Terms of Agreements

1. The Loan

1.1 Credit Capital agrees to make available to the borrower the overleaf on the terms and conditions set out in this agreement.

The details of the loan are as shown on the schedule over leaf.

1.3 Once the loan is disbursed to the customers account, Credit Capital reserves the right to charge interest at anytime the customer chooses to repay the loan.

1.4 The loan amount shall be made available by direct payment in to borrower's account with designated bank.

1.5 The borrower will acknowledge receipt of the loan by signing this document has not paid at the same rate sold in this clause.

2. Interest

Credit Capital will charge interest on the loan amount at the rate of ................ % per month, and the interest rate will be fixed for a period of the loan. if the borrower fails to pay any month which the Borrower owes Credit Capital in terms of the agreement on the due date of such amount, Credit Capital shall be entitled to charge interest on the Borrower has not paid at the same rate as sold in this clause.

3. Insurance

Credit Capital will deduct 1.5% of the approved loan amount as insurance on the loan.

4. Payment

4.1 The borrower must repay the loan as shown over leaf.
4.2 The borrower agrees that Credit Capital shall have the rights to deduct the monthly installments in full as set out in the overleaf directly from the borrower's salary as a deduction from his or her employee's payroll.
4.3 The borrower hereby gives Credit Capital the right to deduct monies owing to it from any unpaid wages or any other remuneration credits payable to the Borrower leaves the service of his/her employer for any reason before the total amount repayable under this agreement has been paid.
4.4 Credit Capital can use the money paid by the borrower to pay first legal and other costs, then cost, then interest and then the actual loan amount.
4.5 New interest rate will be applied on loan pre-liquidation at 3.5%, irrespective of the initial loan tenor.
4.6 In the event of the borrower's death or permanent disability, the borrower will be liable for the repayment of any other outstanding limited to his/her terminal benefit/gratuity or any disclosed or undisclosed entitlement from his employer (IF ANY).
4.7 A 2.69% Management fee shall be capitalised on the total loan amount irrespective of the loan tenor or amount.

5. Cost and charges

The Borrower agrees that, if Credit Capital has to use lawyers, Debt Recovery Agents and/or other Consultants because the Borrower has not carried out any part of this agreement, the Borrower will pay to Credit Capital all the costs incurred by Credit Capital .

6. Breach

6.1 In the event of Any failure by the borrower to pay any amount which is owing of this agreement in full and on the date he or she has to, or Any other breach by the Borrower of the terms of this agreement; Any claim that the Borrower has failed to carry out his or her duties under this agreement; Then the full balance due under this agreement, together with any penalty interest and all other charges and expenses owing to Credit Capital by the Borrower shall become immediately due and payable to Credit Capital shall be entitled to terminate this Agreement and claim and/or recover from the Borrower any damages/losses it may have suffered as a consequence.
6.2 Penalty interest charge shall not exceed the maximum allowable rate in the terms of the notice on overdue amounts in case of deafly by the Borrower or his/her employer.
6.3 The amount owing by the Borrower for Credit Capital at any may be shown by a certificate in which a Credit Capital officer has worked out and stated that amount owing. An officer of Credit Capital must sign the certificate. The certificate will be proof of the amount owing to Credit Capital Ltd by the Borrower and will be used in any legal proceedings and will be accepted by the court on its own as correct unless the Borrower proves that it is wrong.
6.4 Credit Capital reserves the right to extend the loan tenor to accommodate skipped payments with or without prior communication.

7. Other Obligation:

I hereby declared that I do not have pending loan obligation to any other financial institution; and undertake that, under no condition shall I obtain any payroll deductable loan without written content of Credit Capital for the duration of this loan.

8. General

8.1 The agreement is the whole agreement between Credit Capital and the Borrower. It cannot be changed unless the change is put into writing and signed by both Credit Capital and the Borrower.
8.2 The Borrower agrees that for the period of this agreement, he or she will not close his or her specific bank account.
8.3 Credit Capital will give the Borrower, at the Borrower's request, a statement setting out all deductions from his/her salary, the outstanding balance any amounts payable in arrears.
8.4 The Borrower authorizes Credit Capital to access any information available with his or her application, and also gives Credit Capital permission to register details of the conduct of the Borrower's account with any credit bureau, and the Borrower waives any claims he or she may have against Credit Capital in respect of such disclose.
8.5 Disbursement is subject to the availability of funds as well as CBN Regulations
8.6 Credit Capital reserves the right to review and verify documents submitted by the borrower and is not bound to grant the loan request

I confirm that I have read, understood and agreed to the above terms and conditions. I also authorize my employer to deduct monthly instalments as per the agreement shown over leaf from my salary until the loan has been fully paid and to recover any outstanding instalments against my terminal dues in the event of termination of employment before the loan is fully recovered.