Loan Terms and Conditions

This Loan Agreement ("Agreement") is entered into between Alert Microfinance Bank Limited (hereinafter referred to as the "Bank") and the borrower (hereinafter referred to as the "Borrower") under the following terms and conditions:

  1. Facility and Repayment:
    • a. The Bank grants a loan facility to the Borrower, the terms of which are outlined in this Agreement.
    • b. The Borrower is responsible for repaying the facility and the accrued interest as per the agreed schedule.
  2. Default and Consequences:
    • a. In the event of default by the Borrower in repayment of the facility, interest, or compliance with the terms and conditions specified herein, the Bank reserves the right to:
    • b. If any installment or amount due remains unpaid after the due date, the Borrower shall incur an additional 2% fee per month on the amount due and unpaid until full repayment.
  3. Use of Guarantee:
    • a. In the event of default, the Bank, at its absolute discretion and without the Borrower's consent or notice, reserves the right to apply any guarantee provided and seek repayment through any means.
      • i. Demand immediate repayment of all outstanding amounts on the facility, or
      • ii. Crystallize the security provided.
    • b. Any costs incurred during this process will be debited to the Borrower's account.
  4. Dishonored Cheque Fee:
    • a. The Borrower shall pay a fee of N5,000.00, in addition to any applicable Cost of Transaction (COT), for any cheque dishonored upon presentation for payment by the lender.
  5. Amendment of Terms:
    • a. The Bank reserves the right, in its absolute discretion, to vary, alter, or amend any of the terms and conditions of this facility without prior notification or consent of the Borrower.
  6. Availability of Funds:
    • a. This offer is subject to the availability of funds.

Events of Default

The occurrence of any of the following events shall cause all outstanding amounts under the facility to be due and immediately repayable: a) If the Borrower fails to settle any outstanding amount owed to and advised by the Bank when due. b) If, in the opinion of the Bank, there is an adverse material change in the Borrower's employment or financial condition. c) If any extraordinary situation arises such that, in the opinion of the Bank, the continuation of the transaction makes it impossible for the Borrower to discharge its obligations.

Memorandum of Acceptance

I hereby accept this offer under the above-stated terms and conditions, and I also authorize Alert Microfinance Bank Limited to recover its total outstanding balance from any of my accounts in other banks using my BVN in the event of default in payment of this loan. I understand that the Bank reserves the right to debit my account with any Financial Institution using the BVN provided in the event of default in repayment of this facility.