Most UAE loans for salaries below AED 10,000
Based on Souqalmal.com analysis on the personal loans in the UAE, more than 80% of loans are for salaries below AED 10,000. Other findings of the analysis included:
- 51% of personal loans are offered to individuals with salaries between AED 5,000 to AED 10,000 per month
- 31% of personal loans are offered to those earning AED 5,000 or lower
- The minimum salary requirement for a loan is AED 3,000
- 62% of all personal loans offered have salary transfer as a mandatory requirement
- 25% of personal loans are for individuals who work for non-listed companies
Souqalmal.com launches personal finance calculators
The #1 financial comparison website Souqalmal.com launches three calculators to help residents manage their finances. The personal loan, car loan and mortgage calculators will allow users to understand how to calculate their loan repayments before committing to debt they can’t afford. The website also highlighted the lack of financial literacy as 70% of residents don’t know to calculate their loan repayments, thus the need to use tool like the calculators to manage debt.
If you’re applying for a personal loan, view the Personal Loan Calculator to find out how it will cost you.
UAE residents expecting rent increase on renewal
According to Emirates NDB real estate tracker, 54% of Dubai residents except rents to increase on contract renewal. 11 percent of residents think rents will fall. The report also revealed:
- During the survey period there was a slight drop in average selling prices of apartments and villas
- According to the index, in October new buyer inquires increased
- Among Dubai real estate agents, 38% expect an increase in property values in the next 12 months and 34% expect a drop.
- 54 % expect an increase in the value of their property in the next 12 months while 25% expect a drop
UAE bank deposits decline
UAE bank deposits continue to drop in the third quarter as the banking sector begins to feel the affects of low oil prices. Based on Central Bank data, from September deposits declined by 0.45% to AED 1.43 billion from AED 1.44 billion. Even though this is the second quarter deposits have continue to fall. Furthermore, IMF estimates that UAE will have a fiscal deficit of 5.5% this year due to drop in oil prices.