Jaiz Bank Loan Lets You Access Quick Cash With No Interest Charges

jaiz bank loan with no interest rate

Are you looking for a bank in Nigeria that gives personal or business cash without interest charges? Here is a review of the Jaiz Bank loan, a non-interest loan you can apply for and stop paying extra fees when you pay back.

With the present economic situation of Nigeria and the world in general, it is quite an itch to add an extra burden to what already seems like a burden to people.

A lot of people collect loans to pay up bills and settle important needs, most of which cannot wait till payday. They take loans to take on projects, some of which they may not be one hundred percent sure of the output.

What if there is a bank in Nigeria that can remove the extra interest charges attached to personal or business loans when paying them back?

Well, there is such a thing as that. Where you get to apply for a non-interest loan.

If you are hearing about this for the first time, this post is for you.

What Is A Non-interest Loan?

A non-interest loan is a type of loan where you don’t need to pay any extra money for the loan collected. You can pay back the exact amount of the loan that was given to you. This is possible but with terms and conditions of course. To qualify for the non-interest loan, you must meet certain criteria one of which includes having a very good credit record.

The banks and financial institutions that grant non-interest loans are mostly banks and institutions that operate under the Islamic principles of banking.

Islamic banking also called sharia-compliant finance has its root in sharia law.

Sharia forbids the addition of interests to loans collected alongside other laws that should make human cohabitation easy and enhance the moral standards of society.

jaiz bank loan with no interest

Which Banks in Nigerian That Give Loans Without Interest Charges?

It may sound untrue and hard to believe, but some banks offer loans to individuals and businesses without any interest in Nigeria.

While a lot of banks and financial institutions are out to make profits for themselves from the money lending business, there are still banks and financial institutions that are more concerned with improving the standards of living of people than they are about making profits.

There are currently four banks in Nigeria that offer loans to individuals and businesses without interest. These banks are:

Jaiz bank

Jaiz bank is one of the banks in Nigeria that offer loans to individuals and businesses without any form of interest.

It has its headquarters located at Kano house, Number 73 Ralph Shodeinde street, central business district, Abuja.

You can also visit its website@www.jaizbankplc.com.

Lotus bank

Lotus bank is another bank that also doesn’t request interest on loans from its customers. It started in July 2021 and was founded by Mrs. Kafilat Araoye.

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Its headquarter is situated in Number 30A, Adetokumbo Ademola street, Victoria Island, Lagos state.

You can also visit the bank’s website @ www.lotusbank.com.

● Taj bank

Also, one of the banks that do not add interests to loans, Taj bank is located at plot 72 Ahmadu Bello way, central business district, Abuja.

You can also visit the bank’s website: www.tajbank.com.

● Alternative Bank Ltd

Also a bank functioning under the Islamic law of banking, Alternative Bank Ltd is a subsidiary of Stanbic bank PLC.

It has its headquarters currently located at Number 20, Marina street, Lagos Island, Lagos state.

Its website is www.saf.ng.

About Jaiz Bank

Jaiz bank is Nigeria’s top non-interest loan bank founded in the year 2003. It is the first Islamic non-interest bank in Nigeria. It adheres strictly to the sharia law as all its products and investments comply with the sharia law.

In the year 2011 November 11th, Jaiz bank was given a license by the central bank of Nigeria to operate as a regional bank in the country. It commenced operation as Jaiz bank PLC on the 6th of January 2012 in its branches in Kaduna, Kano, and Abuja.

Over the years, it has spread its wings across more states in the country.

Jaiz bank has over 26,000 shareholders that are not so public but the major shareholders of groups of Jaiz bank are; Islamic development bank, Foreign private investors, Foreign institutional investors, Nigerian private investors, and Nigerian institutional investors.

Jaiz bank currently has its headquarters in Abuja the capital of Nigeria.

Jaiz bank offers a couple of products which include; Mudaraba(savings account), partnership product, sales product, term deposit account, and Qard(current account).

Its current CEO and managing director is Hassan Usman and the chairman, is Alhaji Umar Mutallab.

It currently has over 27 branches across the country and over 477 employees working in its branches.

It currently has an online platform to make banking a lot easier for its clients.

The internet banking platform is called Jaizonline.

 With the internet banking platform, you can have access to the bank’s services and products anytime from anywhere, as long as you’ve got your mobile device and internet connection available. You can always have access to your account and easily manage your finances in any way you want to.

To open an account with Jaiz bank, you can just log on to the website at www.jaizbankplc.com and download the account opening form and fill it out correctly. The other documents that will be needed of you will be made known on the account opening form.

You can also walk into any branch of Jaiz bank in any state where they are located and request to open an account. You will be provided with a hard copy of the account opening form which you will fill out and submit alongside some other important documents containing your personal information.

How To Get A Loan From Jaiz Bank

Like every other money lending institution, Jaiz bank despite being a non-interest financial institution requires some important information and documentation to grant you a loan. Also, before you apply for a loan, you should get enough information about the loan products available to know the one that best suits your preference.

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To get information about Jaiz bank loan products, walk into any branch of Jaiz bank and you’ll be directed to the bank loan adviser.

To apply for and acquire a loan from Jaiz bank, visit any of its branches with these documents.

Understand that different loan products may require different documents which will be made known to you when you visit or consult the bank.

Jaiz bank, unlike other financial institutions, does not offer money as loans to its customers, instead, they help you finance projects.

This way, it is sure that you are going something tangible enough to better your standard of living which is one of its core aims. 

Jaiz bank has different loan models and they are:

  • Home Finance
  • General consumer finance
  • Auto Finance
  • Household appliances finance

You can pick from any of these loan models the one that best suits your need.

Does Jaiz Bank Charge Interest?

Jaiz bank operates strictly under the Islamic rule of not receiving interest on loans and so does not charge any interest on loans given to individuals or businesses.

It makes its profit through partnership, leasing, and purchasing and selling assets.

Jaiz bank is a non-interest bank. It doesn’t charge interest on its loans.

How Do I Get A Non-interest Loan?

The idea of the Non-interest loan is a very attractive and impressive one. You get to settle your needs without an extra cost.

If you wish to be a partaker of this amazing loan system offered by Jaiz bank, simply visit any of its branches nearest to you and seek the bank loan adviser. You will be briefed on the loan models available alongside the requirements. You get to pick your preference according to your specified need and then provide the name with the required information.

After your information has been provided, it will go through scrutiny to ensure you meet up to the conditions necessary to qualify for a loan, one important one which is having a good credit history. If you qualify, you will be given an offer letter that carefully states the terms and conditions of the loan. You can accept and then go ahead to receive your loan.

Requirements To Get A Loan From Jaiz Bank

To get a loan from Jaiz bank, you must meet the following requirements:

  • You must have a well-functional account with Jaiz bank
  • The account you have with the bank must be at least six months old.
  • You must have a good credit history. That is your credit must prove that you repay loans within the speculated period.
  • You must be a staff of a reputable company or must have a well-known business.

If you meet the above requirements, you can visit any branch of Jaiz bank and pick up the loan application form alongside some important documents that will be requested of you. Correctly fill out the form and submit it and wait for your loan approval.

How To Apply For A Loan In Jaiz Bank

To apply for a loan in Jaiz Bank Nigeria, simply visit any branch closest to you, and request a loan application form.

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Fill out the form correctly with the information required. The loan application will require information like your company details and its business history. It will also require you to state the purpose of your loan.

After filling out this loan application form, you will also be required to provide some important documents alongside.

Your application form will be reviewed by the bank to make sure the business you do is sustainable enough to provide you with money to pay back your loan.

Your other documents provided will also undergo scrutiny to make sure your identity is correct.

If the information provided on your application form and documents meet the requirements and render you eligible for the loan, you will be issued an offer letter by Jaiz bank.

This offer letter will contain the terms and conditions of the loan. If it suits you, you can accept it.

The other documents you have to provide alongside your application form include:

  • Two passports( recent)
  • Business plans
  • Company’s profile
  • Letter of recommendation from an employee
  • BVN
  • A valid means of identification (international passport, National ID, voter’s card, or driver’s license)
  • Cash flow budget
  • Financial account(audited)
  • Certificate of incorporation
  • Utility bill or any proof of address
  • Bank statement for at least 12 months
  • Details of collateral offered (if you have any).

Does Jaiz Bank Have A USSD Code To Request For A Loan?

The official USSD code of Jaiz bank is *773#. While the internet or online banking of Jaiz bank may require you to use a smart or android phone, the USSD code makes things simpler and easier for people as you do not need to own an android or smartphone to access the services of Jaiz bank.

You can easily dial this code on your phone and make transfers, pay for goods and services online, recharge your mobile device with airtime, check your account balance, request a statement of account and even open an account with Jaiz bank.

All these can be done with the simple act of dialing the Jaiz super code *773#.

However, this code cannot be used to request a loan. You may have to go through the normal process of requesting a loan from Jaiz bank.

In case you can not access the Jaiz bank services and products through the USSD code because you’ve not registered it, simply dial the code on your phone using the number linked to your Jaiz bank account.

Follow the onscreen prompt and have your number registered and set to use the USSD code.

Jaiz Bank Customer Care

Jaiz bank is a bank that is concerned with meeting the needs of people in the best way it can, understands that customers need help very frequently and so they have provided a solution to that need.

They have put in place customer service to meet the needs and answer any questions customers may have 24/7.

You can reach Jaiz bank customer service through these numbers; +2347080635555 +234708063550.

You can also send an email to customercare@jaizbankplc.com.

You also feel free to walk into any branch of Jaiz bank to have a direct conversation with any customer care representative.

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