With the economic downturn of the Nation, it is barely impossible to meet all your needs without having to take a loan. Jaiz Bank is a non-interest financial institution saddled with the responsibility of helping its clients through difficult periods by the provision of affordable loan options.
In this article, we have carefully reviewed all you need to know about taking up a loan with Jaiz Bank.
About Jaiz Bank Loan
Jaiz bank is a financial institution in Nigeria operating under Islamic Banking Principles. They are a national and public quoted organization owned by over 26,000 shareholders. These shareholders are spread across the six geo-political zones in Nigeria. It is their goal and vision to be the clear leader when it comes to ethical banking in the Sub-Saharan Africa region.
Furthermore, they created the Non-interest premier organization in the year 2011 on the premise of trust, professionalism, and excellence. This they believe is the bedrock to delivering innovative financial solutions and an excellent customer experience. In addition, they set their core values on 7 basic principles. These are responsibility, Entrepreneurship, Simplicity, Excellence, Customer Focus, and Trust.
What are the types of loans available through Jaiz Bank?
As we have earlier mentioned, it is the core value of this organization to deliver an excellent customer experience. Thus, they offer different loan options for customers to leverage. Here are a few of their available loan options.
Working Capital Financing (Murabaha):
This option works on the premise of a capital finance facility. They created this to generally help with your business’s financial needs. You can therefore leverage this option to fund the purchase of stock, inventory, etc. To gain the Murabaha, you have to source for goods and present a proforma invoice to the Bank. Once they receive this (Proforma invoice) they make a direct payment to your supplier. Repayment of this loan option is however based on agreement.
Household Appliance Finance (Murabaha):
This is a consumer product loan created by Jaiz bank to enable its customers to gain basic household gadgets. These include refrigerators, television sets, laptops, etc. They purchase whatever product you identify and sell it to you at cost plus profit. After the acquisition of the product, they will then require you to make a monthly repayment from your salary for a period of 24 months.
Lease to own (Ijarawalqtina):
Do you wish to rent or lease an asset? Look no further. This option is for you. Jaiz Bank designed this option to enable you to lease or rent assets with them. They buy an asset for you and you make regular repayment over time.
Project Financing/Constructing:
Under this option, you make a request, and they will agree to construct and sell the project to you at a cost-plus profit margin. On completion of the project, the project is handed over to you, and you can repay in full or progressively.
To find out more about their other product offerings, kindly visit their official website on www.jaizbankplc.com
Qualifying for a Jaiz Bank Business Loan
Jaiz bank loans are designed to have a variety of funding options that are suitable for both big and small companies. Basically, each loan comes with different terms and conditions, that may be appealing to different kinds of businesses. However, in general, there are certain minimum criteria that you must meet regardless of the loan you apply for.
For starters, your business must be profitable and have a good credit history especially if you want an unsecured loan. Nevertheless, secured loans place more relevance on the collateral you offer, rather than your credit history.
Other minimum lending requirements mostly include:
- Your business must be registered with the Corporate Affairs Commission (CAC)
- Own a business or corporate bank account
- Been in operation for a minimum of 1 to 3 years
- Good credit history and bureau report without no unpaid obligations or bad debt
- Being an active customer of the bank
Learn more about the banks that give loans easily in Nigeria here.
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How do I apply for a Jaiz Bank Loan?
To apply for any Jaiz Bank Loan, you can walk up to any of their branches near you. They accept loan applications in all their branches nationwide. However, before you can make an application with them, it is imperative that you are aware of their product offerings. You can therefore get full insight on this by consulting with any of their in-branch loan advisers.
The majority of their loan options will require you to fill an application form. This will require you to provide various details about yourself or your organization. After you have successfully penned your details, they will request some supporting documents to process your application. This includes:
- A Valid Means of Identification
- Bank Statement (12 months)
- Proof of Address
- Company’s Profile (Where Applicable)
- Business Plan
- Cash Flow Budget
- Certificate of Incorporation
After a thorough evaluation of your application, should they approve your loan, they will send you an offer letter to this effect. This will contain the terms and conditions you must meet before they can disburse the loan. Also, you can read more on the 5 things to consider before applying for a bank loan.
How fast are funds released?
As with other financial institutions, the loan disbursal rate depends on the credit facility. However, smaller unsecured loans are disbursed with no delay.
You can obtain a comprehensive loan, tailored to your specific needs by using this platform. Basically, it allows you to compare loans from different lenders across Africa, ensuring the best option doesn’t slip through.
What are Jaiz Bank Repayment terms?
With customer satisfaction in mind, Jaiz Bank offers short- and long-term loans with an advanced and flexible repayment option.
How do I contact Jaiz Bank?
You can contact Jaiz Bank through any of the following channels.
- Headquarters Address: 73, Ralph Shodeinde Street, Kano House, Central Business Area, Abuja
- Telephone number: +2347080635500. +2347080635555.
- Official Website: jaizbankplc.com
- Email Address: customercare@jaizbankplc.com
Conclusion
With a variety of loan options to select from, Jaiz Bank has made it easy for all and sundry to get access to loans in Nigeria. Kindly visit their official website, or walk into any of their branches to select a loan option that is suitable for your needs.
