Jaiz Bank Loans

Jaiz Bank which is an Islamic bank is undoubtedly one of the new-generation banks at the forefront of revolutionizing the Nigerian banking system. The bank prides itself as the pioneer Non-Interest Bank in Nigeria which has been providing ethical services to individuals, corporate and government entities since 2012 with the mission of Making Life Better Through Ethical Finance.

Since its grand entrance into Nigeria's commercial banking space a decade ago, the Nation’s premier Non-Interest Bank has maintained its leadership role by deepening this alternative model of financing, thus providing the foundation for its expansion, and providing the needed ethical funding for infrastructural development in the country. Within this period, the Bank has won notable international and local accolades, amongst which are the Most Improved Islamic Banking awards in 2020 and 2021, respectively, from the Global Islamic Finance Awards (GIFA).

Jaiz Bank Loan Schemes And How To Apply

Below are loan products offered by Jaiz Bank suitable for a salaried individual. However, the bank has other loan facilities but we have decided to focus on loan facilities that salary earners are eligible for.

Jaiz Home Finance (IjarawaIqtina)

Customers can now purchase a house through Jaiz Home Finance. A house chosen by the customer is co-owned by the Bank and the customer. However, the customer agrees to lease the piece of the property controlled by the bank while progressively purchasing the remaining portion.

Eligibility Requirements For Jaiz Home Finance (IjarawaIqtina)

To qualify for home finance, customers must meet the following requirement as listed below:

1. You must be a salaried person

2. Minimum equity contribution of 20%

3. Maximum tenor of 7 years

4. Monthly/Quarterly/Annual Payment

Once you meet up with this requirement and the contract is signed by both parties, rent paid by the customer gradually decreases as the customer’s share of the house increases with buying out of the bank’s share.

 Jaiz Auto Finance (Murabaha)

For you to be eligible for this loan, you must be working with reputable public, private, and other organizations. This scheme is financed under the Murabaha (cost plus) system. Payment for the cars is typically deducted every month from the customer's salary for a period of three to four years after the bank purchases the vehicle and sells it to the customer with a fair markup (also known as profit).

Eligibility Requirements For Jaiz Auto Finance (Murabaha)

• The customer's salary account must be domiciled with jaiz bank or open a salary account if you don’t have one with them.
• The automobile loan facility is Up to 48 months of tenure
• The customer should be ready to make a 20% down payment

Jaiz Household Appliances Finance (Murabaha)

With the help of this loan package, customers will purchase a variety of household appliances, including refrigerators, freezers, furniture, kitchen appliances, laptop computers, TV sets, and more. With the flexibility of a monthly payment plan, it is accessible to salary earners. 

The bank buys the appliances that the customer has specified and then sells them to the consumer at cost plus profit. For a period of up to 24 months, payment is often made every month from the customer's salary.

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