Souqalmal.com launches innovative personal finance calculators in UAE

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Souqalmal.com,
the No. 1 financial comparison site in the United Arab Emirates (UAE), recently came up with five
personal finance calculators to help UAE residents better deal with their
financial and banking affairs, and avoid incurring debt.

Before the
launch of these calculators, Souqalmal.com conducted surveys that found a notable lack of financial literacy among UAE residents.

“We found 70
percent of UAE residents don’t know how to calculate their personal loan due
payment,”

Souqalmal.com Founder and CEO

Ambareen Musa told Gulf News
Journal
recently. “Eighty percent of UAE residents don’t know how to calculate their debt
burden ratio, and 4 out of 10 residents don’t have a clue about the
difference between reducing rate and flat rate while taking out loans, so this
is the main reason we developed the calculators to help our users to understand
what kind of impact taking a loan will have on their income level.”

Souqalmal.com’s
personal finance calculators cover mortgages, car loans, debt burden ratio (DBR), personal loans and air miles.

The mortgage
calculator helps users know their monthly loan repayments and how much the
purchase will actually cost them, based on the details they provide, while the
car loan calculator gives the details of car loan repayments in a few easy steps.

Debt burden ratio is one of the major factors that determines whether the loan or mortgage
application gets approved. The law in the UAE states no one can exceed 50 percent of their income on debt repayment. Souqalmal.com’s debt burden ratio calculators helps users find out what their DBR is before applying for a loan.

The personal
loan calculator that Souqalmal.com offers is a great way for potential borrowers
to figure out how much they can afford to comfortably repay every month.

“The
calculators are totally free and very easy to use because all you have to give
us is a few details about yourself and we’ll calculate your monthly due payments,” Musa said. “Calculators for personal loans and mortgages exists in other places
in the world, but you get only generic calculators there. What we provide is
localized calculators. For example, the calculators we offer on our Saudi
Arabia website is different from what we have in the UAE.”

The latest among
the calculators that Souqalmal.com introduced in the UAE is the air miles
calculator, which is the first-of-its-kind tool in the UAE that allows users to
calculate how many flights they can get to the most popular international
destinations based on their monthly credit card spending.

“We have
actually came up with the air miles calculator that is really innovative and unique to
the region very recently, and it is probably one of the most difficult products we created,” Musa said. “It took us quite a while to develop and it is one
of most popular one among the calculators by far.”

Musa views financial literacy as a global problem. Since UAE is a very expat-driven
country and the banking system in expats’ countries is different from that of
the UAE, she believes that it’s essential to educate people about the financial
laws and the banking sector in this country.

“As the financial industry evolves, we have to
raise the education level and the awareness level on financial aspects” Musa said. “We are doing a very significant job by trying to help to educate people.
We publish 50 articles a month on our website only to educate and explain how
the banking industry and the financial system work in this country.” 



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