The Management of Access Bank Plc (the “Lender” or “Bank”) approves this time loan (“facility”) to eligible and interested customers under the following terms and conditions
AMOUNT: As may be approved by the Bank
PURPOSE: To bridge immediate cash flow gap
TENOR: 31 days or next salary date (whichever comes first)
INTEREST
The interest rate for the facility is 3% flat, which shall be subject to review from time to time in line with the prevailing money market condition. Any change in pricing of the facility notified by the Lender to the Borrower shall be binding on the Borrower. However, any excess over the approved limit or any unliquidated expired facility shall attract an interest on authorized excess overdraft at a rate of 12% per annum.
MANAGEMENT FEE: 1% flat
COMMITMENT FEE: 1% flat
CREDIT LIFE INSURANCE: 0.15% flat
REPAYMENT SOURCE: Proceeds of monthly salary payment domiciled to the Lender or any BVN linked accounts in any Bank.
COMMENCEMENT DATE
This facility shall commence upon drawdown or on the date of disbursement notwithstanding the date on the offer or date of execution. This loan is repayable on the next Pay Day or 31days after (whichever comes first).
SECURITY/SUPPORT
The facility shall be secured with the following:
Irrevocable Domiciliation of Salary Credit life insurance covering the risk of death/disability, and retrenchment of the Borrower. Employer’s undertaking to domicile salaries and any other allowances, emoluments, entitlements and terminal benefits of employees to the Bank
AVAILABILITY
This facility shall be available for utilization only upon satisfactory compliance with the conditions precedent to drawdown as may be prescribed the Bank.
CONDITIONS PRECEDENT TO DRAWDOWN
Receipt of monthly salary (via payroll administration) in the Lender (at least 1 month salary must be received in the Borrower’s account in the Bank.
Completion of Application via our electronic banking platforms including but not limited to *901#, *903#, Mobile app and Internet Banking. Automated confirmation on eligibility and visibility of last month’s payroll through a separate preapproved customer database. Acceptance of offer via our electronic banking platforms including but not limited to *901#, *903#, Mobile app and Internet Banking. Acceptance of this Terms and Conditions.
Irrevocable salary domiciliation to the Bank. Execution of Irrevocable Undertaking by Employer to domicile employee salary and other allowances and benefits to the Bank and not to remit salary and other allowances, emoluments entitlements and terminal benefits of employees elsewhere without the written consent of the Bank
OTHER CONDITIONS
COVENANTS
The Borrower hereby covenants with the Lender that the Salary account would be sufficiently funded up-front to absorb interest, commission and other charges
EVENTS OF DEFAULT
Notwithstanding anything herein before contained, the facility or balance thereof and other monies herein covenanted to be paid whether by way of interest or otherwise shall become immediately due and payable on the demand being made in respect of such on the occurrence of any of the following events:
RIGHT OF 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.
LEGAL AND OTHER EXPENSES
The Borrower shall reimburse the Bank for all reasonable out of pocket expenses, costs, and charges incurred by the Bank in connection with the preparation, execution, administration and enforcement of the terms of this offer, including but not limited to Solicitors fees, Stamp Duties and Registration fees. Such charges and costs shall in the event of non-payment by the Borrower on demand be added to the facility and other moneys owing under the terms of this offer and shall bear interest accordingly.
INSURANCE
The Borrower shall maintain a credit life insurance policy against loss of life and such other risks as the Bank may from time to time consider necessary in an Insurance Company approved by the Bank. The Borrower shall duly pay all premiums for keeping such insurance. The Bank’s interest as first loss payee must be duly endorsed on the insurance policy.
TAXES
All payments whether of principal, interest or otherwise shall be made free and clear of and without deduction of any taxes, duties, charges, fees, deductions, withholdings, set-offs, counterclaims, restrictions or conditions of any nature. If at any time, provision of the law or any taxing authority shall require the Borrower to make any such deduction or withholding from any such payment, then the sum due from the Borrower in respect of such payment shall be increased to the extent necessary to ensure that after making of such deductions or withholding, the Bank receives a net equal to the sum which it would have received had no such deduction or withholding been required to be made.
REPRESENTATIONS AND WARRANTIES
The Borrower hereby irrevocably and unconditionally represents and warrants that:
CHANGE IN CIRCUMSTANCE
If the Lender has determined that the introduction of or change in any applicable law or government or other regulatory authority charged with the administration thereof or court of competent jurisdiction makes it apparent that it is unlawful or illegal for the Borrower or the Lender to fund or maintain or perform their obligations as contemplated by the terms of this Offer Letter, the Lender shall forthwith give notice of such occurrence to the Borrower and the commitment shall forthwith be cancelled or discharged and the Borrower shall on the next succeeding payment date or such earlier date as may be required repay to the Lender the principal amount so disbursed together with accrued interest, if any, and other amount due to the Lender hereunder.
REMEDIES AND WAIVERS
Failure or delay by the Lender in exercising any remedy, power or right as a Lender shall not be considered as a waiver or impairment thereof nor shall it affect or impair any such remedies, powers or rights in respect of any default.
UNDERTAKINGS
The Borrower undertakes to:
ELECTRONIC COMMUNICATIONS
The Borrower hereby consents to notices, documents and any other communications relating to the facility and these terms and conditions being sent by the Bank to the Borrower or made available to the Borrower via email or other electronic means (including without limitation, an SMS message). The Borrower also consents to receiving commercial electronic messages the Bank may send from time to time (including SMS messages and email).
INFORMATION
The Borrower authorizes the Bank to share any personal information of the Borrower with any third party, including without limitation, lenders, credit bureaus, credit reference agencies, payment processing agencies, customer service providers and collection agencies for any purpose in relation to this facility or the Bank’s business functions and activities, which include, without limitation, assessing the Borrower’s credit risk and ability to repay debts. The Bank reserves the right to request from the Borrower any information or document which it may require in relation to this facility, including for assessing the Borrower’s loan application, identifying the Borrower or for performing all required verifications. The Borrower hereby authorizes the Bank to obtain any information about the Borrower that it may require in relation to this facility, from any third party and further authorize the relevant third party to disclose such information to us.
VARIATION
Only the Bank may vary these terms and conditions at any time if it is required or it is advisable for us to do so by law or change in market conditions or to maintain our rate of return on this facility. Any variation to these terms and conditions is binding on the Borrower from the date specified in such notice.
ASSIGNMENT
The Borrower shall not assign all or any part of his/her rights, title, interest or obligations in the facility to a third party without the Bank’s written permission. The Bank may assign in whole or in part, any of its rights, title, interest and obligations in the facility without the consent of the Borrower,
NOTICES:
No communication will be effective until received by the Bank. A communication from the Bank to the Borrower is, however, deemed to be received:
TERMINATION
These terms and conditions shall remain in force as long as the Bank remains a creditor of the Borrower or as long as any part of the facility remains outstanding.
MISCELLANEOUS
These terms and conditions shall be governed and construed in accordance with Nigerian law.
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