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Can I Obtain Albaraka Bank Loans? Requirements and Contact Information

Albaraka Bank, one of the most remarkable and reliable banking companies in South Africa, has gained prestige and experience due to dealing with the different financial difficulties the citizens of the country experience. Based on that, they have developed four different types of loans, all of which will adjust to different needs a person ca experience throughout his life.

     In the next article, I will carefully explain the different loans available at this company, which in fact are four. Then, I will give you precise information as to how to contact the company in the country, and that will of course include phone numbers, email addresses and so on.

What type of loans does Albaraka offer?

ASSET FINANCE:

      The main aim of this type of finance is that the customer is able to purchase equipment or machinery that his business needs to as to establish itself in the market and gain in terms of competition with similar businesses. Together with this loan, there come flexible repayment periods and monthly installments. What is more, the client can use the money for whatever he likes, and it can be to buy a new vehicle for the company, new machines for the industry and other type of assets that will surely benefit the lives of businessmen.

   Now, the moment the client has access to the funds, he can be considered the owner of such asset, by signing a simple contract with the bank and the company that the client bough the asset from.

Please bear in mind, that monthly installments as well as repayment periods will stay fixed, so the client cannot ask for the modification of them under no circumstances.

MOTOR VEHICLE FINANCE

   As you can expect from the name this finance is called, it enables clients to gain access to a motor vehicle with a little financial help from the bank. This vehicle can be useful either for the family of the client or for the business the client has just started up. So, after the company has evaluated and determined which motor vehicle will make you happy, you can start to know the different features of such loan, which will of course be adapted to your personal needs and your income.

   So, with this finance the bank is enabled to buy the motor vehicle you have chosen and then the company can sell it directly to you at a good price. Moreover, you will need to sign an agreement in which there appears some fees and financing terms. Again, you cannot ask the bank to make modifications to contracts, and you need to understand that the procedure will be finished after you have signed the Murabaha contract.

   As regards the payment period for this loan, it will be adapted to your budget and it can extend to over 72 months. But, if you decide to pay for the loan in a shorter period, it can also be possible and the monthly installments will be reduced. So, it is advisable to pay in the shortest period possible.

  Before finishing with this type of loan, let me stress the fact even though the bank will give you access to a minimum deposit, that deposit can be increased with the passing of time and that means paying less monthly installments.

PROPERTY FINANCE

    This type of finance will enable you to buy the home of your dreams, which of course means one of the longest commitments you will ever make in your life, so you need to choose wisely in terms of the house you choose and the company you operate with. The house will depend on the area where you want to live, the type of house you would like to possess and so on.

   This loan comes along with long financing periods of more than 5 years and you will need to pay monthly installments, just like it is the case with other loans. The interest rates of those installments will be fixed by Albaraka. As it is the case with the previous loans, the customer must sign the contract and cannot ask for modifications of it in the short term.

   Now, it is advisable that you speak to a consultant of the company about what are your housing needs, before you decide to apply for a home loan like this one. Then, once they evaluate what you are looking for, you will be given the most affordable option.

TRADE FINANCE



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What can I get from a Trade Finance?

    The main aim of this type of finance is to help you participate in trade with your current business, which is something very common when you want your business to expand and raise in the market.

   A Trade Finance is typically based on some Islamic principles, so as to guarantee that the client is really enjoying the experience in the trade sector. So, the company can buy a commodity that the customer requests and then sell that commodity to the client based on the contract granted by Murabaha. The price for selling the commodity comes along with several repayment options and also a special profit.

In order for you to find the best Trade Finance Package, I recommend you to speak with a representative of this sector of the bank, so that they find the most suitable finance for you.

If you are interested in the application process, you must know that it will always depend on the finance you are interested in. In fact, the company has created several pdf files, which appear in its website, which detailed information about the application procedure for each loan.

Contact information of Albaraka Bank

ONLINE

In the company´s official website you have the chance of filling in a form with your personal and financial information, so that the company can get to know you

You can also send an email to the following address, and expect to receive a reply within days: customerservice@alabaraka.co.za

BY PHONE:

You can make a phone call to the company, which in fact has a free phone number for its clients: 0860225786

And, you can send a Sms to the following number: 43893

IN PERSON

You can go in person to the company, which has its head office in Johannesburg, exactly located at Ulama Bldg 32 Dolly Rathebe Road, in the ground floor of the building

There is another office in Cape Town, in the area of Silvertown, whose exact address is Klipfontein Road.

Leave your questions or comments

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Questions and Answers

Do you offer consolidation loans? Currently paying too many accounts, with high interest rates. Want to pay off existing accounts and loans and pay one installment and close all accounts
Al Baraka is not one of the banks that offer consolidation loans, saddly. As it’s been said, they can just finance the purchase of a property or a car for your business. A bank that do provide this service is Absa and they only request the applicant to have a salary received in a bank account to start the application.
What is the procedure of accessing loan?
The normal procedure to get the loan differs shortly according to the type of loan. However, Al Baraka’s procedure usually goes like this. You inform the bank about the item you need to buy along with your finance situation. Then, they buy that item and sell it to you at a reasonable price. Obviously, it’s compulsory that you submit proper documents to prove everything.
Assalamhualaikum, I don't bank with Albaraka bank. Can i get a personal loan? I’ve been working for 13 years at a law firm, i get paid every month in my bank account and I bank with Capitek. I do not receive payslip and that’s one of the requirements. So what can I do? Salaams
It’s absolutely mandatory to present a document proving you get regular salary so, if you can’t do this, your request won’t be approved. In your case, there are two possible solutions. One solution is to ask Capitec, as they can verify your income or, the other, try with a pawn loan. This loan requests you to present a security to be given the loan.
I need to know if the applicant does not qualify for the full bond amount, does Albaraka consider suretyship?
The moment you start negotiating the loan with the bank, in this case, Al Baraka Bank, they gather all the information they consider relevant to the application and terms for your loan. This means that when Al Baraka decides if you qualify or not for the loan amount you request, they had already taken into consideration any suretyship you may own. It’s important to point out there are several factors a bank pays attention to when issuing a loan like, for example, how responsible the applicant was on previous debts.
Can I apply for a personal loan with Albaraka Bank to pay debts and my studies?
The loans issued by Al Baraka are aimed to different kind of needs. To start, they help business grow and maintain afloat, specially. In these cases, Al Baraka will discuss with the client a package to cover what he or she needs. There are two other alternatives to take a loan to acquire a vehicle or to buy a house, but, unfortunately, they don’t offer study or personal loans.
Asalam alaikum ww. My name is Zaina, I would like to ask if I could be helped with a business start up loan. I have a business idea and, with the finance I can take this to a new level. Insha allah
Of course you can! This bank provides their clients with two special alternatives to get help for your business. One of them is called, Asset Based Finance and they can help you on the purchase of machinery or commercial vehicles, for example. With the other option, Trade Finance-Murabaha, the bank offers the client to buy the commodity needed and sell it to him or her following the Murabaha system.
Can I get a loan off 10 000 rand? And if I get it, what will the instalment be?
You can apply for that amount only if you are a South African citizen who is older than 18 years old. You also need to prove you receive regular income through bank statements and your wage confirmation and, finally your FICA documents. If you gather these requirements, get in contact with Al Baraka to discuss your alternatives. The amount of each instalment will be agreed according to the number of instalments you get to cancel the loan.
I am a student of agriculture non employment yet can i acquire the loan
If you dont have a payslip since you are not employed at the moment, you can still resort to another company, Standard Bank that does offer loans for students, regardless of the carreer they have chosen. In fact, those students that have selected a surety, can obtain a loan in the long term to finance their studies with no problem.
How can I pay for a loan?
By card, cash, chequebooks, etc
Is there a way to communicate on a holiday with the bank?
You can enter its website
Does the bank take debit card as a payment method?
Yes it does

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