Terms and Conditions
- These General Terms and Conditions shall constitute a Loan Agreement between the Borrower and the Lender upon the terms and conditions set out herein
- The Borrower declares, agrees and confirms that all information provided by the Borrower to the Lender in connection with the Loan Application is true and correct and is sufficient for the Lender to conduct an analysis of the Borrower’s financial situation. The Borrower also confirm having seen the information, setting out the full details of everything that the Borrower has to pay if the Loan is granted and this information is the same information that was shown and /or discussed with the Borrower before the Borrower signed the Agreement
- For Salaried Borrower’s, where the Borrower opts for repayment instalments to be deducted from the Borrower’s salary, the Borrower agrees and confirms that the Borrower may not unilaterally cancel any order or consent given to deduct the monies due to the Lender from the Borrower’s salary, until the Loan has been repaid in full
- The Borrower agrees that by signing this Agreement, the Borrower gives the Lender permission to contact anyone (i.e. the Banks, the Employer, the Credit Reference Bureau inter alia) to check that the information which the Borrower has given in Part 1 is correct and further consents to the Lender transmitting to any credit bureau, data about the Borrower’s application for and the granting of credit to the Borrower pursuant to this Agreement
- The Borrower applies for a Loan by completing Part 1 of this Agreement and once the Lender has approved the Borrower’s application by countersigning this Agreement and making payment of the capital to the Borrower on the disbursement date, by way of cash or electronic fund transfer into the Borrower’s bank account as indicated in Part 1, a Loan Agreement on such terms, comes into force and effect between the Borrower and the Lender. The Borrower will however have twelve (12) hours within which to cancel the Agreement provided he has repaid the Loan Principal Amount in full
- The Loan Principal Amount will be repayable to the Lender together with the interest reflected in Part 1 of this Agreement, as may be varied from time to time and if the Borrower is late in paying the whole or part of an instalment, the Borrower will pay the Lender interest on the capital outstanding from when it was due, whether before or after any judgment, at the rate shown in Part 1 until its actual payment. Interest will accrue daily from the date of disbursement. Further, interest shall be calculated on a daily basis at the end of each calendar day. The rate applicable will be in accordance with the agreed rate per annum as provided in Part 1.
- The Borrower acknowledges that in the event of any instalment, or other payment, not being made on its due date or the Loan falling into arrears, the Lender shall be entitled (without prejudice to any other rights which the Lender may have) to either demand repayment of the Loan (inclusive of capital, interest and other charges then outstanding) or to reschedule the Loan repayments, in which event a new Agreement will be deemed to have been executed by the Borrower in favour of the Lender. The Borrower shall repay the rescheduled capital together with interest and all other charges in accordance with the provisions of the aforesaid schedule as determined by the Lender
- By signing the Direct Debit/Standing Order mandate which, by incorporation, forms part of this Agreement, the Borrower authorises the Lender to satisfy the Borrower’s obligations by making a charge against a bank account held by the Borrower. The Borrower acknowledges that the Lender is under no obligation to obtain payment of the Borrower’s obligations solely by making a charge against a bank account held by the Borrower, and that it has a right at any time to call for payment by other methods, including without limitation by way of deductions, from the Borrower’s salary or directly from the Borrower. The Borrower agrees that should funds not be available at the time that the mandate is presented to the Borrower’s bank, the Lender may continue presenting the unpaid debit instruction for as long as it chooses to do so and the Borrower remains fully liable and responsible for payment of all amounts due and payable under this Agreement notwithstanding any failure by the Lender or any other person to effect payment thereof by way of making a charge against a bank account held by the Borrower. The Borrower is also responsible for all bank charges, charged by the Borrower’s bank to the Borrower, for all attempts to effect this payment.
- The Salaried Borrowers’ have authorised the Lender to satisfy their obligations by way of deductions directly from the Borrower’s salary. The Borrower acknowledges that the Lender is under no obligation to seek payment solely by way of deductions from the Borrower’s salary and that it has a right at any time to call for payment by other methods including without limitation by way of making a charge against the Borrower’s bank account or directly from the Borrower. The Lender may deduct all/any amounts outstanding from the Borrower’s employment benefits, at termination, resulting from, but not limited to, desertion, early retirement, normal retirement, dismissal or medical reasons.
- The Lender may at its sole discretion collect each instalment due under this Agreement on the Salaried Borrower’s salary day (“Collection Day”) or at any time when funds are available in the Borrower’s bank account provided always that such collection dates fall on or after the due date of any such instalment
- The Borrower has an option of making an early settlement of the Loan prior to the Loan maturity date. The settlement amount is the total of the following amounts: the unpaid balance of the Loan at the time of termination, the unpaid interest or any charges due up to the settlement date. Any accelerated payments made towards the Loan shall not discharge the Borrower of the monthly/scheduled instalments that are due on the Loan
- An event of default will have occurred where: the Borrower fails to make payment of any amount payable under this Agreement on the due date thereof; the Borrower’s employment is terminated; the Borrower breaches any of the provisions of this Agreement; the Borrower commits any act of insolvency; the Borrower dies; the Borrower provides incorrect information; or the Borrower does anything to prejudice the Lender’s rights in terms of this Agreement. Further, no relaxation or indulgence which the Lender may show to the Borrower shall in any way prejudice or be deemed to be a waiver of its rights and, in particular, no acceptance by the Lender of payment after due date (whether on one or more occasions) nor any other act or omission by the Lender shall preclude or stop it from exercising any rights enjoyed by it hereunder by reason or any subsequent payment not being made strictly on due dates or by reason of any subsequent breach by the Borrower. Default on any of the repayment dates will compel the Lender to dispose of the property pledged as collateral, without further recourse to the Borrower, and the Borrower hereby confirms, accepts and acknowledges that the Lender shall become Mortgagee in Possession, where the collateral is immovable property and where the property is movable property; a letter of sale is hereby deemed to have been validly executed by virtue of this provision, allowing the Lender full authority and power to dispose of the collateral to satisfy the obligations of the Borrower, provided always that notice of seven (7) days shall be given to the Borrower of the Lenders intention to do so. The Borrower acknowledges and accepts that there will be no further claims from the Borrower, who shall keep the Lender indemnified always.
Email info@mesymfinance.com
Phone +260 776 336 695
Address Suite 914, 9th Floor, Indeco House, Cairo Road, Lusaka, Zambia