Bank News
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Posted by Money Mall Team on 08/07/2020
Liv Personal Loan
Liv personal loan is on testing phase, Recently Liv Bank just invited selected group of users to avail and test liv personal loan product
After Successful testing Liv Personal Loan product will be offered to Existing Liv account holders meeting all the credit criteria such as Monthly Salary above 6,000 per month,
Category : Bank News
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Posted by Money Mall Team on 18/06/2020
E20 Digital Business Bank by Emirates NBD
Emirates NBD opens E20 Digital Business Bank,
Its UAE’s first mobile-only digital business bank for startups, entrepreneurs, SME’s and other businesses.
E20 Digital Business Bank will enable start-ups, sole proprietors, freelancers, gig economy workers, other small and medium sized companies to open a Business bank account to carry out their day-to-day banking transaction easily through a mobile app as well as access a variety of services to help them in managing their business
E20 is currently in Beta, and pre-registered users started receiving Invites to test the services on IOS devices.
Category : Bank News
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Posted by Money Mall Team on 01/12/2019
Top 5 Factors that affect your Credit Score in UAE
At present, Your Credit Score has become very important in UAE, Banks decide your eligibility for loans, credit cards, and other products based on your credit score and report. Many unexpected businesses are looking to credit score and deciding what your creditworthiness is, large corporate employers are also started checking your credit history, as per recent news a Real estate companies also checking your credit score before giving an apartment on rent, There are hundreds and many factors that affect the credit score.
Meanwhile, we take look at the top 5 factors that affect your credit score.
- 1. Payment History
- 2. Credit usage
- 3. Age of credit history
- 4. Types of credit
- 5. Recent credit inquiry /applications
Payment History
Payment history is the most important part of your credit score, Globally it decides the 35% to 40% of your credit score. If you had lent some money from a lender the first question you will hear is “When you will return it”? So the longtime on-time payment will be best for your credit scores. While missing a payment could hurt them.
Serious repayment issues, like write-offs, collections, bankruptcy, repossession or foreclosure can devastate your credit score, which may also make difficult to get approved for a loan or a credit card.
Credit Usage
Credit Usage are around 30% of your credit score. This is one that can be quickly improved or hurt your score. It all depends on the debt you carry measured by the credit utilization ratio.
Credit utilization is the ratio between the total balance you borrow to the total credit limit on all your revolving accounts(credit cards). The lower the utilization ratio the better you can gain the score.
Age of Credit
Globally, the Age of Credit determines 15% to 20% of the credit ratio. The credit score considers how older is your account. The older credit age is better for a credit score.
You might be experiencing the low credit score one closing your old accounts or for opening new accounts. So it is not a bad idea to keep your old account active even if you don’t use it for a while or your score may hurt.
Types of credit
There are two major types of credits -revolving credit card accounts and installment loans. If you are having both these type of accounts it will help you improve your credit score.
This will indicate how you will manage your accounts without any fail in payments. Additionally, If you have loans on different assets like a car, home in addition to this credit card and personal loan account will boost your score. However, if you are having only one account it will not devastate your score.
Credit Inquiries
Each time you submit an application for credit check an inquiry will be placed on your credit report that may cost some points from your credit score or many inquiries will reflect badly on your credit profile If one or two inquiries will not hurt much.
More inquiries in a short span of time will cut off more points from your creditworthiness. Don’t be afraid of getting more cards. Only inquiries made within the last 12 months are important for a bank
Category : Bank News &Credit &Credit Score
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Posted by Money Mall Team on 20/11/2019
Liv Credit Card
Liv Credit Card by Emirates NBD’s digital banking proposition LivBank
Liv digital Bank is about to launch new features packed Credit Card very soon, as per the current media campaign the card will have some unique rewards specific features
- Its fully digital credit card
- Get Instant approval via Liv app by Emirates NBD
- Hundreds of Rewards program to choose from, and Switch any rewards any time.
Liv Credit Card will be first digitally native credit card of the region, one card to rule them all
- The most flexible credit card ever
- Swap between reward programs without changing the physical card anytime
- Earn up to 15% cashback
- Unlock a marketplace for rewards and enjoy what you love
As per LivBank, Liv Credit card is specifically built to address the needs and preferences of ‘digitally native’ consumers who have grown up with the Internet and smartphones.
Many Reward & Loyalty Programs to choose from :
Liv Credit Card will enable customers to choose the loyalty programs they want and change them as their lifestyle is changing and evolving.
Add on Store :
Liv add-on store, similar to an app store for partners to put add-ons on our platforms and for consumers to get the most benefits that fit their preferences.
Card Control & Reminders: Liv Credit Card will offer bigger control in your hand to allow you to pay only for what you really use
What is Liv ?
Liv is a digital bank app Launched by Emirates NBD in May 2017, Liv. is a mobile-only bank offering a lifestyle-first intuitive banking experience targeted at millennials. Liv.’s platform integrates lifestyle preferences with banking, helping customers keep track of their daily life and their finances on one app
Category : Bank News
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Posted by Money Mall Team on 05/11/2019
Deem Finance
Deem Finance LLC
Deem Finance is a finance company regulated by the Central Bank of the U.A.E. and offers a range of financial solutions including personal loans, auto loans, credit cards, guarantees, and deposits to its customers in the U.A.E.
Deem Finance has demonstrated impressive growth, stable net interest margins and healthy profits over the last few years. The company serves predominantly the salaried mass market and mass affluent segments in the UAE and has successfully grown its loan book at a 35% CAGR from 2009 to 2017.
Deem Finance offers Smart financial solutions at your fingertips with Cash Up Credit Cards, Miles Up Credit Cards and Personal Loans.
Deem Finance also offer corporate solutions including High Yield Deposits, Financial Guarantees and Payroll Solutions
Deem Finance Customer Care number is : 800-3366
Category : Bank News
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Posted by Money Mall Team on 02/03/2019
How to manage your credit score in UAE?
It is very important to manage your credit score in UAE.
Based on your credit score, banks will decide if they lend you money or not and in what rate of interest. So a good credit score will benefit you more in all financial circumstances. An impaired credit score will eventually cost your financial life to the crisis. The average of 651/900 credit score which considered as a good score the moment by UAE banks. If you don’t have this score. Don’t worry, you are not alone. Believe or not many people don’t have great credit score.
So if you want to know how to manage your credit score, here are some tips for you
- Pay bills on time
After all, the lender will look at your credit report is to know how reliable you are to pay bills on time. Based upon your past performance only they decide your future performance.
Paying your bills on time is one of the most important things you can do to improve your credit. Late payments appear on your credit report and hurt your score more than anything else. So it is better to automate your payments to ensure you never miss any.
- Keep your credit card balance low
Huge debts will hurt your financial security as well as your credit score. So it is better to have your combined credit card balances is as less as 30% of combined credit limits.
More than 30% credit utilization ratio of your credit limit can hurt your credit report and also risky even if you plan to pay off the balance when your billing statement arrives. Because the same will be reported to credit bureaus when closing your statement. Which reflects your credit score number.
- Don’t close unused credit cards but reduce the limits.
Keep your unused old cards open but reduce their credit limits. As long as you don’t have any annual charges on the cards. Because on closing the card your credit card issuer no longer sends updates to the credit bureaus that results in losing the credit history which will shorten up your average credit age and cause your credit score to drop.
- Don’t apply for too many new credit card or loan unless you need it.
Opening a new credit card can increase your credit limit but the credit inquiry may cost some of your credit score points once the credit check is done. One or two inquiries will not affect too much. But many credit inquiries can have a negative impact on your score.
Frequent and multiple recent applications may label you a credit hungry person and reduce your credit worthiness in the eyes of a credit manager.
- Keep watch on your credit report.
Check for a credit report at least once in a quarter. Because your credit report may prone to some errors. Even if you done everything right sometimes your report may have some errors like incorrect information which eventually makes your score down.
Identity theft and credit card fraud may also lead to inaccurate information on your credit report. So it is better to keep an eye on your credit report updates frequently throughout the year you can dispute the information and will be corrected right away
Category : Bank News &Credit Score
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Posted by Money Mall Team on 13/10/2018
MoneyMall aims to drive financial Inclusion in MEASA region
MoneyMall aims to drive financial Inclusion in MEASA region,
Recent selection as Finalist by DIFC’s for its prestigious FinTech Hive accelerator program’ MoneyMall’ s plan to disrupt consumer finance in the middle east for better has got the speed it needed.
A recent DIFC report said almost 50% of all financially excluded and underserved individuals are currently situated in the MEASA region. An average of 48% of the working adult population owns a financial account compared to a global average of 69%, and conditions across MEASA continue to constrain access to both traditional and digital financial services for the currently financially excluded population.
According to a report on Khaleej Times which argues that Financial inclusion is key to the development.
To be consistent with the actual use of the financial services on the population, the financial inclusion rates in the Arab world are as follows:
- > Banked population: 8 per cent of the adults
- > Underbanked population: 23 per cent of the adults
- > Unbanked population: 69 per cent of the adults
In UAE, More than 40% of Expat Population is underbanked, there is an urgent need to cater that.
MoneyMall is now moving very quickly to launch its new innovative technology platform in Q1 2019. This platform will empower consumers by giving them access, coaching, choice and control over their finances with easy-to-use tools.
We at MoneyMall, believes that everyone should be able to achieve financial well-being and want to have an impact on our users’ lives, on financial product providers, and on the world of financial management in UAE.
We are focused on sorting finance out – not just for the affluent but for everyone and on a mission to help our users achieve better financial wellness.
Category : Bank News &Credit &Personal Finance
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Posted by Money Mall Team on 14/09/2018
How to Check your Credit Score in UAE?
What is my Credit Score?
Your credit score is a number between 300 to 900, calculated by AECB UAE using information from your credit history
How to check your Credit Score in UAE?
AECB office in either Dubai or Abu Dhabi will provide you Credit score while you visit, you need to provide your Emirates ID and other Identification documents along with a request form.
Can I check my credit score for free?
No, AECB charges AED 60+ VAT for every credit score check done. At present, you cant check your score or report for free in UAE.What is a Good Credit Score?
Banks & Lenders use your credit score to evaluate your credit risk – generally, the higher your credit score, the lower your risk may be to the lender. hence, the interest cost will be lower for you.As per our Survey with 5 major banks in UAE, for Personal Finance/Credit Cards Banks desire a minimum score in the range of 650* to be considered as a good credit score.
Category : Bank News &Credit Score
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Posted by Money Mall Team on 09/03/2018
Understanding your Credit Report in UAE
What is a Credit Report in UAE?
Credit Report is a document contains your personal identity information, details of your credit cards, loans, utility bills, and other credit facilities, along with with your payment and bounced cheque history.
What’s included in my credit report in UAE?
- Record of previous and current credit facilities. The amount you have borrowed and the repayment term was chosen and the interest to be paid.
- Payment history for the last 2 years. There is a detailed payment history section in your report that will mention the amount paid each month towards each loan.
- Overdue payments will also be mentioned. If there are any payments overdue as you missed paying them, then it will be mentioned in the credit report.
- Record of default, if any. If you have defaulted on your payment, it will show on your credit report. This is one of the major factors that lead to your loan application rejection.
- Credit Inquiries, All your recent applications, and inquiries have done to the different financial institutions.
What does my Credit Report data use for?
Banks will use your credit report and score to decide whether to lend you money and the interest rate at which to lend based on your risk as a borrower. You can also proactively check your Credit Report before applying for a loan, credit card or other credit facilities
How will a Credit Report benefit you?
- Helps you understand your credit-worthiness
- Lowers the costs of credit for a good borrower
- Provides greater access to capital for Small & Medium Businesses
- The process of obtaining approval for borrowings (i.e. loans, credit cards, etc) will be more transparent and accurate
Who issues my Credit Report and Credit Score in UAE?
In UAE, Al Etihad Credit Bureau (AECB) Issues the Credit Report and Credit Scores. AECB aggregates and analyzes this data received from all financial institutions to calculate Credit Scores and produce Credit Reports that are made available to individuals and companies in the UAE
Where to get my credit report?
To obtain your Credit Report, you should visit the Customer Service Centre at Al Etihad Credit Bureau and apply for a Credit Report. For individuals, the required supporting documents to obtain a Credit Report are:
- The original Emirates ID card of the Applicant.
- Passport copy of the Applicant.
- In the case of Authorization, one must bring the following:
- A copy of a valid Emirates ID card and passport of the customer (owner of the Credit Report).
- The original Emirates ID card of the authorized person.
- Original notarized Power of Attorney acceptable to the Al Etihad Credit Bureau or an Authorization Letter that includes authentication of the customer’s signature, from the bank.
- Credit Report Consent Form (available online) duly filled in.
How do I get my free credit report online in UAE?
At present, there are no Free Credit Reports in UAE. you need to visit AECB customer service center to get your Credit Report copy
How much does the AECB Credit Report Cost?
Report Type AED Credit Report – Individual or Establishment 100 + VAT Credit Report – Individual or Establishment with Score 150 + VAT Credit Report – Commercial 180 + VAT Credit Report – Commercial with Score 220 + VAT Credit Score 60 + VAT How to read and understand your credit report?
Reading a credit report is easy. The first page includes the number given to you by the AECB; your name in Arabic and English; gender; date of birth and nationality in a box with your score opposite along with your total outstanding balance; the total amount of late and missed payments; and the number of contracts that are more than 90 days overdue.
Beneath that, you will see another box with your identification information, such as a passport number and further boxes with your address, information about your employment, contact details and other sources of income. The second and third pages include a summary of your credit, such as credit cards or personal loans, including those that were rejected and closed, as well as your active contracts that detail the total credit limit and outstanding balance. Below that there are full details of the payment history for each contract. On the last page, you will find a list of all your applications for credit.
Your AECB credit report will contain the following:
- CB Subject ID: This number is a unique number created by Al Etihad Credit Bureau. The first section will also include your title, name, gender, date of birth, nationality, and your resident flag.
- Score: Your credit score determines your overall creditworthiness. It also includes the total outstanding balance, total amount overdue, and the number of default contracts. The total outstanding balance is the total amount of liabilities that are due to your credit providers. The total amount overdue is the total missed and late payments for your credit facilities with all your credit providers. The number of default contracts is when you have crossed 90 days overdue.
- Documents: This includes your identification number that is your Emirates ID Card number, passport number, etc.
- Address: Your present and past address details will also be mentioned.
- Employments: Your employment details such as employment type, annual income, date of employment, date of termination, provider number and the date of the last update will be mentioned.
- Contacts: Your phone number, provider number, and date of the last update will be mentioned.
- Other income: Your other source of income, the annual income, provider number, and date of the last update will be mentioned.
- Contracts: Contracts are a summary of the number of credit facilities requested. It includes the total number of records, a total number of reporting data providers, credit facilities requested for installment, non-installments, credit cards, and services, credit facilities refused, not taken up, active, and closed. This section includes details of total exposure, credit utilization rate on the credit cards, worst current payment delay, worst payment delay in 2 years, oldest contract start date, newest contract start date, number of enquiries in the last 90 days, total outstanding balance of guaranteed contracts, and total overdue of guaranteed contracts.
- Financial summary: This section is the summary of all the active contracts that belong or are related to you. It includes details of active contracts and if you are the main contract holder or a guarantor or a co-contract holder. The total monthly installment amount due, total outstanding balance amount and total overdue amount of information will be available for installments, non-installments and credit cards.
- Contract details: This includes the full details of the payment history for all the contract belonging or relating to you. It includes the details such as type of contract, phase, role, start date, date last updates, contract ID, outstanding balance, method of payment, currency code, total amount, total number of instalments, number of instalments remaining, payment frequency, payments amount, closed date, Islamic contract flag, secured contract flag, overdue amount, number of days payment delay, maximum overdue amount, maximum overdue amount date, maximum number of days of payment delay, maximum number of days of payment delay date, worst status, and worst status date. The contract details of the installment, non-installment loans, and credit cards are available in this section.
- Application: This section lists out all the applications you have made for credit facilities with the lending institutions. It mentions the type of contract, phase, role, date of the last update, total amount, number of installments, credit limit, and links.
Click here for SAMPLE CREDIT Report
If reading your credit report is confusing for you?
Make use of AECB Credit Report Glossary – Click Here
What if you don’t agree with your Credit Report?
The data contained in the credit report is supplied by various parties and it is collated from various sources. The Al Etihad Credit Bureau is not responsible for the correctness. If you find any discrepancies, bring it to the notice and get it fixed
If you suspect your report is inaccurate or includes outdated information, you can dispute the report in person at any of the Al Etihad Credit Bureau’s customer service locations in Abu Dhabi or Dubai.
you must present relevant documentation proofs such as a bank letters, statement or utility bill along with Credit Report dispute form
For more information visit official website of Al Etihad Credit bureau www.aecb.gov.ae
Category : Bank News &Blog &Credit &Credit Card &Personal Finance
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Posted by Money Mall Team on 08/04/2017
First Abu Dhabi Bank – FGB & NBAD Merger Created Largest bank of MENA
The National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) announced on Sunday they have merged to become First Abu Dhabi Bank.
In a joint statement, the banks said their merger was legally completed on April 1, and the merged bank began trading on the Abu Dhabi Securities Exchange under the ticker symbol NBAD.
Shares in the merged National Bank of Abu Dhabi and FGB – now known as First Abu Dhabi Bank – jumped on Wednesday as investors welcomed its forecast of higher profitability and a doubling of cost savings.
The bank said in an investor presentation published on its website that cost synergies are forecast at Dh1 billion, twice the initial estimate of Dh500 million. They would occur over a period of three years and would be driven by a reduction in branches and headcount.
At the same time, the bank said it was targeting a higher-than-expected return on equity, a measure of profitability, of 16 to 17 per cent by 2020.
Shares of the lender have rallied 9.1 per cent since Monday, closing 4.1 per cent higher at Dh11.35 on Wednesday
Customers of First Abu Dhabi Bank will have to wait at least a year and a half before the entire FGB and NBAD network is integrated.
It will take from 18 months to two years to complete the process of unifying the back-end operations and records of the two lenders, Wam reported.
However, two branches are currently servicing customers of both banks – at NBAD’s headquarters on Khalifa Street in Abu Dhabi and FGB’s main branch in Dubai.
Sources : Gulf News, TheNational,WAM
