Today, we will be showing you how you can get a Loan in Nigeria without paying any Interest. Please make sure you read carefully to avoid missing out any information here.
How to Get a Loan in Nigeria without Interest
Loan without interest might appear as impossible, and as if there are no banks in Nigeria giving interest-free loans, this is not true because there are numbers of banks that gives interest free loans.
The majority of banks that gives interest free loans follow Islamic financial principles. With an interest-free loan banks, all you need is to repay the amount you borrowed from the lending bank within the stipulated period.
Jaiz Bank
Jaiz Bank is a financial Institution that align itself with Islamic banking standards. This bank is a publicly traded, national enterprise and it has a well over 26,000 shareholders which makes it have a very strong base.
Jaiz Bank’s main objective is to become the unquestioned leader in ethical banking in the country. This Bank also provides its customers with no-interest loans, as one might anticipate from a bank that does business in accordance with Islamic principles.
There is usually no interest charged on these lending options, but there will surely be a loan period which is usually one month or more.
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Jaiz bank gives a loan option which is:
Project Financing
Under this option, Jaiz Bank will be able to assist if you lack the funds necessary to complete a significant project. Then they’ll sell it to you for the cost plus profit after agreeing to execute the assignment on your behalf.
In addition to traditional loans, Jaiz Bank also offers working capital financing and lease-to-own loans. To learn more about Jaiz Bank and its loan choices, go to www.jaizbankplc.com.
TAJ Bank
The next on our list is the TAJ Bank. TAJ Bank also subscribe to the sharia financial believe, just like Jaiz Bank. This means that they do not participate or receive interest from their borrowers. TAJ Bank has three locations in Nigeria and provide the same services that conventional banks do.
Cost Plus Working Capital (Murabaha)
To help you finance the purchase of the necessary assets and raw materials, Murabaha developed this credit option. Finding the raw material or asset source is all that is required; once you do, you can pay the resource’s supplier. Then, TAJ bank anticipates that you will make a cost-plus-profit repayment at a time that you both agree upon.
Cost Plus SME Finance
This financial instrument helps small and medium-sized enterprises get the money they require for operating their business or for upscaling. TAJ Bank, also provide the capital that SME required, giving out this kind of loan, people are group into cooperative clusters and the loan is give in the name of this group.
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Conclusion
The only banks in Nigeria presently offering no-interest loans are those that follow Islamic banking standards. To find out more about their loan options, check out their official website or stop by one of their nearby branches.
FAQs
Can you get a loan with no interest?
You might be eligible for a loan with no interest. Depending on the loan type, different borrowers may not be eligible. No-interest loans occasionally feature introductory offers that offer 0% APR for a specific amount of time.
How long can a loan be interest free?
Some companies provide up to 20 months of interest-free time. You will then be charged the provider’s normal APR after the 0% term has expired. Deals with the longest interest-free periods, however, are typically only made available to clients with exceptional credit ratings.
