Albaraka Bank Personal Loans

Albaraka Bank Personal Loans

Albaraka Bank is a multinational credit lending corporation that offers a great variety of financial products. This bank, based in Bahrain, has an important presence in fifteen countries; one of them is South Africa. We are going to concentrate in this article on the products offered to individuals such as vehicle loans and home loans.

2 Reasons to Use a Loan Calculator before asking for a Loan at Albaraka Bank

This Bank was set up with the mission of providing quality financial services all around the world. To reach this goal, this bank makes every effort to contribute to the community with ethical service and innovative solutions. There are many other credit providers in South Africa, though. Then, how do you know if Albaraka Bank is the way to go?

One way of knowing if a credit product is convenient for your personal financial situation is using loan comparator. You will not be able to find a calculator with this bank, but you can definitely take advantage of our loan comparison application online!

These are the two main reasons you should use a loan comparator before asking for a loan at Albaraka Bank or at any other credit lending institution:

  1. It allows planning ahead and in a smart way. A loan calculator allows you to simulate your loan: how much money you want to borrow and how many months you will pay it back. By entering this information on a calculator you will get the amount of money you would pay in installments. And here is when planning gets in the picture. Can you afford an installment of that amount? Wouldn’t it be wiser to ask for less money or to repay the loan in a longer-term? You’ll get your answers with a loan calculator.
  2. Also, if you use our loan comparator, for instance, you will be able to find the best offer. Does Al Baraka offer better conditions than other banks? What about the approximate rates? With a loan comparison application, you are going to be able to make a more informed decision as to what is the best option for you.

What are the Requirements for Albaraka Bank Loans for Personal Individuals?

At the very beginning of this article, we stated that we would concentrate on the financial solutions offered by this bank to individuals. Later on, we will discuss the two types of loans offered: car loans and home loans.

This provider can be a little stricter when it comes to the requirements they ask from their clients to qualify for the loans they offer. So, you need to know if you have all that it takes to be eligible to ask a loan at Albaraka. One of the reasons for this might be that this corporation works on the basis of the Sharia’s principles.

Below we list the documents requested by this leading credit lending provider for their loans offered to individuals.

  • Proving you have a regular income: if you are an employee you will need to provide the bank with your last three payslips. In the event you are self-employed you will have to present your most recent Financial Statements and Income Tax Return.
  • Presenting Bank Statements (the latest three)
  • Giving the bank Statements of: personal income and expenditure, Personal Assets and Liabilities
  • Your ID
  • A service bill to verify your address (it cannot be older than 3 months)