Zero-annual fee credit cards, personal loans for paying the house rent and finance for buying used cars – Souqalmal.com reveals which financial products are trending in the UAE.
Our list of the ‘Most Popular UAE Banking Products’ is the sixth in the series of half-yearly rankings published by Souqalmal.com. This list of the most popular credit cards, personal loans, car loans and home loans is based on the most viewed products on our website, and therefore is a true reflection of consumer opinion.
Please note that all product details, including rates, are updated as of 25th of October 2015 and are subject to change.
[Related: Most popular UAE banking products April 2015 | Most popular UAE banking products, April-Sept 2014]
Most Popular Credit Cards
| Bank | Product Name | Min Salary (AED) | Annual Fee | Rate | |
| 1 | AMEX | The American Express® Platinum Credit Card | 22,250 | 700 | 2.99% |
| 2 | Citibank | Citi Simplicity Credit Card | 8,000 | 0 | 2.99% |
| 3 | AMEX | The Dubai Duty Free American Express Card® | 20,000 | 175 | 2.99% |
| 4 | MAF Finance | Najm Cashback Blue | 5,000 | 0 | 3.09% |
| 5 | ADCB | TouchPoints Titanium Credit Card with MyChoice | 8,000 | 0 | 3.09% |
The American Express Platinum card is the most popular credit card on our list, with top-notch features like membership rewards that can be redeemed for over 12 airline mile programs, complimentary lounge access in over 100 countries and a range of dining, leisure, and premium shopping discounts.
Credit cards that don’t charge any annual fee seem to be more popular amongst UAE residents. Citi Simplicity, Najm Cashback Blue and ADCB TouchPoints Titanium featuring on this list, are annual fee-free cards that offer benefits like cashback, loyalty rewards or shopping and dining discounts.
Most Popular Personal Loans
| Bank | Product Name | Min Salary Needed (AED) | Salary Transfer Required? | Reducing Rate From | Max Loan Amount (AED) | |
| 1 | Union National Bank | House Rent Loan | 10,000 | No | 9.00% | 200,000 |
| 2 | Citibank | Salary Transfer Loan | 8,000 | Yes | 4.99% | 500,000 |
| 3 | Dubai Islamic Bank | Al Islami Salam Finance for Expats | 3,000 | No | 11.00% | 1,000,000 |
| 4 | ADIB | Personal Finance for Expats | 3,000 | Yes | 6.75% | 1,000,000 |
| 5 | CBD | Personal Loan for Expats | 8,000 | Yes | 4.50% | 1,000,000 |
Union National Bank’s House Rent loan gets the top spot amongst personal loans. This also reflects the current market sentiment wherein many expats are having to consider taking a personal loan to pay for the steadily increasing house rents in the UAE. Citibank’s Salary Transfer loan at an attractive 4.99% p.a. is the second-most popular product on the list.
Dubai Islamic Bank continues to be a favorite amongst personal loans, and bags the same spot as last time. The fact that DIB offers a non-salary transfer option and loans to residents working for non-listed companies as well, has struck a chord with many expats in the UAE.
Most Popular Car Loans
| Bank | Product | Min Salary Needed (AED) | Salary Transfer Required? | Reducing Rate From | Down Payment | |
| 1 | Dubai Islamic Bank | Al Islami Used Car Finance | 3,000 | No | 5.14% | 20% |
| 2 | ADIB | Used Car Finance – Murabaha | 3,000 | No | 5.61% | 20% |
| 3 | CBD | Murabaha Vehicle Finance (New) | 8,000 | No | 5.00% | 20% |
| 4 | Dubai Islamic Bank | Al Islami New Car Finance | 3,000 | No | 4.21% | 20% |
| 5 | ADIB | New Car Finance – Murabaha | 3,000 | No | 4.70% | 20% |
In the car loans category, Dubai Islamic Bank and ADIB’s car loans have been revealed to be the most popular amongst Souqalmal.com users. It is interesting to note that more users are now looking for loans for used cars. The rising cost of living in the UAE could be one of the factors pushing people towards buying used vehicles which are definitely easier on the pocket.
Most Popular Home Loans
| Bank | Product Name | Min Salary (AED) | Reducing Rate From | Rate Type | Down Payment | |
| 1 | ADIB | Home Finance for Expats | 15,000 | 2.99% | Fixed then variable | 25% |
| 2 | Abu Dhabi Finance | Essence Fixed Home Loan- Dubai Properties only | 10,000 | 3.29% | Fixed then variable | 25% |
| 3 | HSBC | New Home Loan | 15,000 | 3.24% | Variable | 25% |
| 4 | Abu Dhabi Finance | Non Resident Home Loan (Compass) – Dubai Properties only | 20,000 | 5.50% | Variable | 25% |
| 5 | ADIB | Home Finance for UAE Nationals | 10,000 | 2.99% | Fixed then variable | 20% |
ADIB and Abu Dhabi Finance are visibly the most popular providers in the home loan category. ADIB’s Home Finance for Expats continues to be the clear favorite amongst expats, getting the top rank for the fifth time in a row. HSBC’s New Home Loan also marks the entry of a multinational bank for the first time on the list.
Interestingly, a home loan for non-residents also features in our list of most popular home loans in the UAE. The Abu Dhabi Finance Compass Mortgage for non-residents featuring on this list, indicates an increasing interest amongst non-resident investors in buying property in Dubai.
Compare over 245 credit cards, 96 personal loans, 78 car loans and 72 mortgage products in the UAE.
