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GURUGRAM, India, October 6, 2021 / PRNewswire / – The banking industry in the UAE is a highly fragmented space with a presence of around 60 national and international banks in the country. After the 2016 oil crisis, suffering from high NPAs, UAE banks tended to be more cautious when lending especially to businesses and individuals, thus increasing rejection rates. Even now, banks generally avoid lending to expatriates (sometimes setting additional eligibility requirements) and prefer to grant loans to nationals working in government jobs. Therefore, expatriates (8.5 million inhabitants) are often seen resorting to the channel of loan aggregators.
Retail loans including personal loans, credit cards, mortgages / home loans, auto loans are the second most requested loan category in UAE. With minimal documentation and eligibility criteria, personal loans in UAE are mainly acquired for the purpose of home improvement, travel, other loan repayment, etc. In recent years, outstanding personal loans in UAE have gained momentum due to increased demand from the labor force of Dubai and Northern Emirates regions. However, given similar documentation and eligibility criteria, it is to be expected that a similar trend will also be followed in credit card application. On the contrary, credit card transactions have declined due to the limited availability of the merchant’s banking infrastructure and the limited and difficult use of credit cards.
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Over the past 2-3 years, property prices in the UAE have trended downward to an average price of AED 2.58 million by 2019 and move out of the market led by the investors at the owner-occupied market. Obtaining a home loan in the United Arab Emirates is a long and expensive process. Therefore, consumers often use online aggregation services to compare loan prices or get help in the overall loan acquisition process.
In recent years, instead of buying a new car, consumers have turned to alternative options such as car leasing, car subscriptions or buying used cars. This in turn decreased the country’s car sales year over year, which negatively impacted the demand for auto loans in the country. However, car dealerships often have links with multiple banks, helping buyers to facilitate loans and negotiate fees, which is one of the main reasons consumers do not prefer aggregation services. in line.
SME lending can be an area of ​​great potential for online aggregators. According to the 2018 Dubai SME Report, 400,000 MSMEs contribute around 40% of GDP and employ 42% of the city’s workforce. However, due to credibility issues and failure to meet warranty requirements, SMEs in UAE suffer from a rejection rate of 60-65%. They are therefore often seen to rely primarily on self-financing options or aggregators to facilitate lending.
The COVID 19 pandemic has made industries aware of the importance of online operations and has resulted in a major shift in consumer behavior, with consumers preferring contactless online services. Such a situation should present an opportunity for online loan aggregators, thus expecting considerable growth through increased traffic and leads.
Companies covered: –
- YallaCompare
- Souqalmal
- BankOnUs
- United Arab Emirates political bazaar
- SoulWallet
- UAE Cash Loans
Period entered in the report: –
Historical period: 2015-2019
Forecast period: 2020-2024
Main topics covered in the report: –
- Socio-demographic, economic and banking scenario in the UAE
- Overview of UAE lending scenario with segmentation by commercial and industrial loans, personal loans, government loans, public loans and loans to financial institutions
- Retail loan scenario with segmentation by personal loans, credit cards, mortgage / home loan, auto loan and others
- Gaps in the traditional lending sector filled by online loan aggregators
- UAE Online Loan Aggregator Industry with Tracked Business Model
- End-to-end customer journey followed
- Technological and operational structure followed
- Regulatory Landscape in the UAE Loan Sector
Competitive landscape including overview, ecosystem and cross comparison between major players based on operations, loan providers, product portfolio, strengths and weaknesses analysis, website functionality
Company Profiles-YallaComapre, Souqalmal, BankOnUs, PolicyBazaar UAE, SoulWallet, UAE Cash Loans
International Case Studies-PaisaBazaar (India), Money Super Market (United Kingdom)
Future prospects for retail and online loan aggregators
Impact of COVID 19
United Arab Emirates Online Loan Aggregator Market
Online loan industry in UAE
UAE Online Loan Market
UAE credit card revenue PolicyBazaar
PolicyBazaar Online Loans Market Share in United Arab Emirates
PolicyBazaar United Arab Emirates Personal Loan Income
UAE Income Loan Aggregators
Souqalmal United Arab Emirates Personal loan income
UAE Cash Loans Online Loan Market
United Arab Emirates Credit Card Online Market
United Arab Emirates Fintech Market
UAE Online Aggregation Services Market
Online auto loan market in United Arab Emirates
WATER WATER online distribution loan
UAE Online Loan Aggregator Industry
For more information on the research report, click on the link below: –
UAE Online Loan Aggregator Industry
Related reports by Ken Research: –
With more than 150 registered insurers, Indonesia lags behind other Asian countries in terms of insurance penetration rate (2.8% against a global average rate of 6.1%). Insurance in Indonesia is typically purchased only outside of regulatory requirements and those who purchase it out of necessity usually opt for packages that offer additional benefits such as repair covers, prescription drug cost coverage, etc. Among the multiple types of insurance provided in the country, life insurance has been observed to be the leader with a market share of over 40%, mainly through “employee benefits and investment related productsâ€.
Singapore auto finance market has been observed to be growing in the period 2015-2020 due to increasing digital advancements to facilitate loan application process, emerging green auto loans, introduction of funding aggregators and more. Singapore’s auto finance industry grew at a CAGR of 0.7% based on disbursed auto credit and 2.2% based on outstanding auto loans in 2015-20. The CAGR was relatively low due to the lower number of cars funded in 2020 due to COVID-19. In 2020, on average, 85 to 90% of vehicles sold in Singapore were financed, with about 65% of the cost share borrowed from automotive financial institutions.
The auto finance market has played an imperative role in the overall GDP contribution (constant prices) of the Philippine economy with a value contribution of over 25% in terms of outstanding auto loans by the end of 2019 ( provisional). The automotive financing market in Philippines is fairly recent and has not been able to enter the country. There is a lack of knowledge and awareness in the country, which leads to the problem of people opting for cash purchases, instead of financial payments. The main operations are carried out by two types of entities, namely banks and subsidiaries and non-bank financial institutions. The only captive finance company working in the country is Toyota Financial Services Philippines and apart from that there is a lack of captive financial institutions.
The auto finance market has played an imperative role in the overall GDP contribution of the Thai economy with a valuable contribution of ~ in terms of auto loans disbursed by the end of 2019. The market includes similar trends quite online with the national vehicle sales market. , qualitatively and quantitatively. After having experienced a jump in 2015, the market is currently placed in its recovery phase recording a slow growth rate. Thailand The size of the automotive finance market in terms of outstanding automotive credit has increased during the period 2014-2019P, registering a positive CAGR in the same period. Growth factors include falling credit rates, growth in new and used car sales, increasing household disposable income and increasing farm incomes, as well as progressive technological advancements mandated by the government. and adoption of digitization by all major financial institutions in the country.
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