APPLICATION FOR LOAN

Name
Address
Account Number
BVN
Amount
Tenor
Repayment	Monthly
Repayment Day	Day of every month.

I authorize Sterling Bank Plc to debit my account for all fees associated to the loan immediately the facility is disbursed. I irrevocably undertake and covenant that I shall at all times make funds available in my account for the purpose of meeting my obligations as and when due. The foregoing shall be construed as a continuing instruction and shall not be revoked by me until I have fully paid down the credit availed to me.

TERMS

The security for the loan is an irrevocable payment from monthly salary and entitlement.

STERLING BANK PLC may collect, use and disclose my / our transaction/ information to the appointed Credit Bureaus and other agencies that the Credit bureaus may use the information for any approved business purposes as may from time to time be prescribed by the CBN and/ or any relevant statute.

CONDITIONS

• All expenses incurred in the arrangement, documentation and enforcement of payments under this facility would be borne by the Customer.
• Utilization of the facility or any part thereof shall be at the sole discretion of Sterling and is subject to satisfactory documentation and regulation of CBN as may be laid down from time to time.
• The facility shall terminate and all sums due to Sterling there under shall become immediately due and payable if the customer commits any breach or defaults under the terms of the facility granted him by Sterling or any other Bank.
• The Borrower shall keep the Bank fully informed of all facilities granted to him/her by other Banks and financial institutions.
• Account must revert to credit on or before expiration
• Any outstanding unpaid rental at expiration or any excess above the limit is not to be considered as approval for the unpaid obligation or unauthorized excess and will attract interest at 1% flat monthly.

EVENTS OF DEFAULT

Without prejudice to Sterling Bank right to demand repayment of outstanding amounts under the facility at any time, the occurrence of any of the following events shall cause all outstanding amounts under this facility to become immediately repayable.

• If the borrower fails to settle any due obligation arising from the facility; or
• If the borrower defaults in the performance or the observance of any other term, after notice might have been given to the borrower; or
• If an order is made or an effective resolution is passed or a petition is presented for the borrower’s undertaking and assets; or
• If a distress or execution is levied upon or issued against the borrower’s property and is not discharged within 5 days;

RIGHT OF SET-OFF

The customer covenants that in addition to any general lien or similar right to which Sterling as banker may be entitled by law, Sterling may at any time and without notice to the customer combine or consolidate all or any of the [his/her] accounts with any liabilities to Sterling and set off or transfer any sum or sums standing to the credit of one or more of such accounts in or towards satisfaction of any of the customer’s liabilities to Sterling or any other account or in any other respect whether such liabilities be actual or contingent, primary, or collective and several or joint.

FACILITY REVIEW

The Bank reserves the right at its sole discretion to change, vary or cancel at any time, with adequate notice to the Borrower, the nature and amount of the facilities as well as the underlying terms, conditions and security arrangements. Therefore, notwithstanding anything in this offer to the contrary, these facilities are regarded as payable at any time at the option of the Bank.

DEFAULT CLAUSE/ PENAL RATE

Any excess drawing over the approved facility limit and/or failure to meet agreed repayment terms will attract a penalty fee of 1% flat of the amount per month whether such excess over approved limit and/or failure to meet repayment terms is for a period less than one month.

GLOBAL STANDING INSTRUCTION MANDATE

By signing this offer letter/facility agreement and by drawing the facility, I covenant to repay the facility as and when due.

In the event that I fail to repay the facility as agreed, and the facility becomes delinquent, the bank shall have the right to report the delinquent facility to the CBN through the Credit Risk Management System (CRMS) or by any other means, and request the CBN to exercise its regulatory power to direct all banks and other financial institutions under its regulatory purview to set-off my indebtedness from any money standing to my credit in any bank account and from any other financial assets they may be holding for my benefit.

I covenant and warrant that the bank shall have power to set-off my indebtedness under this facility agreement from all such monies and funds standing to my credit/benefit in any and all such accounts or from any other financial assets belonging to me and in the custody of any such bank.

I hereby waive any right of confidentiality whether arising under common law or statute or in any other manner whatsoever and irrevocably agree that I shall not argue to the contrary before any court of law, tribunal, administrative authority or any other body acting in any judicial or quasi-judicial capacity.

MATERIAL ADVERSE CHANGES

This offer shall be withdrawn or the facility terminated if a situation, change of default occurs or threatens to occur, which in the sole opinion of the bank would adversely affect the ability of the Bank or the Borrower to perform his obligation as outlined in this letter. In the event of any such termination, any fees paid by the Borrower to the Bank will not be refunded.

We are pleased to have been given the opportunity to be of service to you and look forward to a more mutually beneficial relationship in the future.

I, read and understood the terms and conditions contained herein agree to binded accordingly.

APPROVAL

Sterling Bank Plc has approved a Personal Loan in your favor under the following terms and conditions:

Insurance Fee PER ANNUM

Management Fee

Commitment Fee

Interest Rate

Tenor

Monthly Repayment

Repayment Day

Day of every month.

MEMORANDUM OF ACCEPTANCE

I, hereby accept the credit facility availed me by Sterling Bank Plc..