If you’re looking to start or expand your business, the Bank Islami Business Loan could be your key to success. We’ll help you figure out how much you can borrow and how to get approved.
With a specific focus on Small and Medium Size Enterprises (SMEs), Bank Islami Business Loan offers different funding types that suit every industry and business type.
| Enterprise Type | Annual Sales Turnover | Financing Limit |
|---|---|---|
| SMEs | Up to Rs. 50 million | Up to Rs. 25 million |
| Medium Enterprises (ME) | Above Rs. 150 million and up to Rs. 800 million | Up to Rs. 200 million, including leased asset exposure from single or multiple banks |
In this article, we will explain eligibility, requirements, and a step-by-step guide to getting Bank Islami Business Loan in a hassle-free way within a few days. So, let’s get started!
Recommended Reading: Business Loan In Pakistan | Loan For Business In Pakistan Without Interest
How To Get Bank Islami Business Loan | Bank Islami Interest-Free Loan for Business
Table of Contents
- How To Get Bank Islami Business Loan | Bank Islami Interest-Free Loan for Business
- What Are The Requirements For Bank Islami Business Loan?
- Basic Guidelines For Bank Islami Business Loan
Recommended Reading: Loan For Business In Pakistan Without Interest (25K-5Lakh) | Ihsaas Trust
What Are The Requirements For Bank Islami Business Loan?
Eligibility Criteria
| Criteria | Requirements |
|---|---|
| For New Starting Business: | |
| Citizenship | Pakistani |
| Identification | Valid CNIC |
| Age | 21 to 60 years old |
| Minimum Monthly Income | Rs. 15,000 |
| Employment | At least 6 months of employment |
| Credit History | Good credit history |
| Application Process | Fill out the form on the Bank Islami website |
| Additional Requirements: | |
| Credit Score | Good credit score |
| Collateral | Some collateral required |
| Business Plan | Solid business plan |
| Business Potential | Demonstrated potential of the business |
| Loan Repayment Capability | Ability to repay the loan |
| Citizenship | Pakistani citizenship or residency |
| Age | At least 18 years old |
Recommended Reading: How To Get SME Loan In Pakistan (Government+Private Sector)
Bank Islami Business Loan Requirements
| Criteria | Small and Medium Size Enterprises (SMEs) | Medium Enterprises (ME) |
|---|---|---|
| Number of Employees | Up to 50* | Up to 51-250 for manufacturing and service ME <br> 51-100 for trading ME |
| Annual Sales Turnover | Up to Rs.50 Million | Above Rs.150 Million and up to 800 Million for all types of ME |
| Financing Allowed | Up to Rs.25 Million | Up to Rs.200 Million including leased assets exposure from single or all banks |
Bonus Tip: If any entity meets one criterion of ME and its second parameter falls above the upper limit prescribed by ME that entity would be classified as a corporate or commercial entity as the case may be.
Recommended Reading: 5 Easy Ways To Get Startup Business Loans In Pakistan | Startup Loan In Pakistan
How To Apply For Bank Islami Business Loan | Bank Isami Loan For Business Online Apply
Follow this exact scheme of steps to increase your chances of approval of a Bank Islami Business loan in Pakistan:
| Steps to Apply for a Business Loan at Bank Islami | Description |
|---|---|
| 1. Visit a Nearby Bank Islami Branch | Go to the nearest Bank Islami app or branch where professionals can assist you with the loan application. |
| 2. Acquire the Business Loan Application Form | Obtain the application form designed for business loans, which serves as the initial step. |
| 3. Complete the Application Form | Fill out the application form with accurate personal and business details, including financial information. |
| 4. Attach Relevant Supporting Documents | Compile necessary documents such as business plans, financial statements, and ownership records. |
| 5. Submit the Completed Application Form | Hand in the application form and supporting documents to initiate the review process. |
| 6. Follow Up on Your Application | Stay in touch with bank representatives to monitor the progress of your application and provide any additional information if required. |
Recommended Reading: 3 Ways To Get An Interest-free Loan To Start A New Business In Pakistan
Basic Guidelines For Bank Islami Business Loan
| Guidelines | Summary |
|---|---|
| Age Limit: | Must be at least 21 years old, no maximum age limit. A valid ID and Social Security number are required. Business plans, financial statements, collateral, and good credit are also necessary. |
| Security Deposit: | A security deposit is required, which could be cash, property, or other assets, depending on the loan size and type. |
| Safety of Islamic Loan: | Taking a bank loan is safe if you research and work with a reputable lender. Consider individual circumstances and seek advice if needed. |
| Additional Purchases with Cash Credit: | Additional purchases are possible within the cash credit limit as long as credit is available. Credit limits can be increased based on funds availability. |
| Next Steps: | Visit the local Bank Islami branch to inquire about loan requirements, fill out paperwork, and await approval. Preparation and perfecting business plan advised. |
Recommended Reading: Small Business Loan In Pakistan | Business Loan In Pakistan
FAQs | Bank Islami Business Loan
Bank Islami Contact Number and address?
Address: 11th Floor, Executive Tower, Dolmen City, Marine Drive, Block-4, Clifton, Karachi.
Tel: 021-111 475 264
Email: contact.center@bankislami.com.pk
Bank Islami Credit Facility Application Form?
The credit Facility Application Form can be obtained from the listed branches of BIPL.
Types of Security against financing by Bank Islami?
Current Assets, Goods, Mortgage, Guarantees of
Proprietor/Partners/Directors/Mortgagor, and Counter Guarantee.
Recommended Reading: Loan For Business In Pakistan Without Interest (25K-5Lakh) | Ihsaas Trust
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If you have any questions contact us (email) at Contact@personalloan.pk | Personalloan.pk@gmail.com or leave us a comment, we would love to answer all of your queries. Thanks for reading!
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