Dubai – Mubasher: Emirates NBD on Sunday announced that it has launched a new value-added tax (VAT)-based enhanced loan solution for small and medium-sized enterprise (SME) customers.
The new programme will allow SMEs to apply for financing by providing copies of their VAT returns filed with the UAE’s Federal Tax Authority (FTA) to serve as validation of business turnover and income, Dubai's biggest lender said in a statement.
“Emirates NBD’s VAT-based loan offering symbolises our commitment to the UAE’s small and medium businesses and supports the objective of Expo 2020 Dubai to foster the growth of the SME sector,” Suvo Sarkar, senior executive vice president, head of Retail Banking and Wealth Management of Emirates NBD, said.
The bank’s new solution will cover the home, auto and business loan products.
It is worth noting that Emirates NBD is the leading SME bank in the country offering a wide range of services comprising transaction banking, cash management, payments, lending propositions, guarantees as well as FX and investment products.
By 01:18 pm UAE time, Emirates NBD’s stock rose 0.56% at AED 8.90.
