How Online Credit Aggregators Contribute To Retail Credit Penetration In UAE

Ken Research Pvt. GmbH

UAE Online Lending Aggregators Market Research Report includes BankOnUs Credit Cards Online Market Revenue, UAE Online Aggregators Commission Rates, UAE Impact of COVID 19 on Lending Industry, UAE Loans Outstanding Emirates in AED, UAE loan disbursement fee rates and the future of online loan aggregators market in UAE, Future outlook for retail lending and online loan aggregators, Impact of COVID 19 on UAE lending industry, Major lending providers in the UAE, online brokers vs online loan industry in UAE, online loan market in UAE, PolicyBazaar UAE credit card revenue, PolicyBazaar UAE online loan market share, PolicyBazaar UAE personal loan revenue, credit aggregator revenue in d en UAE, UAE Souqalmal personal loan income, UAE cash loans, UAE online loan market, UAE online credit card market, UAE fintech market.

Gurugram, India, March 09, 2022 (GLOBE NEWSWIRE) — The banking industry in the UAE is a highly fragmented field with approximately 60 national and international banks present in the country. After the 2016 oil crisis, UAE banks suffering from high NPAs tended to be more cautious when lending to businesses and individuals in particular, increasing refusal rates. Even now, banks generally avoid lending to expats (sometimes with additional eligibility requirements), preferring to lend to nationals working in government jobs. Because of this, expats (population 8.5m) are often seen resorting to credit aggregators.

Personal loans including Personal Loans, Credit Cards, Mortgage/Home Loans, Auto Loans are the second most requested credit category in the UAE. With minimal documentation and approval criteria, personal loans in UAE are mainly acquired for home renovations, travel, repayment of other loans, etc. In recent years, outstanding personal loans in the UAE have gained momentum due to increased demand from the workforce in Dubai & Northern Emirates regions. However, given similar documentation and approval criteria, one must assume that demand for credit cards will follow a similar trend. On the contrary, credit card transactions have declined due to the limited availability of merchant banking infrastructure, making credit card use restricted and challenging.

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In the last 2-3 years, property prices in the UAE followed a downward trend and reached an average price of AED 2.58 million by 2019, shifting from investor-led market to owner-occupied market. Obtaining a home loan in the UAE is a costly and time-consuming process, so consumers often turn to online aggregator services to either compare loan prices or get assistance with the entire loan acquisition process.

Instead of buying a new car, consumers have switched to alternative options such as car leasing, car subscriptions or buying a used car in recent years. This, in turn, has reduced the country’s auto sales year by year, which in turn has negatively impacted the demand for auto loans in the country. However, car dealerships often have ties with multiple banks, thus helping buyers with loan negotiations and fee negotiations, which is one of the main reasons consumers avoid favoring online aggregator services.

SME loans can be an area of ​​great potential for online aggregators. According to the 2018 Dubai SME Report, 400,000 MSMEs contribute ~40% to GDP and employ 42% of the city’s workforce. However, due to credibility issues and non-compliance with collateral requirements, SMEs in the UAE suffer from a 60-65% rejection rate, which is why they often find themselves mainly relying on self-financing options or on aggregators for loan brokerage.

The COVID-19 pandemic has made the industry aware of the importance of online operations and has led to a major shift in consumer behavior as consumers prefer contactless online services. Such a situation is expected to present an opportunity for online loan aggregators, which is expected to generate huge growth from increased traffic and leads.

Covered Companies: –

  • YallaCompare

  • Souqalmal

  • BankOnUs

  • Political bazaar UAE

  • SoulWallet

  • UAE Cash Loan

Time Period Covered in Report: –

historical period: 2015-2019

forecast period: 2020-2024

Key Topics Covered in the Report:-

  • Socio-demographic, economic and banking scenario in the UAE

  • Snapshot of credit scenario in United Arab Emirates segmented into commercial and industrial loans, personal loans, government loans, public loans and loans to financial institutions

  • Retail credit scenario segmented by Personal Loans, Credit Cards, Mortgage/Home Loans, Auto Loans, and others

  • Gaps in the traditional lending industry filled by online lending aggregators

  • Online Loan Aggregator Industry in UAE with business model followed

  • End-to-end customer journey followed

  • The technological and operational structure followed

  • Regulatory Landscape in the UAE Credit Industry

Competitive landscape including overview, ecosystem and cross comparison between major players on the basis of operations, loan providers, product portfolio, strengths and weaknesses analysis, website features

company profiles-YallaComapre, Souqalmal, BankOnUs, PolicyBazaar UAE, SoulWallet, UAE Cash Loan

International case studies – PaisaBazaar (India), Money Super Market (UK)

Future prospects for retail loans and online loan aggregators

Effects of COVID 19

Online Loan Aggregator Market UAE

Online loan industry in UAE

Online loan market in UAE

PolicyBazaar UAE Credit Card Revenue

PolicyBazaar UAE Online Loans Market Share

PolicyBazaar Personal Loan Income in UAE

Revenue Loan Aggregators UAE

Souqalmal UAE Personal Loan Income

Online loan market for cash loans in UAE

UAE Credit Cards Online Market

UAE fintech market

Online Aggregator Services Market in United Arab Emirates

Online Car Loan Market in United Arab Emirates

UAE Online Sales Loans UAE

UAE Online Loan Aggregator Industry

For more information about the research report click on the following link:-

Industry of UAE online loan aggregators

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Philippine Auto Finance Market Outlook to 2024 – Growing importance of self-financing and growth in used car sales support auto loan disbursements

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Thailand Auto Finance Market Outlook to 2024: Increasing importance of bank captive finance companies and loan portfolios acting as a catalyst for market growth

The auto finance market has played a compelling role in the overall contribution to GDP in the Thai economy with a valuable contribution of ~ in terms of auto loans disbursed by the end of 2019. The market exhibits similar trends that are quite consistent with the domestic vehicle sales market, qualitatively & quantitatively. After a breakout in 2015, the market is currently in its recovery phase and is showing a slow growth rate. The size of the Thai auto finance market in terms of outstanding auto loans increased in the period 2014-2019P, thus recording a positive CAGR over the same period. Growth factors include lower lending rates, growth in new and used car sales, rising household disposable income and higher farm incomes, as well as ongoing technological advances mandated by the government and the adoption of digitization by all the country’s major financial institutions.

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