Are you looking for non interest loan in nigeria then this article is for you with all the necessary information to get non interest loan in nigeria.
Despite the fact that it may appear as though there are no banks in Nigeria giving interest-free loans, this is untrue. The majority of these banks follow Islamic financial principles. With an interest-free loan, you simply have to repay the amount you borrowed from the lending company. Most often, you need to have a very solid credit history to qualify for some of these loans. Everything you require to know about interest-free loans in Nigeria is included in this post.
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List Of Non interest loan in nigeria
Jaiz Bank
A financial institution that adheres to Islamic banking principles is called Jaiz Bank. This bank has well over 26,000 stockholders and is a publicly traded, national company. Being the clear leader in ethical banking in the Sub-Saharan region is Jaiz Bank’s main objective.
Additionally, Jaiz Bank provides its customers with non-interest loans, as we would anticipate from a bank that operates according to Islamic principles. These lending choices are typically open to everyone and anyone with zero interest, but undoubtedly with a loan term. That is a term of repayment. Several of these loan choices include:
Murabaha ( Household Appliance)
A loan for consumer goods is the borrowing for household appliances. This loan option can help you if you need to buy certain necessities for your home. This may include a laptop computer, television, refrigerator, etc. For 24 months, this loan must be repaid.
Project Financing
Jaiz Bank can help if you have a large project but lack the necessary funds to complete it. They will consent to finish the task for you and then sell it to you for the cost plus profit.
In addition to traditional loans, Jaiz Bank also offers lease-to-own loans and working capital financing. Please visit www.jaizbankplc.com for more information on Jaiz Bank and its loan options.
TAJ Bank
Similar to Jaiz Bank, TAJ Bank essentially follows the sharia financial theory. They neither contribute nor get interest, thus this indicates. They run three branches in Nigeria and offer standard services as do traditional banks. This includes things like ATM services and mobile and web transactions. They have an additional branch in Kano in addition to their head office in Abuja. Some of the loans they provide are:
Cost Plus Working Capital (Murabaha)
They created this loan option to assist you in financing the acquisition of the assets and raw materials you require. All you need to do is locate the raw material or asset source, and once you do, the supplier of the resource will be paid. After that, TAJ bank wants you to make a cost-plus-profit repayment at a time that both of you agree upon.
Bonds and Guarantees: (Kafalah)
This lending option was primarily created by TAJ Bank for businesses that must provide a guarantee to their clients or trading partners.
Cost Plus SME Finance:
This financial product aids in providing small and medium-sized businesses with the cash they need. This loan option is appropriate for you if you fall into this group. People in this category were organized into cooperative clusters by TAJ Bank, which also provided the capital they required.
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