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.
SMEs with an annual sales turnover of up to Rs. 50 million can avail of financing of up to Rs. 25 million, empowering them to scale their operations and realize their potential.
Medium Enterprises (ME) with an annual sales turnover ranging from above Rs. 150 million up to Rs. 800 million find themselves eligible for financing of up to Rs. 200 million, inclusive of 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!
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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
What Are The Requirements For Bank Islami Business Loan?
Bank Islami Business Loan: To apply for an interest-free loan for Business, you must first meet the following criteria:
For New Starting Business:
- You must be a Pakistani citizen.
- You must have a valid CNIC.
- It would be best if you were between the ages of 21 and 60.
- You must have a minimum monthly income of Rs. 15,000.
- You must have been employed for at least 6 months.
- You must have a good credit history.
- If you meet all of the above criteria, you can then fill out an application form available on the Bank Islami website.
A Bank Islami interest-free loan for business can be a great option, but there are some requirements you’ll need to meet.
- First, you’ll need to have a good credit score.
- Second, you’ll need to have some collateral.
- Third, you’ll need to have a solid business plan.
- Fourth, you’ll need to be able to show that your business has potential.
- Fifth, you’ll need to be able to show that you can repay the loan.
- Sixth, you’ll need to be a citizen or resident of Pakistan.
- Seventh, you’ll need to be at least 18 years old.
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Bank Islami Business Loan Requirements
Small and Medium Size Enterprises (SMEs)
Bank Islami Business Loan: Small and Medium Size Enterprises (SMEs) can get Bank Islami Business loans if they meet the following criterion.
Number of Employees: Upto 50*
Annual Sales Turnover: Up to Rs.50 Million
Financing Allowed: Up to Rs.25 Million
Medium Enterprises (ME)
Bank Islami Business Loan: Medium Organizations (ME) are not ideally public service companies they are mainly privately limited. They are also eligible for Bank Islami business loans if they meet the following criteria.
Number of Employees: Upto 51-250 for manufacturing and service ME. 51-100 for trading ME
Annual Sales Turnover: Above Rs.150 Million and up to 800 Million for all types of ME
Financing Allowed: 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.
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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:
Visit a Nearby Bank Islami Branch
Make your way to the closest Bank Islami branch, where you’ll be greeted by experienced professionals who can guide you through the process of applying for a business loan.
Acquire the Business Loan Application Form
Obtain the designated application form for the business loan. This form serves as the initial step in formalizing your loan request and provides a structured framework for capturing essential information.
Complete the Application Form with Personal and Business Details:
Dedicate time to carefully fill out the application form. Supply accurate and comprehensive personal and business details, including financial statements and any pertinent information that aids in assessing your eligibility for the loan.
Attach Relevant Supporting Documents
Compile a set of supporting documents that substantiate the information provided in the application form. These documents typically include business plans, financial projections, ownership records, and any other relevant papers that contribute to a holistic evaluation of your business’s financial standing.
Submit the Completed Application Form Alongside Attachments
Hand in the completed application form along with the accompanying supporting documents to the bank officials. This step is crucial, as it kickstarts the review and verification process. The accuracy and completeness of the submitted information can significantly expedite this phase.
Follow Up on Your Application
After submitting your application, maintain communication with the bank’s representative to monitor the progress of your application. Inquiries and updates can help you stay informed about the status of your loan request and address any additional information or documentation that might be required.
Basic Guidelines For Bank Islami Business Loan
Age Limit To Get Bank Islami Loan
Bank Islami Business Loan: You must be at least 21 years old to apply for a Bank Islami interest-free loan for business. There is no maximum age limit. You must have a valid ID and Social Security number.
You must have a business plan and financial statements. You must have collateral. You must be a U.S. citizen or permanent resident alien. You must have good credit.
Security Deposit To get An Islamic Loan
Bank Islami Business Loan: The first question anyone considering a Bank Islami interest-free loan for their business should ask is: what about a security deposit?
The answer, in short, is that you will need to provide some form of security deposit to be approved for the loan. This could be in the form of cash, property, or other assets.
The amount of the security deposit will vary depending on the size and type of loan you are applying for.
So, if you are thinking about taking out a loan for your business, make sure you have the required security deposit ready before you apply.
Islamic Loan Safe Or Not?
Bank Islami Business Loan: When you’re first starting, it can be difficult to know how to get a bank loan. You may have heard that it’s not safe to take out a loan from a bank, but this isn’t always the case.
There are many factors to consider when taking out a loan, and each case is different.
However, if you research and work with a reputable lender, you can find an affordable loan that fits your needs.
Can I Make Additional Purchases With The Same Cash Credit Limit?
Bank Islami Business Loan: You can make additional purchases with the same cash credit limit as long as you have available credit. To do so, simply present your card at the time of purchase and sign the sales slip.
The merchant will then run your card through their point-of-sale terminal. If you have sufficient credit, the transaction will be approved and you can complete your purchase.
After you have spent your initial credit limit, BankIslami will automatically increase it if you have sufficient funds available in your linked account.
This is done on a one-time basis only; the credit limit cannot be increased beyond 10 times of original amount.
However, to facilitate purchases, you can apply for an additional cash credit limit at any time by calling our call center or visiting any branch.
The validity period of each additional cash credit limit shall be the same as that of your card or one year whichever is earlier.
No security deposit/collateral/guarantee is required for an additional cash credit limit of up to PKR 50,000/-.
Where Do I Go Next?
Bank Islami Business Loan: If you’re interested in getting an interest-free loan from Bank Islami, the next step is to talk to your local branch.
They’ll be able to tell you what the requirements are and help you fill out the necessary paperwork.
Once you have everything in order, it’s just a matter of waiting for approval. In the meantime, continue working on your business plan and perfecting your product or service.
With a little preparation, you’ll be well on your way to starting your own business!
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Bank Islami Business Loan FAQs
Bank Islami Contact Number and address?
Address: 11th Floor, Executive Tower, Dolmen City, Marine Drive, Block-4, Clifton, Karachi.
Tel: 021-111 475 264
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.
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