IZON-IBE STAFF SALARY ADVANCE ( TEMPORARY OVERDRAFT)
To benefit from this loan scheme, the individual must be a salary earner with the state government or any of its agencies, or be a staff of an acceptable private organization.
Features
- Advance against salary inflow.
- Maximum amount allowed is 33.33% of expected month end salary.
- Maximum deductible amount is 33 .33 % of expected month end salary
- Maximum tenor of 30days.
- Repayable from the next salary inflow.
- Customers are expected to domicile their salaries to the Bank, or issue cheques of other banks drawn on their salary accounts, or as otherwise agreed.
- Disbursement fee of 2-4% on total loan sum ( one-off)
- Interest 21% per annum
IZON-IBE EMPLOYEE LOAN
This scheme is opened to staff of government MDAs and other acceptable private organizations.
Features
- Staff could get up to 33.33% of their 12 months salaries as loan amount.
- Repayment will be done in equal monthly repayment.
- Duration is 12 months.
- Maximum obligator limit- =N=1,000,000.
- Disbursement fee of 2-4 % on total loan amount (one-off).
- Interest rate from 3- 5 % per month.
- Loan repayment in equal monthly installments or on a reducing balance basis.
IZON-IBE QUALITY LIFE SCHEME
This facility is opened to staff of government MDAs and other acceptable private organizations to raise their standard of living.
Features
- The bank purchases the assets on behalf of the customer.
- Asset to be purchased include generating sets, refrigerators, laptops, television sets, personal computers etc.
- Maximum obligator limit- =N=1,000,000.
- Borrower’s equity contribution of 20- 30%.
- Duration is 6-12 months.
- Grace period – 1 month
- Repayment is from regular salary inflows over the tenor of the facility
- Disbursement fee of 2-4% on the loan amount (one-off).
- Interest rate from 3 -5 % per month.
- Loan repayment in equal monthly installments or reducing balance basis.
IZON –IBE SWIFT LOAN
This is a short term facility designed to assist existing customers meet urgent needs such as shop or house rent, school fees payment for their child or ward, medical and utility bills, emerging business opportunities, seasonal business opportunities, cash flow shortfall or developmental activities of schools etc.
Features
- Maximum obligator limit- =N=1, 500,000.
- Repayment is over a period of 3 to 6 months.
- Grace period- 1-2 months.
- Interest rate from 3 -5 % per month.
- Disbursement fee of 2-4 % on the loan amount ( one-off).
- Loan repayment in equal monthly installments or on a reducing balance basis.
IZON–IBE LPO/INVOICE DISCOUNTING
This facility is available to contractors with LPO from blue chip or acceptable companies
Features
- Domiciliation of payment from the company is required.
- Repayment is expected to be from the inflow of the invoice.
- Maximum loan tenor is 30 – 60 days.
- Disbursement fee of 2-4% on the loan amount ( one-off)
- Interest rate from 5-7.5% per month.
- Loan repayment in equal monthly installments or on a reducing balance basis.
IZON-IBE GROUP LOAN ACCOUNT
This is available to members of unions, clubs and groups. Members of each group must jointly and severally guarantee themselves to safeguard against default from any one member.
Features
- Maximum obligor limit for each group is 2,000,000.
- Potential customers form groups of four to six, but must not exceed 10.
- Individual lending but group guarantee- (each member is responsible for his or her own loan repayment, but members agree to guarantee each other’s loans.
- Loan repayment frequency- daily or weekly.
- Duration- 10 months.
- Grace period- 1 month.
- Deposits must be done daily or weekly into the customer’s account.
- Interest rate from 3-5 % per month
- Disbursement fee of 2-4 % on the loan amount ( one-off)
IZON-IBE ENTERPRISE LOAN
This loan is available to owners of existing viable small and medium businesses for the financing of capital assets and refinancing of inventory/stocks. Start-ups with bankable business plans can also apply for this facility.
Features
- Maximum obligor limit is N 1,000,000.
- The borrower must back up his or her request with a good cash flow report.
- The borrower is expected to provide an equity contribution of 20- 30 % of the total loan sum for capital asset financing.
- The borrower must provide an immovable collateral or two capable guarantors who are salary earners.
- Loan repayment will be weekly or monthly.
- Duration: 3 - 12 months for capital assets.
- Duration: 30-90 days for inventories.
- Grace period: 1-2 months for capital assets.
- Grace period: 1 month for inventories.
- Interest rate from 3- 5% per month.
- Disbursement fee of 2-4 % on the loan amount.
- Loan repayment in equal monthly installments or on a reducing balance basis.
IZON-IBE AGRIC & ALLIED LOANS
This loan is available to both existing and new farmers who want to expand or start a new farm business.
Features
- Maximum obligor limit is N 1,000,000.
- The facility to be accessed by individuals, groups or corporate organizations.
• Duration: 6-12 months. - race period: 1-3 months
- Loan repayment will be monthly.
- Duration: 3 - 12 months.
- Grace period: 1-2 months.
- Interest rate from 5% per month.
- Disbursement fee of 2-4 % on the loan amount.
- Loan repayment in equal monthly installments or on a reducing balance basis.s
REQUIREMENTS
- No collateral for loans below =N=100,000.00
- 2 guarantors
- 2 recent passport-size photographs
- Current utility bill
- A valid means of ID (national ID, driver's license, voter's card, international passport)
- Training on basic financial management, business planning and customer relations
- Clients for group loans must belong to a union or a group.
- Clients for agriculture loans must have verifiable evidence of existing farm investments.
Deposit of 10% of the loan amount in an interest yielding joint account opened by the co-operative society with a designated bank with IMB as the sole signatory.
For groups
- Joint and several guarantees of the beneficiary members. Of the loan.
- Two external references/guarantors acceptable to IMB who must belong to any of the following categories: Clergymen, Traditional Rulers, Bankers, Policemen, Lawyers, judges or Senior Civil Servants.
- Payment of principal and interest as they fall due would be made by the Society to IMB.
- Lien on stock of trade and items of equipment, where applicable.
- Pledge of personal assets (e.g. land and building) and chattel (e.g. car, furniture) of each beneficiary member, particulars of which are to be annexed to the Loan Agreement.
