- Abu Dhabi Islamic Bank tops the charts on personal loans, home loans and credit cards
- Al Hilal takes the first place on Car Loans
- New banks on the Top 5 banking products list include UNB, NBAD and Noor Bank
Our UAE most popular banking products report is out again and this time for Q1 2014. For this first quarter of 2014, ADIB was revealed as the leading bank for personal loans, credit cards and mortgages. In the car loans category, however, it was Al Hilal that secured the popularity vote for its New Vehicle Finance option.
This is our third list of its kind which publishes the results as a mechanism to create greater transparency in the nation’s personal finance market. Our team compiles the quarterly list from the top five most-viewed banking products across four categories: Credit cards, personal loans, home loans and car loans. Products only make the list if they receive the most views from visitors to the website.
The list has been extremely popular in the past and we now have a live feed of most popular banking products on our homepage based on the last month data. It is fantastic tool for banks to know how their products stack up against their competitors and very useful for consumers who require some starting point in their search for the right product
For this quarter, three banks made the list for the first time including Union National Bank, which secured fourth position in the loans category for its Expatriate Loan and fifth place in the credit card segment for its Titanium offering for those earning over AED8,000.
The other two new entries are National Bank of Abu Dhabi, which secured third position for its zero annual fee Platinum Visa Card and Noor Bank, which was awarded the fifth spot in the personal finance segment for its Personal Finance For Expats product for those earning over AED5,000.
This is the third time ADIB has featured at the top of the rankings on Souqalmal.com’s top-five list. In 2013, the bank secured several No1 positions in all four categories.
This year, it was ADIB’s Etihad Guest Visa Platinum Card, which rewards users with Etihad air miles,that took the lead in the credit cards category.
Etihad was also the attraction for the second placed card in this category – the Etihad Guest Above Platinum Card – from Abu Dhabi Commerical Bank (ADCB), which offers similar airmiles’ rewards. Both demand a minimum salary of AED15,000, however while ADCB does not demand the AED2,000 annual fee its rival does, it demands a higher rate of 3.09% per cent compared to ADIB’s 2.83%.
In the personal loans category, the top 5 banks were ADIB, Citibank, Dubai Islamic Bank, Union National Bank and Noor Bank most demanding a minimum salary of AED 5,000. And for home finance, variable rate financing seemed to be most common among the Top 5.
ADIB secured the 1st position with its Home Finance for Expats product that offered a variable reducing rate of 4.49% for those earning over AED15,000. Abu Dhabi Finance’s Fixed Home Loan for Dubai residents only made it to the top 5 this quarter with a reducing rate of 4.49% followed by Al Hilal Bank Easy Buy with a reducing rate of 3.99%.
In the car finance category, it was Al Hilal Bank that came out on top, attracting the most views for its New Vehicle Finance offering that comes with a 3.61% reducing rate.
The Souqalmal.com team uses this list as a comprehensive guide to the products attract the most site traffic, tailoring its comparison offerings to meet the needs of visitors to the site more effectively.