Jaiz Bank Loan Requirements: See How To Apply For One

Jaiz Bank Has Listed Loan Requirements For Its Customers To Lend Money.

News Rain Nigeria recalls that  Jaiz Bank PLC is a non-interest bank that began its operations in Nigeria in the year 2012.

The institution prides itself on delivering excellent and innovative financial solutions to its customers, as the institution is based on the principles of non-interest banking, an international phenomenon that is practiced in nearly 70 countries worldwide.

Note that non-interest banking is based on the ethical principles of fairness, transparency, and objectivity.

Jaiz Bank Loan Requirements: See How To Apply For One

Non-interest Islamic banks don’t give or receive interest, nor do they finance anything that is harmful to society, such as drugs, punting, etc.

The institution offers various types of funding and business loans to its customers.

1. Working Capital Financing (Murabaha) Through this service, entrepreneurs get funding to assist with their day-to-day business needs, such as purchasing stock. The service works by you sourcing the goods and presenting a proforma invoice to Jaiz. Jaiz then pays the supplier directly, and you need to pay the money back at an agreed date.

2. Project Financing / Construction (Istisna) This one is ideal for large industrial projects, where the customer approaches the bank and requests the bank to build and sell a project on deferred payment terms. The Bank then requests another party, known as a contractor, to construct the project. Once the project is complete, the contractor hands over the project to the bank. Alternatively, the bank may ask the contractor to deliver the product to the customer directly.

3. Lease to Own Finance (IjarawaIqtina) This product is based on the contract of IjarahwaIqtina, which allows a customer to hire and purchase assets from the bank. The product provides customers with short to medium term financing by way of leasing and finally acquiring items such as plant & machinery, property, equipment, heavy machinery, and other fixed assets.

4. Jaiz Ijara Service Corporate This service augments the company’s working capital to pay for salaries, professional services, labour, and travel expenses.

5. Equity-based Finance (Musharaka) This mode of financing is some sort of a partnership between the bank and its client, whereby each party contributes to the capital of the partnership in equal or varying degrees for the purpose of either establishing a new project or sharing in an existing project.

Requirements for getting funding from Jaiz Bank

Jaiz Bank Nigeria can offer you financial help if:

You are an active customer of the bank

You have a business or corporate account in Jaiz Bank

You have a registered business or company

You have a good Credit Bureau Report

You have been trading for some time (one to three years should be enough)

How to apply for a Jaiz Bank business loan

You will need to fill in a loan application form and provide supporting documents, such as:

Your company’s profile

Bank statements

Details about the collateral you are willing to offer

Proof of your address

Your business plan

Means of identification

Cash flow budget

Certificate of incorporation

Audited financial accounts

Jaiz Online

JaizOnline is an internet banking platform that allows customers to keep tabs on their finances from wherever they are in a secured manner.

Through this Jaiz Bank online platform, customers can:

Transfer money between their own accounts

View, download and print their account statements

Transfer cash to other accounts

Perform third-party transfers through Jaiz

Now that you know all about Jaiz Bank loan requirements and how to apply for financing from this institution, you can go ahead and expand your business with the help of this financial organization.