TERMS AND CONDITIONS

These Terms and Conditions apply to and regulate the provision of credit facilities advanced by Safeline Microfinance Bank Plc (“Safeline’’) to the Borrower herein:

1. INTEREST

• The monthly interest rate for the Loan is fixed for the tenor of this loan as communicated via the offer letter approved and acknowledged by customer at the point of disbursement.
• A monthly fined interest rate of the outstanding principal amount shall be applied in the event of the Borrower liquidating the loan before expiration.

2. PAYMENT

• All payments by the Borrower will be made by one of the following methods: Personal Cheque, Standing Order, Ippis or through an acceptable electronic channel. All other methods will be accepted with Safeline consent only.
• The Borrower will be given a dedicated and customized repayment plan upon approval of the loan application;
• The Borrower will be expected to make monthly repayments in accordance with the offer letter and repayment plan;
• The Borrower hereby agrees that nonpayment of the amount owed by the due date shall render the Borrower in default and entitles Safeline to take steps to recover the outstanding loan amount in accordance with section 5 below.
• In cases where the Borrower makes a direct transfer in advance of due date, Safeline reserves the right to destroy all cheque not retrieved within thirty days after the expiration of the loan.

3. CREDIT REFERENCE

• Safeline mfb will utilize a dedicated Credit Agency for a credit report on the Borrower in considering any application for credit.
• The Borrower authorizes Safeline to access any information available to Safeline as provided by the Credit Agency.
• The Borrower also agrees that the Borrower’s details and the loan application decision may be registered with the Credit Agency.

4. NOTICES

The Borrower agrees that Safeline may communicate with them by sending notices, messages, alerts and statements in relation to this Agreement in the following manner:

• To the most recent physical address Safeline holds for the Borrower on file
• By delivery to any email address provided during the application-process.
• By delivery of an SMS to any mobile telephone number the Borrower has provided to Safeline mfb.

5. EVENT OF DEFAULT (PLEASE READ CAREFULLY)

Default in terms of this Agreement will occur if:

• The Borrower fails to make any scheduled repayment in full on or before the payment date in accordance with the monthly repayment plan;
• Any representation, warranty or assurance made or given by the Borrower in connection with the application for this loan or any information or documentation supplied by the Borrower is later discovered to be materially incorrect;
• The Borrower does or omits to do anything which may prejudice Safeline rights in terms of this Agreement or causes Safeline to suffer any loss or damage. In the event of any default by the Borrower subject to the clauses above –
• Safeline shall apply a 0.5% flat default charge daily on overdue principal until account is made current.
• Safeline reserves the right to notify the general public (including, but not limited to employer) in the event of default or non-repayment.
• Safeline reserves the right to assign its right, title and interest under the Agreement to an external Collections Agency who will take all reasonable steps to collect the outstanding loan amount.
• Safeline also reserves the right to institute legal proceedings against the defaulting Borrower and is under no obligation to inform the Borrower before such proceedings commence.
• The Borrower shall be responsible for all legal costs and expenses incurred by Safeline in attempting to obtain repayment of any outstanding loan balance owed by the Borrower. Interest on any amount which becomes due and payable shall be charged.

6. GENERAL

• This Agreement represents the entire understanding between Safeline and the Borrower. No amendment shall be made unless same is agreed in writing by the parties.
• The Borrower agrees and undertakes that for the period of this Agreement, the Borrower will not close the Borrower’s specified bank account.
• This Agreement shall be governed by the laws of the Federal Republic of Nigeria and shall be subject to the jurisdiction of the courts of the Federal Republic of Nigeria.
• If Safeline does not strictly enforce its rights under this Agreement (including its right to insist on the repayment of all sums due on the Repayment Due Date) or grant the Borrower an indulgence, Safeline will not be deemed to have lost those rights and will not be prevented from insisting upon its strict rights at a later date.
• The Borrower authorizes and consents to all lawful access, use or disclosure of the Borrower’s particulars in the application by Safeline which may include but shall not be limited to purposes necessary to promote or sustain the business of Safeline; and the Borrower waives any claims the Borrower may have against Safeline arising from any such access, use or disclosure.
• Applicants/Borrowers that submit fake or fraudulent documentation shall be reported to appropriate regulatory bodies including, but not limited to the Nigerian Police, for prosecution and/or any other penalties as the regulatory body deems fit.
• The Lender (Safeline) reserves the right to review, verify and screen all details, including but not limited to the loan amount applied for by the Borrower and the Lender is not bound to grant the exact loan amount applied for by the Borrower.
• That if by reason of any incapacity or disability or irregularity or inadequacy of powers or any other reasons the sum due become irrevocable against the borrower, they shall nevertheless be recoverable from the Guarantor as if the Guarantor were the principal debtor or joint and several principal debtor(s).