AC-NARDO FINANCE (hereinafter referred to as “THE BANK”) agrees to make available to the Borrower the loan amount shown overleaf on the terms and conditions set out in this agreement.

2. The details of the loan are as shown on the schedule overleaf.

3. The loan amount shall be made available by cash for collection at this office and/or direct payment into borrower’s account with the BANK.

Interest:

The Bank will charge interest on the loan amount at the rate of 5% per month for any amount, and the rate will remain fixed for the period of the loan. If the borrower fails to pay any amount on the due date, the Bank shall charge interest at the same rate on the overdue amount.

Payment:

1. The Borrower must repay the loan as shown overleaf.
2. The Borrower agrees that the BANK shall have the right to deduct monthly instalments directly from the Borrower’s salary via payroll.
3. The Borrower gives the BANK the right to deduct monies owed from unpaid wages or any other remuneration if employment ceases before full repayment.
4. The BANK may apply payments first to costs, then to interest, and lastly to principal.
5. Penal charges may be applied on pre-liquidated loans: 5% flat plus accrued interest.
6. Loan extensions (top-ups) are at the BANK’s discretion and may attract renewal fees.
7. The Borrower shall not obstruct the BANK from realizing security in case of default.
8. The BANK will send repayment reminders via SMS at ₦5 per message, borne by the borrower.
9. The BANK may vary or amend any terms at its discretion.
10. In case of death or permanent disability, the guarantor remains liable.

Costs and Charges:

The Borrower agrees to bear all legal or recovery costs incurred by the BANK in enforcing this agreement.

Breach:

1. Default in payment or any breach shall make the full balance immediately due. The BANK may terminate this agreement and recover losses.
2. A default fee of 7% of outstanding principal applies for any missed repayment.
3. Amounts owed may be certified by an authorized BANK officer, and such certificate shall be accepted as correct unless proven otherwise.

In the event of default, the Bank may contact the Borrower’s social contacts to facilitate recovery of outstanding sums.

Other Obligations:

The Borrower shall seek clarification solely from the BANK or its authorized representatives.

Missed repayments must be paid within 12 hours or by the next business day into a designated AC-NARDO FINANCE account.

The Bank reserves the right of set-off across all accounts traceable to the Borrower.

The Borrower affirms no pending obligations to other financial institutions and shall not obtain additional payroll-deductible loans without the BANK’s written consent.

The Borrower affirms that salary or income is free from any lien or pledge to other institutions and undertakes full responsibility under the Oath and Affirmation Law of Nigeria.

General:

1. This document constitutes the entire agreement and may only be amended in writing signed by both parties.
2. The Borrower shall not close their AC-NARDO FINANCE account during the loan term.
3. The BANK shall, upon request, provide statements showing deductions and balances.
4. The Borrower authorizes the BANK to access relevant information and report account conduct to credit bureaus.
5. Disbursement is subject to fund availability and CBN regulations.

I confirm that I have read, understood, and agreed to the above terms. I authorize my employer to deduct monthly instalments from my salary until full repayment or to recover outstanding instalments from terminal benefits if employment ends early.

Illiterate Jurat:

The foregoing having been first read and interpreted to me ............................................................... in ................................. language, I perfectly understand the contents before affixing my thumb impression or mark.