Upload
others
View
10
Download
0
Embed Size (px)
Citation preview
PAYDAY LOAN
TERMS AND CONDITIONS
Further to your request for a Payday Loan, we are pleased to offer the above facility to
you under the following terms and conditions:
Lender: Fidelity Bank Plc.("Fidelity")
Facility Type: Payday Loan ("The Facility")
Amount: Up to 50% of net monthly salary
Tenor: Up to 30 days
Purpose: For personal use
Interest Rate:
Management Fee
Credit Life Insurance
Extension Fee
1.95%. Interest shall accrue on the amount actually
disbursed on a reducing balance basis and is payable at
the agreed repayment period
1.00% flat
0.25% flat
0.50% flat (Where applicable)
Effective Date: Upon fulfillment of all conditions precedent to drawdown
and subject to availability of funds
Security/Collateral: 1. Staff's monthly salary or any inflow from other sources
2. Irrevocable domiciliation of salary and other
terminal benefit
3. Credit life insurance covering risk of death and loss
of job
Conditions Precedent to Drawdown
1. Receipt of at minimum, 3 consecutive month salary with Fidelity Bank Plc
2. Digital acceptance of offer via the banks electronic channels
3. Digital acceptance of Terms and Condition
4. Application via the bank’s digital channels.
5. Credit report must be clean
6. Application/Applicant must meet the bank’s internal credit rating
7. Borrower shall repay the facility in accordance with the terms of this facility and
failure to pay any instalment on the due date shall amount to an event default.
8. Fidelity retains the right to cancel this facility if any situation occurs or threatens to
occur which in the opinion of Fidelity would adversely impact the ability of Borrower
to conform or meet its obligation thereof.
9. Notwithstanding the above terms and conditions, the facility under normal banking
practice is repayable on demand.
Other Conditions
1. All Central Bank of Nigeria (CBN) and Federal Government of Nigeria (FGN)
regulations are to be complied with and adhered to.
2. The borrower will pay all stamp and other duties, if any, to which this facility may be
subject or give rise and shall indemnify Fidelity Bank plc against all liabilities with
respect to or resulting from any omission on the part of the company to pay such
duties.
3. The borrower will reimburse Fidelity Bank plc on demand all expenses (including but
not limited to legal and insurance expenses) and all taxes thereon, in processing the
facility and in suing for or recovering any sum due hereunder or otherwise in
enforcing or protecting its’ rights and interests hereunder.
4. All proceeds relevant to the facility shall flow through Fidelity Bank Plc in addition to
other cash flows generated from the borrower’s business activities.
5. No failure or delay by Fidelity Bank Plc in exercising any remedy, power, or right
hereunder shall operate as a waiver or impairment thereof.
6. Fidelity Bank Plc retains the right to cancel the facility in the occurrence of a
situation, which, in the opinion of Fidelity Bank plc, would adversely impact the
ability of the borrower to conform or meet his/her obligations thereof.
7. The borrower undertakes/agrees;
a) To repay the facility on or before maturity, failing which any outstanding
balance shall, in addition to the interest rate hereinbefore stated, (or the
prevailing interest rate on the facility as may be revised from time to time)
attract a default charge of 1% per month (equivalent of 12% per annum).
b) That any debit balance on the Borrower’s current account during this facility,
other than within the limit of a duly approved overdraft facility, shall be
considered as an unauthorized overdraft and shall attract interest at the
bank’s unauthorized overdraft rate currently at 35%.
8. Notwithstanding the above terms and conditions, the facility herein under normal
banking practices is repayable on demand.
9. The Borrower hereby covenants that he/she shall not without the prior written
consent of the Bank, create or permit to be created, any new charge or security in
favour of any third party which shall be superior to the charge or security herein
created.
10. Upon drawdown of this loan, the Borrower covenants that he/she shall not
undertake any further borrowing from other sources (e.g. loans from a co-operative
society) without the prior written approval of The Bank.
11. The borrower hereby confirms, agrees and undertakes as follows:
a) By signing this 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, the bank 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
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 account and from any other financial assets
they may be holding for my benefit.
b) I covenant and warrant that the bank 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.
c) 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.
12. The borrower agrees to waive 3-days cooling off period to enable disbursement.
Events of Default
Without prejudice to Fidelity's right to demand repayment of any outstanding amount
under this facility at any time, the occurrence of any of the following events shall cause
outstanding amounts under the facility to become immediately repayable:
1. If Borrower fails to settle when due, any outstanding amount owed to and advised
by Fidelity; or
2. If Borrower defaults in the performance or observance of any other term, conditions
or covenant herein.
Set Off
The Borrower covenants that in addition to any general lien or similar right to which the
Lender as a banker may be entitled by law, the Lender may at any time and without
notice to the Borrower combine or consolidate all or any of the Borrower's accounts with
any liabilities to the Lender and set off or transfer any sum or sums standing to the credit of
anyone or more of such accounts in or towards satisfaction of the Borrower's liabilities to
the Lender or any other respect whether such liabilities be actual or contingent, primary
or collateral and several or joint.
PERSONAL LOAN
TERMS AND CONDITIONS
Further to your request for a Personal Loan, we are pleased to offer the above facility to
you under the following terms and conditions:
Lender: Fidelity Bank Plc.("Fidelity")
Facility Type: Personal Loan ("The Facility")
Amount: Up to 50% of 3 months net monthly salary
Tenor: 3 months
Purpose: For personal use
Interest Rate:
Management Fee:
Credit Life Insurance:
2.0%. Interest shall accrue on the amount actually
disbursed on a reducing balance basis and is payable at
the agreed repayment period
1.00% flat
1.00% flat
Effective Date: Upon fulfillment of all conditions precedent to drawdown
and subject to availability of funds
Security/Collateral: 1. Staff's monthly salary or any inflow from other sources
2. Irrevocable domiciliation of salary and other
terminal benefit
3. Credit life insurance covering risk of death and loss
of job
Conditions Precedent to Drawdown
1. Receipt of at minimum, 3 consecutive month salary with Fidelity Bank Plc
2. Digital acceptance of offer via the banks electronic channels
3. Digital acceptance of Terms and Condition
4. Application via the bank’s digital channels.
5. Credit report must be clean
6. Application/Applicant must meet the bank’s internal credit rating
7. Borrower shall repay the facility in accordance with the terms of this facility and
failure to pay any instalment on the due date shall amount to an event default.
8. Fidelity retains the right to cancel this facility if any situation occurs or threatens to
occur which in the opinion of Fidelity would adversely impact the ability of Borrower
to conform or meet its obligation thereof.
9. Notwithstanding the above terms and conditions, the facility under normal banking
practice is repayable on demand.
Other Conditions
1. All Central Bank of Nigeria (CBN) and Federal Government of Nigeria (FGN)
regulations are to be complied with and adhered to.
2. The borrower will pay all stamp and other duties, if any, to which this facility may be
subject or give rise and shall indemnify Fidelity Bank plc against all liabilities with
respect to or resulting from any omission on the part of the company to pay such
duties.
3. The borrower will reimburse Fidelity Bank plc on demand all expenses (including but
not limited to legal and insurance expenses) and all taxes thereon, in processing the
facility and in suing for or recovering any sum due hereunder or otherwise in
enforcing or protecting its’ rights and interests hereunder.
4. All proceeds relevant to the facility shall flow through Fidelity Bank Plc in addition to
other cash flows generated from the borrower’s business activities.
5. No failure or delay by Fidelity Bank Plc in exercising any remedy, power, or right
hereunder shall operate as a waiver or impairment thereof.
6. Fidelity Bank Plc retains the right to cancel the facility in the occurrence of a
situation, which, in the opinion of Fidelity Bank plc, would adversely impact the
ability of the borrower to conform or meet his/her obligations thereof.
7. The borrower undertakes/agrees;
a) To repay the facility on or before maturity, failing which any outstanding
balance shall, in addition to the interest rate hereinbefore stated, (or the
prevailing interest rate on the facility as may be revised from time to time)
attract a default charge of 1% per month (equivalent of 12% per annum).
b) That any debit balance on the Borrower’s current account during this facility,
other than within the limit of a duly approved overdraft facility, shall be
considered as an unauthorized overdraft and shall attract interest at the
bank’s unauthorized overdraft rate currently at 35%.
8. Notwithstanding the above terms and conditions, the facility herein under normal
banking practices is repayable on demand.
9. The Borrower hereby covenants that he/she shall not without the prior written
consent of the Bank, create or permit to be created, any new charge or security in
favour of any third party which shall be superior to the charge or security herein
created.
10. Upon drawdown of this loan, the Borrower covenants that he/she shall not
undertake any further borrowing from other sources (e.g. loans from a co-operative
society) without the prior written approval of The Bank.
11. The borrower hereby confirms, agrees and undertakes as follows:
a) By signing this 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, the bank 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
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 account and from any other financial assets
they may be holding for my benefit.
b) I covenant and warrant that the bank 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.
c) 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.
12. The borrower agrees to waive 3-days cooling off period to enable disbursement.
Events of Default
Without prejudice to Fidelity's right to demand repayment of any outstanding amount
under this facility at any time, the occurrence of any of the following events shall cause
outstanding amounts under the facility to become immediately repayable:
1. If Borrower fails to settle when due, any outstanding amount owed to and advised
by Fidelity; or
2. If Borrower defaults in the performance or observance of any other term, conditions
or covenant herein.
Set Off
The Borrower covenants that in addition to any general lien or similar right to which the
Lender as a banker may be entitled by law, the Lender may at any time and without
notice to the Borrower combine or consolidate all or any of the Borrower's accounts with
any liabilities to the Lender and set off or transfer any sum or sums standing to the credit of
anyone or more of such accounts in or towards satisfaction of the Borrower's liabilities to
the Lender or any other respect whether such liabilities be actual or contingent, primary
or collateral and several or joint.
POINT OF TRANSACTION LOAN
TERMS AND CONDITIONS
Further to your request for a Personal Loan, we are pleased to offer the above facility to
you under the following terms and conditions:
Lender: Fidelity Bank Plc.("Fidelity")
Facility Type: Point of Transaction (POT) Loan ("The Facility")
Amount: Up to 10,000
Tenor: 14 days
Purpose: For personal use
Management Fee:
N100 flat
Effective Date: Upon fulfillment of all conditions precedent to drawdown
and subject to availability of funds
Security/Collateral: Account minimum balance
Conditions Precedent to Drawdown
1. Digital acceptance of offer via the banks electronic channels
2. Digital acceptance of Terms and Condition
3. Application via the bank’s digital channels.
4. Borrower shall repay the facility in accordance with the terms of this facility and
failure to pay any instalment on the due date shall amount to an event default.
5. Fidelity retains the right to cancel this facility if any situation occurs or threatens to
occur which in the opinion of Fidelity would adversely impact the ability of Borrower
to conform or meet its obligation thereof.
6. Notwithstanding the above terms and conditions, the facility under normal banking
practice is repayable on demand.
Other Conditions
1. All Central Bank of Nigeria (CBN) and Federal Government of Nigeria (FGN)
regulations are to be complied with and adhered to.
2. The borrower will pay all stamp and other duties, if any, to which this facility may be
subject or give rise and shall indemnify Fidelity Bank plc against all liabilities with
respect to or resulting from any omission on the part of the company to pay such
duties.
3. The borrower will reimburse Fidelity Bank plc on demand all expenses (including but
not limited to legal and insurance expenses) and all taxes thereon, in processing the
facility and in suing for or recovering any sum due hereunder or otherwise in
enforcing or protecting its’ rights and interests hereunder.
4. All proceeds relevant to the facility shall flow through Fidelity Bank Plc in addition to
other cash flows generated from the borrower’s business activities.
5. No failure or delay by Fidelity Bank Plc in exercising any remedy, power, or right
hereunder shall operate as a waiver or impairment thereof.
6. Fidelity Bank Plc retains the right to cancel the facility in the occurrence of a
situation, which, in the opinion of Fidelity Bank plc, would adversely impact the
ability of the borrower to conform or meet his/her obligations thereof.
7. The borrower undertakes/agrees;
a) To repay the facility on or before maturity, failing which any outstanding
balance shall, in addition to the interest rate hereinbefore stated, (or the
prevailing interest rate on the facility as may be revised from time to time)
attract a default charge of 1% per month (equivalent of 12% per annum).
b) That any debit balance on the Borrower’s current account during this facility,
other than within the limit of a duly approved overdraft facility, shall be
considered as an unauthorized overdraft and shall attract interest at the
bank’s unauthorized overdraft rate currently at 35%.
8. Notwithstanding the above terms and conditions, the facility herein under normal
banking practices is repayable on demand.
9. The Borrower hereby covenants that he/she shall not without the prior written
consent of the Bank, create or permit to be created, any new charge or security in
favour of any third party which shall be superior to the charge or security herein
created.
10. Upon drawdown of this loan, the Borrower covenants that he/she shall not
undertake any further borrowing from other sources (e.g. loans from a co-operative
society) without the prior written approval of The Bank.
11. The borrower hereby confirms, agrees and undertakes as follows:
a) By signing this 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, the bank 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
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 account and from any other financial assets
they may be holding for my benefit.
b) I covenant and warrant that the bank 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.
c) 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.
12. The borrower agrees to waive 3-days cooling off period to enable disbursement.
Events of Default
Without prejudice to Fidelity's right to demand repayment of any outstanding amount
under this facility at any time, the occurrence of any of the following events shall cause
outstanding amounts under the facility to become immediately repayable:
1. If Borrower fails to settle when due, any outstanding amount owed to and advised
by Fidelity; or
2. If Borrower defaults in the performance or observance of any other term, conditions
or covenant herein.
Set Off
The Borrower covenants that in addition to any general lien or similar right to which the
Lender as a banker may be entitled by law, the Lender may at any time and without
notice to the Borrower combine or consolidate all or any of the Borrower's accounts with
any liabilities to the Lender and set off or transfer any sum or sums standing to the credit of
anyone or more of such accounts in or towards satisfaction of the Borrower's liabilities to
the Lender or any other respect whether such liabilities be actual or contingent, primary
or collateral and several or joint.
MIGO LOAN
TERMS AND CONDITIONS
You agree
a. To pay loan balances on or before the due date
b. To allow use of personal data to determine loan offers
c. To be subject to fees and penalties for late payment
d. To allow messages too your contacts if you do not pay
Visit migo.money/en-ng/get for full Ts & Cs
MIGO LOAN
DISCLAIMER
1. This loan is offered through Fidelity Bank by our partner
2. Your eligibility for a loan shall be determined by our partner after a credit
check is conducted
3. Our partner may get in touch with you from time to time
4. Our partner may adopt any form of loan recovery process deemed
necessary, and we have no control over those processes
5. Please read the terms and conditions carefully before applying for the loan
6. By proceeding with the loan request, you hereby agree that Fidelity bank is
absolved from any form of liability, responsibility or claim relating to the loan