1. The Borrower shall repay the principal and interest in not more than 12 months in equal monthly installments.
2. The Borrower hereby authorizes CashConnect Microfinance Bank Limited to debit [his/her] account for the monthly loan obligations.
3. The Borrower covenants to make available the agreed funds to be deducted from Borrowers account 24 hours before repayment date.
4. The reserved interest rate chargeable on the Borrower’s account shall be the CashConnect Microfinance Bank Limited prime lending rate from time to time.
5. Interest rate at 5% flat (equal but reducing balance) will be charged on the amounts disbursed to the customer.
6. 1% flat (per month) on outstanding default amount. Chargeable 3 days after moratorium of the repayment date. 7. 2% processing fee will be charged on loan sum upon approval of request.
8. In the event of default by the Borrower in making any repayment on due date, the outstanding principal amount and accrued interest shall be conclusive evidence that a sum is due and owing from the Borrower.
9. In the event of default by the Borrower under this facility, CashConnect Microfinance Bank Limited reserves the right, at its discretion, to transfer the defaulting account to a third-party agency to recover any outstanding debt due to CashConnect Microfinance Bank Limited
10. CashConnect Microfinance Bank Limited shall advise the Borrower of any change in prime lending rate, charges, fees or any other terms and conditions of the loan by a notice to the customer's email.
11. CashConnect Microfinance Bank Limited may use any information relating to the Borrower for evaluating the credit application. CashConnect Microfinance Bank Limited may at its sole discretion as it shall consider appropriate give to and receive from credit bureaus and reference agencies whether based locally or abroad, other financial institutions, regulatory and law enforcement agencies and relevant third parties information about the Borrower, including information on the conduct on the Borrower’s account together with details of any non-payment or delayed payments for the purpose of assisting them and/or the CashConnect Microfinance Bank Limited in making lending or rating decisions about the Borrower.
12. The Borrower authorizes the Bank to obtain and retain on the Credit Risk Management System of the Central Bank of Nigeria, all information relating to the Borrower’s Bank Verification Numbers and the status of indebtedness.
13. The Borrower hereby irrevocably undertakes to fully indemnify the CashConnect Microfinance Bank Limited against all cost and expenses (including legal fees, collection commission etc), arising in any way in connection with the Borrower’s accounts; in enforcing the terms and conditions herein; or from the recovery of any amounts due to CashConnect Microfinance Bank Limited or incurred by CashConnect Microfinance Bank Limited in any legal proceedings of whatever nature.
14. The terms and conditions contained binds the Borrower and is not assignable.
15. The Borrower covenants and warrants that, in making any repayment on the due date in the event that the loan repayment period or day falls on a weekend or public holiday, the effective loan repayment day shall be the preceding business day.
16. By signing the offer letter/loan agreement and by drawing on the loan, I covenant to repay the loan as and when due. In the event that I fail to repay the loan as agreed, and the loan becomes delinquent, CashConnect Microfinance Bank Limited shall have the right to report the delinquent loan to the CBN through the Credit Risk Management System (CRMS) or by any other means, and request the CBN to exercise its regulatory power to direct all banks and other financial institutions under its regulatory purview to set off my indebtedness from any money standing to my credit in any bank and from any other financial assets they may be holding for my benefit.
17. I covenant and warrant that the CBN shall have power to set off my indebtedness under this loan agreement from all such monies and funds standing to my credit/benefit in any and all such accounts or from any other financial assets belonging to me and in the custody of any such bank.
18. I hereby waive any right of confidentiality whether arising under common law or statute or in any other manner whatsoever and irrevocably agree that I shall not argue to the contrary before any court of law tribunal, administrative authority or any other body acting in any judicial or quasi-judicial capacity. All other rights reserved.
19. There may be a need, at the instance of CashConnect Microfinance Bank Limited to vary the terms of the facility in the event of changes in interest rates and/or foreign exchange rates arising from any change in market conditions at any time after the draw-down of the facility.
20. The borrower hereby agrees that in addition to any general lien or similar right to which you as Bankers may be entitled by law, you may at any time and without notice to me deduct from and/or restrict the funds in my account(s) to liquidate my/our loan obligation whether due.
21. CashConnect Microfinance Bank Limited is regulated by the Central Bank of Nigeria.
22. The interest charged is the effective interest rate which is the interest rate that is paid on your loan due to the result of compounding over a given time period and this is payable monthly.
23. I hereby waive the need to review the facility document(s) within forty-eight (48) hours of receipt of same and confirm my acceptance of the terms contained in the facility document(s).
24. I confirm my acceptance of the terms of the facility. Notwithstanding anything herein contained, express or implied, I hereby confirm that CashConnect Microfinance Bank Limited may at any time and without notice to me deduct any amount due to CashConnect Microfinance Bank Limited from my account(s) as a result of me rejecting the facility within three (3) days of my/our acceptance.