Name of the Organization : Indo Zambia Bank
Type of Facility : SHG Credit Scheme
Country : Zambia
Website : http://www.izb.co.zm/english/selfhelpgroups.aspx
IZB SHG Credit Scheme
Purpose:
Financing Self Help Groups formed by poor people/vulnerable sections of the society
Related : Indo Zambia Bank Agriculture Finance Scheme : www.statusin.org/6581.html
In line with our brand promise; ‘Supporting you, Developing Zambia’, our Micro Credit Programme Through Self Help Groups is offered to achieve the following objectives:
** To encourage financial inclusion and access to various banking and financial products and services for the economically challenged sectors of our society;
** To encourage people to function in groups;
** To encourage banking activities particularly savings and credit;
** To evolve supplementary credit strategy for reaching the economically challenged;
** To educate proper utilization of money;
** To encourage sharing of economic skills.
Quantum of Finance:
Linked with group savings and other parameters of group financing
Benefits Of The SHG Credit Scheme:
** No management fees on the group’s savings account
** Concessional rate of interst on credit facilities;
** Quick processing time;
** Flexible pepayment period;
** No collateral, guarantee or margin required
Eligibility:
** Any voluntary association of people formed to attain a common economic goal on collective basis at community level;
** The group should have between 10–20 members;
** The group must be formal (registered with the registrar of societies);
** The group should encourage group savings from its members.
Types Of Credit Facilities Available:
** Term loans for capital expenditure
** Overdraft facilities for working capital.
** Composite loans
Interest Rate:
BOZ Policy Rate plus margin
Repayment Period:
Maximum 12 months
Security:
No collateral security, guarantee nor contribution/margin is required
Contact:
Please contact your nearest branch for further details.
FAQs :
1.Who can avail E-Statement facility?
All customers of Bank having Savings & Current A/c may avail this facility who are having their valid e-mail id. IZB is not liable to verify the any authenticity of the emails.
2.How do I register for the facility?
Presently, the registration is available on filling up a form and its submission at your branch. The form is available on our website, at branches.
3.Can I have more than 2 deposit accounts linked for the facility?
Yes, Only Saving/Current Deposit Accounts can be linked to this facility
4.What is the benefit to me from E-Statement?
Benefits :
** E-Statements are free and environment friendly
** Receive Weekly/Monthly/Quarterly E-Statements , without visiting branch
** Enjoy easy access to your account statements at the click of a button, anytime and anywhere
** Protect your confidential data with password protected E-Statements
5.Are there any charges from Bank?
No. This facility is provided FREE OF CHARGE *. Bank may decide to charge for the service at any later stage.
About Us :
Indo Zambia Bank was incorporated in October, 1984 is a joint venture between the Government of the Republic of Zambia and the Government of India represented through its three large public sector banks: Bank of India, Bank of Baroda & Central Bank of India.