DUBAI, UAE, November 4, 2015 /PRNewswire/ --
Loans and credit cards tailored to the more cost-conscious consumer feature prominently
In the latest ranking analyzing the most viewed products - credit cards, personal loans, car loans and home loans, over the period extending from April 2015 to September 2015 - Souqalmal.com users showed a new preference for products tailored to the more cost-conscious consumer.
Reaffirming this consumer sentiment, Union National Bank's house rent loan gets the top rank amongst the most popular personal loans in UAE. The popularity of this loan, available to those earning a minimum monthly salary of AED 10,000 with no salary transfer requirement, shows that consumers are searching for products that help them meet their day-to-day living costs more effectively.
A similar pattern emerged in the car loans category, which was topped by Dubai Islamic Bank (DIB) with its Al Islami Used Car Finance offering, available to those earning AED 3,000 at a reducing rate of 5.14%, followed closely by ADIB with its Used Car Finance Murabaha product.
This more frugal approach to personal finance was also demonstrated in the credit cards category, with three of the top five most popular credit cards available at Zero annual fee. The Cashback Blue card in fourth position from Majid Al Futtaim Finance (Najm) and the TouchPoints Titanium Credit Card with MyChoice from ADCB in fifth place also offer customers rewards on their spending, without charging any annual fee.
Also taking the top spot in the ranking was AMEX, which saw its feature-packed American Express Platinum Credit Card leading the credit cards category. Available to those earning over AED 22,250, the card comes with an annual fee of AED 700.
For the fifth time in a row, ADIB's Home Finance for Expats product is leading the way on the home loans front. The Home finance product is available to those earning over AED 15,000 at a reducing rate of 2.99%. This was one of five appearances made by the Islamic financial institution in Souqalmal.com's latest list.
The team at Souqalmal.com compiles the ranking from the most viewed products across the four categories: Credit cards, personal loans, home loans and car loans. Financial products only secure a placement on the top-five list if they receive the most number of views from Souqalmal's website visitors.
Ambareen Musa, founder and CEO of Souqalmal.com, said: "We release this list for exactly this reason - to find out the latest trends in the country's retail banking sector and to provide greater transparency in the market overall."
"Consumers are searching for products that help them to better manage their financial affairs at a time when the increasing cost of living is not being adequately matched by salary rises."
This is the sixth list of its kind released by the financial comparison website, interestingly only ten financial institutions made the cut in this round, less than the 13 that were featured in the last half-yearly assessment.
Ambareen Musa added: "Evidently, some banks are becoming savvier at delivering products that customers actually want - upping their game in what they offer to ensure they garner the most attention from UAE customers."
"Consumers always want to know what everybody else is buying into. So if a particular loan or credit card is attracting a lot of attention, others will want to find out about it."
Souqalmal.com (Souq al Mal is Arabic for 'money market') is the #1 financial comparison site in UAE allowing users to compare credit cards, loans, accounts and insurance products.
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