Compare the best loans of South Africa and find the lowest rate
Albaraka Bank, happens to be one of the preferred banks by South Africans and the reason of that has to do with its excellent service when it comes to insurances and loans. But today, I will like to focus on their loans. One of their most requested loans is their Home Loan, also called Property Finance. But, there is more than one loan in this company, which will be useful just like a home loan.
For that reason, in the next article I will give you information about Albaraka´s home loan and then I will expand by focusing on three other type of loans. After that, I will give you contact information of Albaraka in the country.
ALBARAKA´S HOME LOAN: PROPERTY FINANCE
With this loan, you can easily purchase a house you have in mind, which tends to be one of the largest compromises that a person holds throughout his life, so it is important that the client makes a wise decision in terms of the bank he operates with and the type of property he will acquire with the loan. Now, the house the client needs will depend on several factors, such as the area chosen, the type of property he would like to own, the type of furniture the client would like to buy and the list can go on forever.
The moment the client applies for this loan, he will need to accept to pay in financing periods of more than 5 years, and the payments will be completed on a monthly basis. The interest rates of a Property Finance will be fixed by the bank and the client will agree, by signing on a contract, to continue paying the same interest rates and installments throughout the whole loan. So, no modifications to the contract are possible.
Now, that you have information about Albaraka´s home loan, let’s move on by focusing on other important loans:
What can I get from an Asset Finance?
The most important objective of this Finance is that the client can easily buy new machinery, equipment, furniture and more to restore or set up his business so as to compete with other in the financial market. Of course, once the client applies for this loan, he will need to stick to affordable repayment options and monthly installments, which I assure you are lower than the ones found at other companies. Moreover, the customer can make use of the funds on whatever he has in mind, and it can always be to buy a commercial vehicle, new machines for the company, and any other valuable asset that will be profitable to the business.
MOTOR VEHICLE FINANCE
A Finance like this one, enables clients to purchase any type of motor vehicle his family or business needs at the moment, by accepting the financial support from Albaraka Bank. So, the client can give many uses to the same vehicle. The company will of course determine which motor vehicle best suits your needs and decide which one you can afford.
Interested in how it works? The bank will buy the motor vehicle from a car dealer and then the company is enabled to sell you the car for a really god price. Besides, you must sign a special contract with the company, where you will see some of the features and the different financing periods you will need to stick to. The contract is called Murabaha, and it is guided by Islamic principles.
When it comes to the repayment periods of this loan, do not worry since the bank will totally adapt it to your income and you can have freedom of up to 72 months to repay for the loan. But, you can always choose a shorter period, that means paying less interest rates and monthly installments that is up to you.
What can I get from a Trade Finance?
The main objective of this type of loan is that you can easily join trade within your business, which will of course make your business compete with others and gain prestige in the market.
As it is the case with the previous loans, if you are interested in Trade Finance, you must sign a contract called Morabaha, which follows some Islamic principles that are crucial for you to understand. The process works like this: the bank will buy a commodity you need and then the company will sell it to you at a good value, based on the terms that appear in the contract. In such contract, you will observe information related to repayment periods and refinancing options available for clients that are going through tough times with their finances and need some help.
If you are willing to participate in the application process, you need to know that it will permanently hinge on the sort of finance you are interested in when beginning the application. As a matter of fact, the company has generated numerous pdf files, which can be looked at in its website, which contain thorough information about the application process for each finance.
Now, there is no calculator in the company´s website, but if you call the bank, they will calculate your affordability in a matter of minutes, so do not worry.
Contact information of Albaraka Bank
By entering the company´s website you can fill in a simple form with your personal and financial data that enables the company to know you better. And, you can send an email to its representatives if you want a reply from them:email@example.com
You can always make a simple phone call to the banking company, which has created a free phone number for all its clients: 0860225786
Besides, you can send a Sms from your cellphone to the following number: 43893
You can go yourself in person to this company, which has its head office located in Johannesburg. The branch is exactly located at Ulama Bldg 32 Dolly Rathebe Road and you will find it on the ground floor of the building.
There exists another office, located in Cape Town, found in the area of Silvertown. The exact address is Klipfontein Road.