Customers buying electric vehicles directly from Akij Renewable Energy & Automobiles Ltd (AREAL) can access preferential auto financing from Midland Bank PLC, including special interest rates and reduced loan processing fees, subject to the bank’s policies and regulatory requirements.
AREAL will also offer special discounts on the purchase of brand-new or reconditioned vehicles to eligible Midland Bank credit, debit and prepaid cardholders, Priority Clients and employees across its outlets.
The MoU was signed on 23 September in Dhaka by Midland Bank PLC Deputy Managing Director Md Zahid Hossain and AREAL CEO Sayed Joynul Abedin on behalf of their respective organisations, said a press release on Sunday.
Under the partnership, Midland Bank will provide dedicated support for EV financing, aiming to complete end-to-end loan processing within three working days after submission of complete documentation. Priority processing will be available for customers referred by AREAL, with a dedicated Relationship Manager coordinating the financing process. The collaboration also includes financing pre-screening and QR-based application facilities at product galleries.
Both organisations will collaborate on promotional and customer awareness initiatives covering the benefits of EV ownership, including financing affordability, cost savings, environmental advantages and charging infrastructure. The MoU will remain valid for one year from the date of execution.
Midland Bank attendees included SEVP and Head of Institutional Banking Division Mohd Javed Tarek Khan, Coordinator of Retail Distribution and Head of Public Relations Division Mohammed Rashadul Anwar, VP and Head of Unit-04, Institutional Banking Division Shahed Mahmood Reza and FAVP and Relationship Manager, Unit-04, Institutional Banking Division Mohammad Asif Hossain.
Akij Venture Group attendees included Amit Saha, AGM, Finance & Accounts, Akij Food & Beverage Ltd; Raquibul Ahsan, Senior Manager, Brand, AREAL; Tashfeen Ahmad, Assistant Manager, Brand, AREAL; and Md Yousuf Sazid, Assistant Manager, Operations, Akij Bicycle & Engineering Ltd.
