projects deliveries and post-sale support. When the discussion about sustainable financing options via Quick loan was initiated by CBD, it seemed a no-brainer to allow solar customers to get monetary savings from electricity bills while paying for solar in instalments.”