Does Al Baraka Bank Offers Car Loans? Addresses and Requirements
Getting money to cover basic needs is not that difficult when you have a fix salary according to your expenses. However, problems arise once you can see beyond your limits. And here is when financing companies come to play… South Africa is a country plagued with banks and lending companies helping citizens to improve their way of living and let me tell you that one of the most popular is Al Baraka. Keep on reading this post and will find out about loans, addresses, requirements to finance car purchase and even more.
Al Baraka first opened its doors in 1989. It has its headquarters in Durban, but since it was funded, it hasn’t stopped going beyond provinces frontiers and there are offices almost all around the country. In fact, the amount of clients that currently resorting to Islamic aid to finance needs is growing and consequently, more and more branches are needed.
First, let’s start describing and giving details about vehicles loans, which are our main concerned:
In the past, having your own car was just considered as a luxury of a few… But nowadays it has become a real necessity. Most people need cars to commute, to take children to school, to go to the supermarket and so on and so forth. However, being a need doesn’t mean that getting one is an easy process. In fact, there are many families who struggle to buy one. In these cases, they now can count on the help of Al Baraka. This bank has designed a special way to provide clients with financial help to acquire a vehicle: buying the car first. Are you surprise? Let’s take a look at the system.
Based on the kind of vehicle you want and the model you prefer, the bank will acquire it on your behalf. Then, it will be given to you in return to fixed quotes. Once you receive the car, you will have to pay it in up to 72 installments with fixed interest rates, which means that payments will never vary.
Does the bank only offer car finance?
No, it doesn’t! Fortunately, there are other aspects of life that can be improved with the help of this such amazing company. Let see how:
1. House loan financing: another need that is hard to cover is home acquisition. The process of choosing where to buy one and what type is already difficult, so imagine if you also have to choose a company to finance it. Just go to a branch of Al Baraka and talk to a representative that will offer one of the two modes available: the Marubaha Mode and the Installment Mode. In both cases interest rates are fixed and once the loan in approved, you can start to negotiate with the home seller.
2. Business loan financing: although at the beginning we focused on personal needs, having your own company or source of employment is essential to have a good time. Imagine if you can count on the help of an Islamic enterprise… guaranteed success. Al Baraka offers loans to finance the purchase of commodities or properties with flexible financing programs.
Find the best loan of South Africa
If you find any of the programs developed above interesting, let’s see where you can find an office to pay a visit:
a. In Durban: in this city you can find the main branch that can be found in the Kingsmead Office Park. It is exactly located at 2 Kingsmead Boulevard. In case you want to call representatives, do so by dialing 031 364 9000.
b. In Port Elizabeth: in this office, you can count on the help of Pamela Arcade. She works in Newton Park, exactly at 2nd Avenue. If you don’t want to move from home, please call (041)363-5025.
3. In Cape Town: in this case, you can find the Al Baraka Bank Building. The office can be located in the corner to the following streets: 42 Klipfontein and Belgravia Roads. For personalized attention by phone, the number is 021 684 0068.
4. In Johannesburg: in this city, you can visit the Gauteng Professional Office. It is located in the 1st Floor of Regent Place in Rosebank. The address is 22 Cradock Avenue and the phone line is 011 214 2800.
5. In Pretoria: there is an office of Al Baraka in the area of Landium. The exact address is the corner of 6th Avenue and Tangerine Street. In case you prefer telephone assistance, contact (012)384 3100.
7. In Fordsburg: this is another possibility in Johannesburg. Al Baraka’s representatives can be located in the Ground Floor of Jamiatul-Ulama Building. It can found at 32 Dolly Rathebe Road.
8. By phone: bear in mind that you can call any of the phone numbers and start application by phone as soon as possible.
9. Via internet: you can also visit the official webpage and start online application. In case of questions or comments, you can send e-mails to the following address: email@example.com
Is the process of getting the money tough?
No, it isn’t. In fact, you can accelerate the process by downloading the form from the webpage and complete it. You will also have to attach a document promising that you are going to buy a home, a car or equipment for business. Once you got approval, you just address the seller and finish the process.
To conclude, let me tell you that fortunately, one of the most important financing companies of the world has chosen South Africa as one of its focus. Al Baraka is currently offering services in almost all the area of the country so that everybody has not only personal but also business need met. There is no time for excuses, use the contact information that we have developed here, choose the program that best suits you and start enjoying the kind of life you deserve. Good luck!
Questions and answers
Do I need to secure loans?
It seems that the loans are approved without collateral.
Can I apply for a loan if I am 17?
No, you have to wait to be older.
Does car loan require initial deposit?
Yes, it does.
I would like to know if the loans at Barakah Bank interest free or not? Thanks
No, loans at this bank carry certain interest rate but it tends not to be more than 20% on the total amount of the loan. Plus, the shorter period of time you choose to finance the loan, the less interest rate you will pay in the end.
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