Terms & Conditions

• All information about me provided in this application together with information included in any accompanying and supporting documents is true, correct and complete.
• I agree that my personal information may be collected, used and disclosed in the manner and for the purposes of my loan application.
I the guarantor declare that:
• All information about me provided in this application together with information included in any accompanying and supporting documents is true, correct and complete.
• I agree that my personal information may be collected, used and disclosed in the manner and for the purposes of loan application.

PREPAYMENT

Borrower has the right to prepay the whole outstanding amount at any time. If Borrower does, or if this loan is renamed – that is, replaced by a new facility – new loan installment will be recalculated.

ARREARS / DEFAULT

If for any reason Borrower fails to make any payment on time, Borrower shall be in default. The Lender can then demand immediate payment of the entire remaining unpaid balance of this loan, without giving anyone further notices. If Borrower has not paid the full amount of the loan when the initial payment is due, the Lender will impound the pledge security and auction them through a private auction. The lender will also disclose your loan information to other debt recovery companies for the sole purpose of collecting the unpaid installments when the borrower fails to pay on time.

RIGHT OF OFFSET

If this loan becomes past due, the Lender will have the right to pay this loan from any security Borrower have pledged with this Lender without notice to him/her. If the Lender gives an extension of time to pay this loan, Borrower still must repay the entire loan.

COLLECTION OF FEES

If this loan agreement is placed with an attorney for collection, then Borrower agree to pay an attorney's fee as guided under Advocate Remuneration Act or as may be advised by the attorney. This fee will be added to the unpaid balance of the loan.

NOTICE TO BORROW

This agreement constitutes the Notice to borrow given by the Borrower to the lender herein for a continuation of loans.

REQUESTS BY BORROWER

The borrower hereby irrevocably authorizes the lender to act on all Requests received from the borrower through the System and he or she shall be to held liable in respect thereof.
i. The Lender may nevertheless refuse to carry out any Requests in its sole and absolute discretion.
ii. The lender may, in its absolute discretion, decline to act on or in accordance with the whole or any part of the borrowers Request pending further enquiry or further confirmation.
iii. The borrower acknowledges that to the full extent permitted by law, the borrower shall not be liable for any unauthorized drawing, transfer, remittance, disclosure, any activity or any incident on the lenders account by the fact of the knowledge and/or use or manipulation of the lenders Account PIN, password, ID or any means whether or not occasioned by the lenders negligence.
iv. The borrower is authorized to effect such orders in respect of the lenders Account as may be required by any court order or competent authority or agency under the applicable laws.

DISBURSMENT OF LOAN

i. The credit amount shall be disbursed to the Borrower upon approval by the lender of the request to borrow.
ii. The lender shall thereafter make available to the Borrower the funds by wiring / crediting the loan amount to the account of the borrower set out herein.
iii. The loan shall be disbursed to the Borrower minus relevant interest or application fee charged on the facility.

TERMINANTION

i. All fees in respect of this facility accrued at the effective date of termination of this facility shall be paid on the effective date of termination.
ii. The borrower shall pay to the lender on the termination date of the Credit Facility the aggregate principal amount of all Revolving Credit Loans outstanding on such date.
iii. The commitments herein shall terminate on the effective date of termination of these facility.
iv. The lender shall terminate this credit facility at its discretion without Notice to the borrower and the same shall constitute the termination date.