Important disclosure

Al Baraka Bank Personal Loans

Al Baraka Bank has been operating in South Africa since 1989. The financial institution is Sharia compliant and provides financial products and services to Muslim and non-Muslim clients alike.

Achieve your goals with a Sharia compliant Al Baraka personal loan. Review interest rates, fees and condition and apply online today.

To help you budget, we have created a loan calculator that can determine your likely monthly payment. Once you input the loan amount, simply adjust the loan term and then click calculate. It’s quite easy to use, so go ahead and give it a try.

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A cash loan from R2 000 up to R250 000. Fast, paperless application process. Decision in seconds. Cash in your account within 24 hours. Flexible repayment options; choose from 12 to 60 months. Free monthly statement via email or SMS. Customer Protection Insurance. Interest from as low as 15%.

Overview

Minimum loan amountR2,000

Maximum loan amountR250,000

Minimum term (months)12 months

Maximum term (months)60 months

Personal loan interest rates (base)15.00%

Personal loan APR15.00%

Monthly repayments (approx)R796

Total repayments (approx)R28,656

Total interest repayments (approx)R8,656

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR936.50

Minimum monthly incomeR2,000

GO TO RCS

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0861 729 727

Data accurate as of18.01.2020

GO TO RCS

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Get up to R250 000 over 1 – 84 months. Choose between the amount you want, the monthly installment that suits your pocket, or the option that gives you the lowest interest rate. Credit is approved in minutes and the money is available immediately. Pay fixed monthly repayments.

Overview

Minimum loan amountR50,000

Maximum loan amountR100,000

Minimum term (months)1 month

Maximum term (months)84 months

Personal loan interest rates (base)14.20%

Personal loan APR14.20%

Monthly repayments (approx)R797

Total repayments (approx)R28,692

Total interest repayments (approx)R8,692

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR3,000

GO TO Capitec Bank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 66 77 89

Data accurate as of12.07.2020

GO TO Capitec Bank

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Loans up to R250,000. Terms between 7 months and 72 months.

Overview

Minimum loan amountR10,000

Maximum loan amountR250,000

Minimum term (months)7 months

Maximum term (months)72 months

Personal loan interest rates (base)15.00%

Personal loan APR15.00%

Monthly repayments (approx)R805

Total repayments (approx)R28,980

Total interest repayments (approx)R8,980

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR2,000

GO TO African Bank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?No

Sponsored No

Telephone0861 111 011

Data accurate as of18.01.2020

GO TO African Bank

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Tired of those expensive repayments? Then switch your personal loans to Absa. It’s easy and with our guaranteed lowest interest rate, you will start saving money immediately. We can switch your personal loans of up to R350 000 and pay your creditors directly.

Overview

Minimum loan amountR15,000

Maximum loan amountR350,000

Minimum term (months)12 months

Maximum term (months)84 months

Personal loan interest rates (base)18.82%

Personal loan APR18.82%

Monthly repayments (approx)R845

Total repayments (approx)R30,420

Total interest repayments (approx)R10,420

Rate typeFixed or Variable

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR2,000

GO TO Absa

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feen/a

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 100 372

Data accurate as of12.06.2020

GO TO Absa

Hide info -

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Minimum and maximum loan periods vary between 1 months and 10 years. Comparison interest rates vary between 6.55% and 60% p.a. Total interest repayments vary between R685.05 and R844.12 over the life of the loan. *Comparison rate is based on an unsecured loan of R20,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

What type of loan are you looking for?

Apply for an Albaraka personal loan in South Africa

Albaraka Bank in South Africa is one of your top choices if you’re looking for an Islamic bank that follows Shari’ah law. That means you can still get your financing needs covered without sacrificing your beliefs. While Albaraka fully honours Muslim law, their doors are always open to non-Muslims who are also looking for a different banking model that works better for them.

Let’s take a look at how Albaraka Bank loans can meet your financial needs, how you can apply and other important information you need to know.

How does Albaraka Islamic Banking work?

Islamic Banking, as practised by Albaraka, has the following features:

  • Shari’ah-compliant: Albaraka Bank Limited subscribes to Shari’ah law. This is Islamic law as prescribed by the Koran. Shari’ah-compliant finance shares the risks and profits equally between the bank and their client.
  • No interest rates: Islamic Banking does not allow banks to make profits by charging interest. Instead of interest-bearing loans (riba), the bank charges a fee that is not dependent on the interest rate.
  • Ijara: This is a lease contract where the bank buys something for you, and you rent it from them. Rent is paid per month, and at the end of the contract, you also pay the residual value of the asset in order to gain full ownership.
  • Musharaka: This is a partnership or joint venture where you and the bank buy an asset or make an investment. You then share the profits and risks using percentages that you both agree on.
  • Murabaha: This is cost-plus financing where the bank buys the asset, and you agree to buy it from them at a higher price. The loan payment can be made as a lump sum or in monthly instalments.
  • Restricted financing: You won’t be able to get financing for any business involving pork, alcohol, tobacco, drugs and other unsuitable products.

What are the types of Albaraka personal loans?

For your personal needs, Albaraka offers the following types of finance:

Albaraka home finance

This type of loan allows you to own a house after paying a low deposit amount and zero monthly admin fees. You pay back the Albaraka loan in fixed monthly instalments. However, these instalments are to be reviewed annually. You also have an annual lump sum option, and you can receive equity on any property that you own. Furthermore, the loan comes with flexible repayment terms of up to 240 months.

Albaraka vehicle finance

The bank offers vehicle finance that requires a low deposit amount and no monthly admin fees. The advantages of an Albaraka car loan are the competitive pricing and the flexible repayment terms that go up to 72 months. In addition, you also get the option to choose an annual lump sum payment as well as fixed or variable repayments. You have to be a holder of a valid International or South African driving license to qualify for this loan.

What documents are needed to apply for an Albaraka bank loan?

  • Proof of your current residential address in the form of a utility bill that is not older than 3 months;
  • Salary confirmation for the last 3 months;
  • If you’re non-salaried, you should provide your latest Financial Statements/Income Tax Returns;
  • Bank statements for the previous 3 months;
  • Government-issued, barcoded South African ID;
  • A signed statement of your personal income and expenditure; and
  • A signed statement of personal assets and liabilities (under your joint name if you’re married in community of property).

Use the Albaraka loan calculator to find your monthly repayments

The Albaraka loan calculator is a free tool from CompareLoan.co.za that you can use to see the estimated monthly payments for your loan. To do this, you first have to enter your loan amount and your loan term. Next, click “Calculate Repayment” for the results. If you want to get a better monthly repayment result that works well with your budget, you can change the values and try again.

About Albaraka

Albaraka Bank has been operating since 1989. Their loan products offer a viable and long-term solution to standard and traditional banking models. With their faith-based, Shariah-compliant system, the bank focuses solely on the moral of partnership. That means when you apply for an Albaraka Bank loan, you get the best customer service that benefits both you and the bank.

Although Albaraka Bank is currently based in Durban, they have many retail branches, corporate banking, professional, and regional offices. As a bonus, Albaraka Bank Limited is an authorised financial services and credit provider, and is, therefore, reputable.

More about Al Baraka Bank

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