appropriate for evaluating this application.
TERMS AND CONDITIONS
These Terms and Conditions apply to and regulate the provision of credit facilities advanced by Firmus Microfinance Bank Limited (“FirmusMFB”) to the Borrower herein:
1. INTEREST
A 7.5% charge of the outstanding principal amount shall be applied in the event of the Borrower pre-liquidating the loan before expiration.
2. PAYMENT
Personal Cheque, Direct Debit Mandates, Standing Order, or through an acceptable electronic channel. All other methods will be accepted with FirmusMFB’s 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 repayment plan; and
The Borrower hereby agrees that non-payment of the amount owed by the due date shall render the Borrower in default and entitles FirmusMFB 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, FirmusMFB reserves the right to destroy all cheques not retrieved within thirty days after the expiration of the loan.
3. CREDIT REFERENCE
The Borrower authorizes FirmusMFB to access any information available to FirmusMFB 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 FirmusMFB may communicate with them by sending notices, messages, alerts, emails and statements in relation to this Agreement in the following manner:
To the most recent physical address FirmusMFB holds for the Borrower on the Borrower’s 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 FirmusMFB.
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 given to the Borrower;
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; or
The Borrower does or omits to do anything which may prejudice FirmusMFB’s rights in terms of this Agreement or causes FirmusMFB to suffer any loss or damage.
In the event of any default by the Borrower subject to the clauses above
FirmusMFB shall apply a 1% flat default charge daily on overdue principal until account is made current.
FirmusMFB reserves the right to notify the general public (including, but not limited to employer) in the event of default or non-repayment.
FirmusMFB 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.
FirmusMFB 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 FirmusMFB 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 FirmusMFB 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 FirmusMFB 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, FirmusMFB will not be deemed to have lost those rights and will not be prevented from insisting upon its strict rights at a later date.
FirmusMFB reserves the right to transfer or assign its rights and obligations under this Agreement (including its obligation to lend money to the Borrower or the amount owed under this Agreement) to another person.
FirmusMFB will only inform the Borrower if such a transfer causes the arrangements for the administration of this Agreement to change.
The Borrower authorizes and consents to all lawful access, use or disclosure of the Borrower’s particulars in the application by FirmusMFB which may include but shall not be limited to purposes necessary to promote or
sustain the business of FirmusMFB; and the Borrower waives any claims the Borrower may have against FirmusMFB 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 (FirmusMFB) 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.
FirmusMFB reserves the right to carry out recovery in the event of default, in consonance with the terms contained on the Offer Letter to be issued for this loan facilit and hereby irrevocably state that the cheque would not be canceled without recourse to FirmusMFB; and if such happens and I do not contact FirmusMFB within 24hours, FirmusMFB reserves the right to take legal action against me.
I confirm that I have read, understood and agreed to the above terms and conditions.
I also authorize FirmusMFB to present the cheques issued by me (in favour of FirmusMFB) for the repayment of the Loan as and when due until the Loan has been fully paid and if, for any reason whatsoever, my account is not funded at the time of presentation, I shall be criminally liable under the Dishonored Cheques (Offences) Act, CAP D1, LFN2004.
