Souqalmal launches complete application service for banking products in the UAE

Souqalmal takes its banking comparison service one step further – Launches complete application service for customers applying for personal loans, auto loans, bank accounts and credit cards through its online platform.

Finding out what the best loan or credit card for you is one thing. Now the application process with the eligibility criteria assessment, documents required, and understanding of your debt burden ratio is another. With all the changes the pandemic has brought about in the last few months, UAE residents are in even more need of the right banking products and complete transparency when applying for these. 

From taking a personal loan to meet an income shortfall to applying for auto finance when you’re ready to buy a car; from diversifying your credit card collection to reap attractive rewards to supplementing your current account with a high-interest savings or deposit account; you are being forced to look at your financial options even more closely.

And the fact that applying for a banking product isn’t a straight cut road, complicates matters further. You may have picked a product on a great deal being advertised, but are you aware if you’re eligible for it? And if not, are there small changes you can make in your finances that would allow you to become eligible?

Souqalmal is known for bringing transparency to UAE residents and helping them pick the right financial product for themselves, equipping them with all the facts and finer product details they need. The Souqalmal team has now gone one step further, with the launch of a service that will help potential customers with the eligibility assessment and application process. 

How does it work? In the past, customers would pick and choose the credit card, car loan or personal loan they want and request for a call back from each bank. This meant they had to deal with two, three or four different banks who will each apply their own eligibility criteria and evaluate the request as per their own application processes.

Souqalmal’s new product application service will provide customers with only one person to deal with, for any of their applications. This agent will assist customers starting right from the eligibility criteria check, provide alternative suggestions of products if the criteria for the requested product is not met and follow through with documentation throughout the final stages of the application. Depending on customers’ preference for social distancing, the team can organize a video call with them to go through the eligibility assessment.

So, along with allowing customers to compare and select a bank product through its online platform, Souqalmal will now help ensure that the application is seen through to completion. No more hassle of dealing with multiple banks. No more shooting in the dark – You’ll only be provided with the loan, account or credit card options that you’re eligible for. Customers will also be able to track their application status at different banks through the appointed agent, until the application is approved and processed by the bank.

It’s really as simple and straightforward as that.

According to Founder & CEO Ambareen Musa:

“Souqalmal has always been a strong advocate of ‘comparing before committing’. From comparing interest rates and fees to seeing how one product’s benefits and rewards stack up against others’ – an apples-to-apples comparison is the way to go, before you agree to sign on the dotted line.”

“But that being said, we’re aware of how long and painful the application process can be, especially when a customer isn’t entirely sure of what they’re actually eligible to apply for. Now with the pandemic driving banks to balance their risk exposures with continuously evolving relief measures, customers may be left even more confused about their eligibility.”

The service is set to bring an unprecedented level of ease and convenience to how UAE residents apply for bank products.