1.1 This Agreement shall commence upon acceptance of the terms and conditions 

1.2 The customer shall be deemed to have read, understood and accepted the CBZ Bank (“the  Bank”)’s instant loans terms and conditions: 

1.2.1 On clicking the “Accept” option on the CBZ Touch menu requesting you to confirm that you have read, understood and agreed to abide with the Bank’s terms and conditions 

1.2.3 By applying for an instant loan with the Bank, you agree to be bound by the terms and  conditions which may be amended or varied by the Bank from time to time. 

2.0 The Bank has the right to decline your loan application or to revoke the same at any stage at its sole discretion and without assigning any reason or giving any notice thereto 

2.1 Subject to the Bank’s terms and conditions, an instant loan may be applied for by a CBZ account holder from the Bank using CBZ Touch mobile banking solution. 

2.2 The instant loan application shall be assessed as per the Bank loan assessment processes. 

2.3 The Bank reserves the right at its sole discretion and without assigning any reason to approve or decline your application for a loan. 

2.4 Subject to approval of your application for a loan, the Bank shall disburse to you a loan amount into your CBZ Bank account/CBZ wallet account subject to the following terms and  conditions: 

2.4.1 Loans will be available in ZWL and USD.  

2.4.2 Application Fee. 

A fee of US$1/ ZWL equivalent at the prevailing bank rate exclusive of loan charges is collected for every loan application regardless of whether the loan is approved or declined. 

2.4.1. Tenure 

The loan shall be for a maximum period of 30 calendar days 

2.4.2 Security 

The loan shall be secured through insurance by CBZ Life Limited Credit Cover Policy. 2.4.3 Insurance Charges 

2% insurance on the principal will be deducted on disbursement 

2.4.4 Interest Rate 

Interest rate is 10% for ZWL and 3% for USD. This shall also be 10% / 3% per month after maturity that  is 30 days and the loan has not been fully repaid. 

2.4.5 Establishment/Administration Fees 

Administration fees are 2% of the amount applied 

2.4.6 Loan repayments 

Early repayment of the loan may be permitted. The loan repayment is a once-off payment. Should  you for any reason choose not to make a repayment, the Bank will automatically debit the amount  owed to the Bank by you.

2.4.7 Penalties 

A penalty of 8% per month calculated on the outstanding balance shall be effected if the loan remains  unpaid 

You shall repay the loan within 30 calendar days from the date of disbursement of the loan or any such time as may be stipulated by the Bank from time to time based on the amount loaned. 

All repayments due shall be made automatically from the CBZ Account/ CBZ Wallet or using the  CBZ Touch loan repayment menu. 

2.4.7 Right of Setoff 

The Bank shall be entitled in its sole discretion and without notice, to reduce or settle the loan  account by appropriating to it any amount of money held by the Bank on your behalf or standing to the credit of any account youmay havewith the Bank, notwithstanding the fact that the amounts  to be set off against each other are due and payable or not. 

The Bank shall be entitled in its sole discretion and without notice to realise any security lodged with  the Bank and to use the proceeds thereof towards the reduction or full settlement of your loan balance. A statement or demand letter signed by an authorised Bank official shall for all purposes  be conclusive evidence of a sum or sums of money owing by you to the Bank. 

2.4.8 General Conditions 

You shall be liable for the payment of all expenses incurred by the Bank in exercising any right against you in respect of any breach of these conditions including all legal charges on the attorney  or client scale, debt collection/attorney collection charges and tracing charges and commissions. 

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. 

You consent to the jurisdiction of the Magistrate’s Court where notwithstanding the fact that the  Bank’s claim at any time may otherwise exceed the jurisdiction of that court.  

Notwithstanding the conditions above, any outstanding loan amount to the Bank at any time shall  in accordance with normal banking practice be due and payable on demand being made by the  Bank. In making such demand for payment, the Bank shall not be obliged to give any notice of such  action. 

Utilisation of the facility or any portion thereof, in any way for any purpose, shall be deemed to indicate unconditional acceptance of the terms and conditions contained herein. 

The bank reserves the right to withdraw the offer of this loan facility at any time prior to utilisation of the facility.