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A new product under a strategic partnership has entered the first phase of its roll-out.
NAB and Plenti Group Limited (Plenti) have announced the launch of the “NAB powered by Plenti” car and electric vehicle (EV) loan as the first product under their partnership.
The product has been launched to NAB employees as the first phase of the product roll-out, which is set to be followed by a progressive release into NAB’s existing personal banking customers and new-to-bank customers.
The car and EV loan product was first announced in November 2023 following the establishment of a partnership between the two lenders, which saw the companies enter an equity investment agreement, which provides for the major bank to acquire up to 15 per cent equity interest in Plenti via market purchases or subscribing for shares based on certain product milestone achievements.
Plenti CEO Daniel Foggo said on the launch: “Within just a few short months, Plenti and Nab have brought to life what we believe is Australia’s best car loan customer experience.
“We are confident in our ability to demonstrate the benefits of one of Australia’s largest and most trusted financial institutions working together with one of Australia’s most innovative and awarded financial technology companies.”
Executive of personal everyday banking at NAB, Paul Riley, said: “We are delighted to have begun the initial phase of our ‘NAB powered by Plenti’ car and EV loan launch.
“We look forward to the next phase of the roll-out, providing NAB’s personal banking customers with a great experience when financing their next car of EV.”
‘Green investments’ by SMEs skyrocket
This announcement comes as green investments from SMEs grew a whopping 80 per cent in the last six months, according to data from NAB.
“With higher interest rates and stubborn inflation, many businesses are continuing to operate in a higher cost environment and are searching for cost savings,” said NAB business banking executive Brett Moore.
“What we’re continuing to see is business owners making considered investments in energy-efficient equipment that can help reduce operating costs – such as energy – as well as their carbon footprint.”
Some of the spending included electric vehicles, up 51 per cent, solar panels, up 33 per cent, and electric buses, up a significant 168 per cent.
“Customers have so much more choice today when it comes to electric machinery. We have customers investing in assets such as electric buses, trucks, and forklifts. Farmers are also investing in energy-efficient tractors for their farming operations,” said Moore.
The 2024 federal budget included a $20,000 asset write-off for eligible businesses. According to NAB, Aussies are taking advantage of this to help drive better sustainability and cost savings.
“Last month the Treasurer handed down the 2024 budget with one of the highlights for qualifying small businesses being the extension to the $20,000 instant asset write-off for eligible assets – accessible to around 4 million Australian businesses,” Moore said.
“We welcome the extension and expect this will continue to drive investment in energy-efficient equipment with the help of NAB’s business finance for green equipment.”
[RELATED: Plenti loan portfolio up over 20% YOY]
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