1. The Lender agrees to advance the Loan and the Obligor agrees to take the Loan subject to the terms and conditions as set out in the Loan application form and also in this offer letter.
2. The Obligor agrees to repay the Loan (principal plus accrued interest) in accordance with the dedicated repayment schedule as provided in the terms and conditions of this offer letter. Such repayment schedule shall be subject to change in line with changes to the Obligor’s salary payment date.
3. The Obligor may terminate the offer letter and repay back all or any part of the borrowed amount on any day before the scheduled maturity date, by paying to the Lender, all interest, and other monies then accrued or due under this offer letter.
4. Where the Obligor makes a payment under the Loan prior to the scheduled repayment date (the “Payment Due Date”), such payment shall be made at least clear business days prior to the Payment Due Date either through Quick teller, Paystack, Pay Direct, bank transfer or deposit into any designated repayment account provided by the Lender. Evidence of such payment shall be communicated to the Lender, within 24 hours following payment, via email at [email protected]
5. Where the Obligor fails to make a scheduled repayment at least 3 clear business days prior to the Payment Due Date or makes the scheduled repayment 3 clear business days prior to the Payment Due Date but fails to communicate the early repayment to the Lender within 24 hours thereafter, the Lender shall be entitled to present the Obligor’s repayment instrument to 3rd party Banks for processing in line with the relevant applicable clearing guidelines. In such cases, the Obligor will have no recourse against the Lender for presentation of its repayment instrument.
6. Where the Obligor’s primary repayment method is post-dated cheque, the clearance period for said payment is 3 clear business days.
7. Where the Obligor makes a part payment of the Loan amount exceeding two monthly repayments, the Obligor agrees that a revised repayment schedule shall become applicable containing the revised tenor and loan amount. Such revised repayment schedule is deemed to be incorporated into this Offer Letter. The revised repayment schedule shall be communicated to the Obligor within a reasonable period of time
8. Where the Obligor makes a part repayment of the Loan amount for one month and not exceeding two months, such payment(s) shall be treated in accordance with the dedicated repayment schedule provided in this Loan offer letter.
9. Where the Obligor makes a part repayment of the Loan prior to the scheduled repayment date (the “Payment Due Date”) into any designated repayment account provided by the Lender, evidence of such payment shall be communicated to the Lender, within 24 hours following payment, via email at [email protected].
10. Where the Obligor’s primary repayment method is post-dated cheque, the Obligor shall be required to communicate this part repayment to the Lender within 24 hours, retrieve earlier post-dated cheques from the Lender and present the Obligor’s preferred repayment instrument for the next Payment Due Date.
11. Any communications by the Obligor regarding the loan facility shall be made directly to the Lender via telephone or, via e-mail or in person at any of the Lender’s branches.
12. Any notice to be given to the Obligor by the Lender shall be deemed to have been sufficiently given if sent by electronic mail, communicated via the Obligor’s account officer, delivered by hand or sent by courier service, registered mail to such address provided by the Obligor in writing to the Lender. Any notice sent by hand or by courier shall be deemed to have been given if the party receiving the notice shall have signed an acknowledgement of receipt of same.
13. The repayments as calculated in the dedicated repayment schedule, are done on the basis of payment at regular agreed intervals. If the due date for a payment instalment falls on a non-business day, then the repayment may be paid on the next business day.
14. The Lender will calculate interest at a flat rate on the daily balance outstanding (after adjustment is made for cheques in the course of collection), meaning that interest is charged on the principal outstanding at each month end and the amount of interest paid each month reduces over the term of the Loan.
15. The Lender shall compound interest on the Loan at such interval as it shall determine at its sole discretion.