If you’re in the market for a new personal loan, credit card, car loan or mortgage, deciding which one is best from the myriad of products on offer, can be tricky.
Many of us rely on the recommendations of friends and hope for the best.
Which is why Souqalmal.com, a Dubai-based price comparison website – which compares almost 3,000 retail banking, telecoms, insurance and education products across the UAE and Saudi Arabia – releases its half-yearly ranking of its top-five, most viewed financial products.
These are the products that users of the site click on the most. In essence, it’s a quick and informal guide to what everyone else in the UAE is interested in. Whether those products suit you is another question. The minimum balance may be too high, the interest rate even higher and the annual fee an absolute no no.
With that in mind, Citibank was named the UAE’s most popular bank for personal loans in Souqalmal.com’s latest ranking of the best UAE financial offerings; NBAD for credit cards; Union National Bank for car finance and ADIB for mortgages.
For those that want a more detailed view of the ranking, released today, see below.
However, take note: just because a product made the list doesn’t necessarily make it the most competitive in the market. Citibank, for example, was named the best bank for personal loans thanks to its Personal Installment Loan, available to those earning over Dh5,000. But with an eye-watering interest rate starting from 17.99 per cent (a reducing rate), that might not be the best option for some.
Remember, before signing up for any new financial offering - particularly a product that can potentially get you into serious debit - ask yourself whether you can actually afford it. If you’re going to struggle to make the repayments, don’t bother.
See the most popular products here
arayer@thenational.ae
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