Indo Zambia Bank : Apply For Auto Finance

Name of the Organization : Indo Zambia Bank
Type of Facility : Apply For Auto Finance
Country : Zambia

Website : http://www.izb.co.zm/english/autofinance.aspx

Apply For Auto Finance :

Purpose:
Purchase of brand new and second hand utility vehicle. Age of Second- hand vehicle not to exceed 5 years.

Related : Indo Zambia Bank Apply For MSME Loan : www.statusin.org/6580.html

Eligibility:
** Salaried employees with Government Institutions, NGO’s, Schools, Corporate and reputable business houses.
** Professionals such as Doctors, Accountants, Lawyers etc.
** Self employed people with proven regular income.
** Corporate entities for purchase of company utility vehicles.

Quantum Of Loan:
80% of the cost of the vehicle, subject to repaying capacity

Repayment Period:
Repayment period not exceeding 60 months in case of brand new car and 48 months in case of second hand vehicle . The repayment period not to exceed the left over service period in case of salaried employees.

Deductions:
Total loan deductions including installment on Auto Fin loan should not exceed 50% of salary net of statutory deductions.

Interest Rate :
BOZ Policy Rate plus margin

Processing Fee :
2.5% to 3%

Insurance :
Comprehensive insurance of motor vehicle financed.

Security:
Charge over motor vehicle financed.

Employer’s undertaking to remit loan installments to our bank during tenor of the loan and terminal benefits/gratuity in case of loss of separation

Requirements:
Customer to complete our standard Auto Fin loan application form attaching the following:
** Copy of invoice for brand new vehicles from a reputable /registered dealer
** Letter of sale in case of second hand vehicles with copy of white book and NRC of the seller.
** Engineer’s report from a reputable garage in case of secondhand vehicles certify
** If importing, copy of invoice should be made available and estimated cost of duty and transportation to be advised.
** Loan amount and customer’s contribution shall be remitted to the supplier of the vehicle as a lump sum.
** Copy of pay slip or proof of income in case of self employed.
** Copy of NRC of the vendor.

Contact:
Please contact your nearest branch for further details.

IZB Home Loan :
Eligibility :
** Salaried employees with Government/Semi-Government Institutions, Corporate and reputable business houses.
** Professionals such as Doctors, Accountants, Lawyers etc.
** Self employed people with proven regular income.

Purpose :
Outright purchase, construction of new houses and renovation, extension of existing houses
Quantum Of Loan :
Minimum 20% of the project cost

Repayment Period :
Repayment period not exceeding 120 months. The repayment period not to exceed the left over service period in case of salaried employees. Grace period of up to 6-12 months is allowed in case of construction of house.

About Us :
Finance Bank Zambia Limited (“FBZ”) is a fully licensed commercial bank offering a full range of banking products and services to public institutions and parastatals, as well as private sector including, international investors, multi-national organisations, development and aid-agencies, non-governmental organisations, major local corporate and other financial institutions as well as the full spectrum of retail and consumer banking