With the country’s economic slump, it’s nearly hard to satisfy all of your demands without taking out a loan. Jaiz Bank is a non-interest financial institution tasked with assisting its consumers in getting through difficult times by offering inexpensive lending choices. In this article, you will get to learn about how to apply for Jaiz bank loan.
- 1 About Jaiz Bank
- 2 What are the different sorts of loans offered by Jaiz Bank?
- 3 Jaiz Bank Business Loan Requirements
- 4 How to apply for a loan from Jaiz Bank
- 5 How quickly do money become available?
About Jaiz Bank
Jaiz Bank is a Nigerian financial organisation that follows Islamic Banking Principles. They are a publicly traded, national company with approximately 26,000 stockholders. These investors are scattered across Nigeria’s six geopolitical zones. Their mission and ambition is to be the clear leader in Sub-Saharan Africa when it comes to ethical banking.
In addition, in 2011, they founded the Non-interest premier organisation on the foundations of trust, professionalism, and quality. They think that this is the foundation for providing new financial solutions and a superior client experience. Furthermore, they based their core beliefs on seven fundamental concepts. Responsibility, Entrepreneurship, Simplicity, Excellence, Customer Focus, and Trust are some of these values.
What are the different sorts of loans offered by Jaiz Bank?
As previously said, providing an outstanding client experience is a key pillar of this business. As a result, they provide clients with a variety of lending choices to choose from. Here are a handful of the lending choices they have.
1. Murabaha (Working Capital Financing)
This option is based on a capital financing arrangement. They made this to aid with your company’s financial demands in general. As a result, you may use this option to fund the acquisition of stock, inventory, and other items. You must source items and provide a proforma invoice to the Bank in order to obtain the Murabaha. They make a straight payment to your supplier once they get this (proforma invoice). However, repayment of this financing option is contingent on agreement.
2. Household Appliance Finance (Murabaha)
This is a consumer product loan developed by Jaiz Bank to help its clients get essential household appliances. Refrigerators, television sets, laptop computers, and other electronic devices fall under this category. They will buy any goods you suggest and sell it to you at a profit. They will then demand you to make a monthly payback from your paycheck for a period of 24 months after you have purchased the merchandise.
3. Ijarawalqtina (Lease to Own)
Do you want to rent or lease an asset? You’ve come to the right place. This is the choice for you. This option was created by Jaiz Bank to allow you to lease or rent assets from them. They purchase an asset on your behalf, and you return them on a monthly basis.
4. Project Financing/Construction
In this scenario, you submit a request, and they agree to build and sell the project to you at a cost-plus profit margin. The project is given back to you after it is completed, and you can repay in full or in instalments.
Please visit their official website at www.jaizbankplc.com to learn more about their other product offerings.
Jaiz Bank Business Loan Requirements
Jaiz bank loans are designed to provide a wide range of financial choices for both large and small businesses. In essence, each loan has its own set of terms and circumstances that may appeal to different types of businesses. However, regardless of the type of loan you apply for, you must fulfil some minimum requirements.
For starters, if you want an unsecured loan, your company must be successful and have a solid credit history. Secured loans, on the other hand, prioritise the collateral you provide over your credit history.
The following are the most common minimum loan requirements:
- The Corporate Affairs Commission requires that your company be registered (CAC)
- Have a corporate or commercial bank account?
- For a period of one to three years, the business must have been in existence.
- Without any outstanding commitments or bad debt, you have a good credit history and bureau report.
- Being a bank’s regular customer
How to apply for a loan from Jaiz Bank
You may go into any of Jaiz Bank’s locations near you to apply for a loan. They accept loan applications at all of their locations around the country. However, before you can apply with them, you must first familiarise yourself with their product offers. As a result, you can obtain a complete understanding of this by speaking with one of their in-branch loan consultants.
You will be required to fill out an application form for the bulk of their lending alternatives. This will need you providing information about yourself or your company. They will need certain supporting papers to process your application after you have properly submitted your data. These are:
- Bank Statement
- Valid Means of Identification
- Company Profile
- Proof of Address (Where Applicable)
- Plan of Action
- Certificate of Incorporation for Cash Flow Budget
Should they accept your loan after a thorough review of your application, they will give you an offer letter to that effect. This will include the terms and conditions that must be met before the loan may be disbursed. You may also learn more about the five things to think about before applying for a bank loan. Apply for Jaiz Bank Loan.
How quickly do money become available?
The loan disbursal rate, like that of other financial organisations, is determined by the credit facility. Smaller unsecured loans, on the other hand, are disbursed immediately.
With a range of loan choices to choose from, Jaiz Bank has made it simple for anybody in Nigeria to acquire a loan. Please visit their official website or stop by one of their locations to get a loan choice that is right for you.