Which bank in Nigeria gives loan without interest? (2024)

Which bank in Nigeria gives loan without interest?

Jaiz Bank Plc – Nigeria's pioneer non-interest bank.

How can I borrow money without interest in Nigeria?

Microfinance banks

A few Microfinance banks in Nigeria offer non-interest loans to small businesses and individuals. They typically have lower interest rates than traditional banks, and they may also offer other services, such as savings accounts and insurance.

What are the non-interest bank in Nigeria?

Non-Interest Banks
Jaiz Bank PLCHead office: Kano House, No 73 Ralph Shodeinde Street, Central Business District, Abuja, P.M.B 31, Garki, Abuja.
Taj BankPlot 72 Ahmadu Bello Way, Central Business District, Abuja, Nigeria
Lotus Bank Ltd.30A Adetokunbo Ademola Street, Victoria Island , Lagos.

Which is the most trusted loan app in Nigeria?

Top 8 lending apps in Nigeria.
  • Branch – 10M+ app downloads. 4.5⭐/813k reviews. ...
  • FairMoney MFB – 10M+ app downloads. 4.4⭐/478k reviews. ...
  • Kuda – 5M+ app downloads. 4.4⭐/164k reviews. ...
  • Carbon – 1M+ app downloads. 4.4 ⭐/130k reviews. ...
  • Aella – 1M+ app downloads. 4.4⭐/35.7k. ...
  • Palm credit – 5M+ app downloads. ...
  • RenMoney – 500k+ app downloads.

How to borrow without interest?

Where can I get an interest-free loan?
  1. Universities. Certain universities provide emergency student loans that come with 0.00% APR. ...
  2. Not-for-profit organizations. Some nonprofits and local organizations offer interest-free loans where you pay back only what you borrow. ...
  3. Buy Now, Pay Later (BNPL) programs.

Which loan has zero interest rate?

Lending institutions offer different loans without interest, including Travel Loans, Business Loans, and Personal Loans. However, even though these loans are interest-free, you must pay the extra charges, origination fees, application costs, prepayment charges, etc.

How much is the Kuda loan rate?

No paperwork, no embarrassment, just 0.3% daily interest. Kuda Overdrafts are short-term loans you can take anytime as long as you use your Kuda account regularly.

Is there any bank with no interest?

SIB FIZA – an interest-free, zero balance account bundled with bouquet of features and facilities. SIB FIZA is a current account, as defined under RBI guidelines.

Which banks don t use interest?

Islamic banks work on the Islamic principles where it is not allowed to lend out money to others on interest.

What type of bank account offers no interest?

A regular checking account usually pays little or no interest on your balance.

Can I borrow from Opay?

You can borrow money from Opay by creating an Opay account and submitting a loan request on the app. You can get as much as N1 million from Opay at interest rates of 3% to 15% depending on if it's a short-term loan or a long-term loan.

Which app gives loan immediately in Nigeria?

Palm Credit (4.2)

Palmcredit is a loan app in Nigeria also owned by Newedge Finance Limited. Through the app, Nigerians are getting instant loans without collateral. It is not surprising that the app is currently one of the most downloaded loan apps in Nigeria with over 10 million download records on Google Play Store.

Where can I get a good loan in Nigeria?

Top 20 Loan App In Nigeria (2024)-Lowest Interest+CBN Approved
  • Carbon – 1M+ app downloads. ...
  • RenMoney – 500k+ app downloads. ...
  • Palm credit – 5M+ app downloads. ...
  • Quick check – 1M+ app downloads. ...
  • Aella – 1M+ app downloads. ...
  • Kuda – 5M+ app downloads. ...
  • Branch – 10M+ app downloads. ...
  • FairMoney MFB – 10M+ app downloads.
Feb 3, 2024

Which bank has lowest interest rate on personal loan?

Lowest interest rates charges by banks on their personal loans:
BankMinimum interest rate on personal loan (%)
Punjab National Bank13.75
Kotak Mahindra Bank10.99
Axis Bank10.65
IndusInd Bank10.49
6 more rows
Jan 24, 2024

Can I get a 0% bank loan?

It is important to note that even though a loan may not carry any interest, it is not necessarily free. However, the terms may vary from lender to lender. Many lenders may charge an extra fee to offer an interest-free personal loan.

Is a 0% interest loan good?

Zero-percent financing deals can work well for those who have a high income and excellent credit, but in most cases 0% really isn't as great as it appears. Even if you were to stretch that same 3.99% loan over a more traditional 60-month term, you would still come out ahead of its 0% counterpart.

How do 0% interest loans make money?

In fact, these loans actually accrue interest despite being called 0% interest loans. You just don't have to pay that interest if you pay the installments on time until the debt is paid off. Financial institutions count on the percentage of people who default or miss payments in order to make money from these loans.

Can I get a loan from PalmPay?

To get a loan using the PalmPay Loan code, follow these steps: Dial *652# on your phone and press the call button. Choose the “Loans” option. Provide the required details, like your personal info, work details, and loan amount.

How do I qualify for a Kuda loan?

We'll offer you a loan if we can verify your bank statement and you pass our automated loan eligibility checks. The amount we will offer you also depends on the results of our loan eligibility checks. How long does it take to get a loan if my loan application is approved?

Which app can borrow me 200k in Nigeria?

Although more than just a loan app, Branch can borrow you up to 200k within minutes depending on your credit score. It is another popular and registered loan app in Nigeria that is trusted by thousands of people. Much like Carbon, the Branch loan application process is not complicated and can be completed very swiftly.

Which bank is best for loan?

Bank nameCurrent interest rate on personal loan
HDFC Bank10.75% to 24%
ICICI Bank10.65% to 16.00%
SBI11.15% to 11.90%
Kotak Mahindra10.99%
6 more rows
Feb 9, 2024

What is the minimum balance in HDFC Bank?

For urban and metro branches, in order to avoid penalty charges, the average monthly balance (AMB) should be Rs.10,000. In semi-urban branches, the AMB is Rs.5,000. The average quarterly balance (AQB) to be maintained for rural branches is Rs.2,500 in order to avoid paying a penalty.

Why do banks pay no interest?

Banks don't need your money

If there is plenty of supply and people are saving a lot, then the banks will not need to pay out as much interest. If people are not saving as much and the banks need more money to lend out, then they will raise savings rates to attract more depositors.

Do Muslims borrow money from banks?

The most famous rule in Islamic finance is the ban on usury. In economic terms, this means lender and borrowers are forbidden from charging or paying interest or riba. Sharia-compliant banks don't issue interest-based loans.

Which bank account is best?

Best Savings Bank Accounts of 2024
Sr.No.Bank NameRates of Interest(p.a.)
1State Bank of India2.70% - 3.00%
2Union Bank of India2.75% - 3.55%
3HDFC Bank3.00% - 3.50%
4ICICI Bank3.00%
6 more rows
Mar 13, 2024

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