The Borrower hereby agrees to abide by the following terms and conditions as well as any other conditions as may come into being from time to time in line with CBZ Bank’s (“The Bank”) policies.
Loan Repayment
The Borrower shall repay the Loan in full by paying the principal repayment and interest repayment. The loan repayment will be made on the next salary date.
Interest Rate
Interest shall be recovered upfront at disbursement at a rate of 6% of the disbursed loan amount, subject to change from time to time in line with market conditions and/or regulatory directives.
Default Interest Rate
Applicable interest rate plus 8% is the penalty interest.
Establishment/Administration Fees
- Establishment fees to be recovered upfront at disbursement at a rate of 1% (minimum USD 5.00) of the disbursed loan amount.
- Loan application fees to be recovered upfront at disbursement at a rate of 0.5% (minimum USD 5.00) of the disbursement amount.
Insurance Fees
Insurance fees shall be recovered upfront at disbursement at a rate of 0.5% (minimum USD 0.50) of the disbursed loan amount.
Tenure
One month from the disbursement date.
Currency
All payments made by the Borrower under this agreement shall be in United States Dollars only. The Borrower agrees to repay the loan in United States of America Dollars for the duration of the loan and any period of extension if so agreed to by the Lender, notwithstanding any changes in legislation. The Borrower shall repay the loan in immediately available cleared funds from the Borrower’s loan account number.
Right of Setoff
The Bank shall be entitled at any time in its sole discretion and without notice to set off any liability of the Borrower to the Bank against any liability of the Bank to the Borrower or standing to the credit of any other account of the Borrower with the Bank, whether either liability is present or future, liquidated or unliquidated, to reduce or settle the loan account notwithstanding the fact that the amounts to be set off against each other are due and payable or not. Any exercise by the Bank of its rights under this clause shall not limit or affect any other rights or remedies available to it under this agreement or otherwise. All payments made by the Borrower under this agreement shall be made in full without set-off, counterclaim, or condition, and free and clear of, and without any deduction or withholding.
A statement or demand signed by the Bank’s authorized officer addressed to the Borrower shall, for all purposes, be conclusive evidence of a sum of money owing by the Borrower to the bank.
General
- The Borrower consents to the jurisdiction of the Magistrate’s Court notwithstanding the fact that the Bank’s claim at any time may otherwise exceed the jurisdiction of that court.
- The Borrower shall be liable for the payment of all expenses incurred by the Bank in exercising any right against the Borrower in respect of any breach of these conditions, including all legal charges on the attorney/client scale, debt collection/attorney collection charges, and tracing charges.
- No delay, indulgence, or relaxation in the exercising of any of the Bank’s rights under these terms and conditions shall constitute a waiver of such rights.
- No variation of this agreement shall be effective unless it is in writing and signed by the Parties.
- Once the Borrower enters a one-time password (OTP) on the Bank’s CBZ Touch platform, they have accepted these terms and conditions.