Terms & Conditions

The Borrower acknowledges that he/she has applied for a loan from the Lender in the aforementioned amount ('Capital') by the Borrower.
The present loan is granted for a period of 6 months starting from the disbursement date and more particularly described in the Amortization Schedule. The loan shall be subject to the option to re-amortize the outstanding balance for a further period of 6 months in the last month of repayment on the Amortization Schedule upon agreement by the parties, which agreement may be signified by the signing of a new amortization schedule in respect of the said outstanding balance
The Borrower acknowledges that in the event of the Borrower applying for any subsequent loan, such subsequent loan will:
1. Be governed by the terms of this Agreement
2. Be reflected in an addendum, bearing a unique number, which shall be executed by the Borrower.
The Borrower acknowledges that he/she is lawfully indebted unto and in favour of the Lender for repayment of the Capital together with interest and fees as accrued thereon and that the Capital shall be disbursed at the discretion of the Lender either in the form of cash, cheque, or electronic transfer to the Borrower's Bank Account (or any combination of these methods) in accordance with this Agreement, the details of which the Borrower warrants are correct.
The Borrower hereby declares and warrants unto and in favour of the Lender that he/she is gainfully employed.
The Borrower confirms that he is currently actively employed and is at work attending to all his/ her normal duties on the date of signature of this Agreement and that the Borrower has completed a period of at least 6 months of service (or period deemed appropriate by the Lender from time to time) without absence. The Borrower undertakes to repay to the Lender in the manner set forth in the Salary Deduction Authorisation, the full capital of the monies lent and advanced by the Lender to the Borrower together with interest as accrued thereon together with any and all other charges by irrevocably instructing the Borrower's employer or Pension Fund Administrators to deduct from the Borrower's salary or other remuneration amount reflected in the Schedule as the "monthly instalment payable", or such amount as may be notified by the Lender to the Borrower in writing from time to time.
1. The number of instalments is based on the presumption that payment of the instalments will be made in accordance with the Schedule. The Borrower acknowledges that any delay in the payment of any instalment may result in extra instalments in order to recover the interest and fees due to arrears and the Borrower hereby consents to the recovery of any amount due by way of additional instalments over and above the instalments as indicated on the Loan Schedule generated by the Lender.
The Borrower shall provide any information that may be requested by the Lender and complete any additional documentation including the registration and creation of a borrower profile an instruction to the Employer to make deductions from the Borrower's salary ("Salary Deduction Authorisation Form") and do whatever is necessary to formalize this instruction to the satisfaction of the Lender and Employer.
1. The Borrower hereby specifically consents and agrees to be liable for any commission owing by the Lender to the Employer for purposes of facilitating such payroll deductions.
2. The Borrower hereby authorises the Lender to receipt the net payment made by the Borrower's employer to the Lender after deduction of any facilitation fee as contemplated herein.
The Borrower undertakes to notify the Lender in writing immediately should the Borrower's employment with the current employer be terminated for any reason whatsoever and the Lender shall be entitled to demand that the outstanding balance be deducted by the Employer from any payment to be made to the Borrower as a result of such termination.
1. The Borrower irrevocably authorises the employer to pay and discharge on demand all monies and liabilities which are now or at any time hereafter may be due or owing from or incurred by the Borrower to the Lender from the Borrower's terminal benefits held by the Employer in case of separation.
2. The Borrower as beneficiary of the terminal benefits held by the Employer hereby assigns unto the Lender the terminal benefits for the purposes of securing the repayment for the loan granted by the Lender to the Borrower.
3. Until all monies and liabilities due or incurred by the Borrower to the Lender shall have been paid or discharged, the Lender will hold a lien on the Borrower's terminal benefits held by the Employer to the full satisfaction of the loan provided by the Lender to the Borrower.
4. The Borrower irrevocably authorises the Employer to apply the terminal benefits towards the full discharge of the facility provided by the Lender and to pay the Borrower the balance thereof, only upon the full discharge of the monies due to the Lender under the facility.
The Borrower acknowledges that no deduction from his/her salary may be withheld or postponed for any reason whatsoever.
Deductions from the Borrower's salary shall be made on the due date, or any other date in respect of other remuneration, each month commencing from the date reflected in the Schedule until the whole amount payable by the Borrower to the Lender (inclusive of capital, interest and fees) has been repaid to Lender in full.
The Borrower agrees that instalments will be deducted by the Lender or any nominee of the Lender. The Borrower acknowledges that the capital lent and advanced by the Lender shall accrue interest at the rate reflected in the Schedule, or such other rate as may be notified by the Lender to the Borrower in writing from time to time and the Lender shall provide the Borrower with a monthly statement of account and a daily tracker of the loan through the Borrower's profile.
The Borrower hereby authorises the Lender to make any arrangements and to sign all documents which the Lender may deem necessary to procure payment of the instalments in terms of this Agreement through any financial or deposit-taking institution with whom the Borrower holds any account. The steps contemplated hereinbefore may include withdrawals from the Borrower's bank account through any electronic method or procedure. Further, the Borrower hereby gives the Lender the express and irrevocable right to use the Borrower's electronic signature for any and all purposes of giving full effect to this Agreement, including but not limited to the collection of any and all amounts owed by the Borrower herein. The Borrower acknowledges and agrees that the Lender's use of the Borrower's electronic signature as authorised herein shall have the same force and effect as if the Borrower had manually signed the relevant documents.
The Borrower authorises the Lender or its duly appointed representative to obtain any information regarding his/her insurance / investments / employee benefits / bank account particulars from any financial institution through which the Borrower is a member of an investment/ employee benefit scheme / bank or deposit taking institution.
In addition to 8.11 above the Borrower hereby irrevocably authorises the Lender to draw against the Borrower's bank account (details of which appear in Section A of this Agreement) or from any other bank or bank account to which the Borrower may transfer his/her account, the sum reflected as the instalment payment due by the Borrower to the Lender for repayment of the loan, and as set out in the Schedule, together with any arrear payments due as well as any accrued interest or interest on arrear payments and fees incurred by the Lender payable by the Borrower to the Lender.
1. The Borrower further confirms that this debit order authority is irrevocable during the term of any loan and shall be a continuing authority in favour of the Lender until any and all liabilities owed by the Borrower to the Lender have been repaid in full.
2. Furthermore, the Borrower undertakes to immediately notify the Lender in writing should the Borrower's bank account details change for any reason whatsoever and shall furnish the new details to the Lender.
Any additional sums of money lent or re-advanced by the Lender shall be reflected in a further Schedule to be executed by the Borrower and which Schedule shall be deemed to form part of this Agreement and shall be subject to all the terms and conditions contained in this Agreement.
Notwithstanding any purported allocation by the Borrower of any payments made by the Borrower, the Lender may, at its discretion, allocate such payments to capital, interest, costs, insurance premiums, or any other charges as the Lender in its discretion deems fit.
The Borrower acknowledges having read and understood that under no circumstance in the process of settling any of the loan instalments or repayments, will cash be paid to any member of staff of the Lender, and that in the event that cash is paid, it will be done so at the Borrower's own risk should it turn out that the cash is not credited to the Borrower's loan account.
The Borrower agrees that any additional payments made against the Borrower's loan account, in addition to those deducted from the Borrower's salary, shall be deposited at the following bank account only and that proof of such payment, in the form of the original bank deposit slip bearing the official bank stamp, will be provided to the Lender within 5 (five) working days of such deposits.
Account Name: Growth Mark Venture Ltd
Account Number: 9130005496768
Bank: Stanbic
Branch Name: Manda Hill
The Lump sum payments received on an account will be treated as advance payments unless the Borrower has specifically requested a settlement quotation and made payment in accordance with the provisions and notice period as per the settlement quotation.
The Borrower acknowledges that if any amount is not paid by the Borrower to the Lender on its due date, the full amount of capital, interest and all other amounts then outstanding shall become immediately due and payable by the Borrower to the Lender. The Lender shall be entitled to charge a monthly service fee recoverable to cover routine administration costs of maintaining the agreement and interest at the contractual daily rate in arrears on an overdue payment on the loan. The Borrower hereby authorises the Lender to apply the contractual interest rate on any overdue payment on the loan in arrears. Payments received by the Lender over and above the expected payments will be treated as advance payments and will be used to set off any future instalments that are due. Advance payments do not reduce the interest or fees charged.
The Borrower acknowledges that a certificate signed by or on behalf of the Lender (and it shall not be necessary for the Lender to prove the authority of the person signing such certificate) stating the amount of the Borrower's indebtedness to the Lender (including, if applicable insurance premiums and other charges) and further stating that such amount is due, owing and payable, shall be prima facie proof of all matters contained in such certificate including the amount and validity of such indebtedness and the fact that any amounts contained therein are due, owing and payable by the Borrower and shall entitle the Lender to obtain summary judgment, default judgment or any other proceedings against the Borrower in any competent court and shall be valid as a liquid document for those purposes.
The Borrower acknowledges that in the event of any instalment, or other payment, not being made on its due date, the Lender shall be entitled (without prejudice to any other rights which the Lender may have) to either demand repayment of the loan (inclusive of capital, interest and other charges then outstanding) or to reschedule the loan repayments, in which event a new Schedule will be deemed to have been executed by the Borrower in favour of the Lender. The failure by the Lender to provide a statement in accordance with clause 8.10 shall not entitle the Borrower to dispute any repayment obligations.
Without detracting from, and without prejudice to, the provisions of clause 8.21 above, the Borrower acknowledges that in the event of his/her loan repayments falling into arrears, either the Lender or the Borrower shall be entitled (but not obliged) to cancel the existing loan and reschedule the loan repayments due by the Borrower, in which event:
1. The balance of the existing loan inclusive of capital, interest and any and all other amounts or charges then owed by the Borrower to the Lender ("the rescheduled capital") will be calculated by the Lender;
2. The rescheduled capital will be deemed a further loan made by the Lender to the Borrower;
3. The rescheduled capital together with interest thereon, insurance premiums and other charges, will be repayable by the Borrower to the Lender by way of monthly instalments over a fixed period to be determined by the Lender;
4. A Schedule in accordance with the terms of this Agreement will be deemed to have been executed by the Borrower; and
5. The Borrower shall immediately repay the rescheduled capital together with interest, insurance and all other charges in accordance with the provisions of the aforesaid Schedule and the terms hereof.
Any latitude, extension of time or indulgence which may be allowed by the Lender to the Borrower in respect of the Borrower's obligations in terms of and arising from this Agreement shall not be deemed to be a waiver of, or in any way affect the Lender's rights to require strict and punctual compliance by the Borrower with each and every term and provision of this Agreement, including the Schedule.
The Borrower acknowledges and agrees that in the event of the Lender, in its sole discretion, deeming it necessary or desirable to instruct its Advocates or other persons to perform legal or collection services to collect any amount owed by the Borrower to the Lender, the Borrower shall be liable for any and all legal costs or charges incurred by the Lender, including any collection commission paid or payable by the Lender, tracing charges or any other incidental costs or charges of whatsoever nature.
If in the view of the Lender, the Borrower has breached his obligations in terms of the loan payment arrangement, the Borrower authorises the lender to send his payment profile to various credit reference bureaus, and this information will be available to other credit grantors.
The Borrower waives any claims that the Borrower may have against the Lender in respect of the following disclosures and specifically authorises the Lender to: 8.26.1 Perform a credit search on the Borrower's records with one or more of the registered Credit Bureaus when processing this application; 8.26.2 Monitor the Borrower's payment behaviour by researching the Borrower's records at one or more Credit Bureaus; 8.26.3 Use new information and data obtained from any Credit Bureau in respect of future credit applications; 8.26.4 Record the existence and details of the Borrower's account with any Credit Bureau; and 8.26.5 Record and transmit details of the said account and/or how payments are conducted in meeting the obligations on the account.
Subject only to the provisions of clauses 8.21 and 8.22 hereof, no agreement to vary, amend, alter or cancel the terms and conditions hereof shall be binding upon either party unless reduced to writing and signed by the Borrower and a duly authorised representative of the Lender.
In the event of legal proceedings being commenced by the Lender against the Borrower under this Agreement, the Borrower hereby confirms that he/she will bear the onus of proving that: 8.28.1 monies claimed by the Lender were in fact never advanced to, or received by or on behalf of the Borrower; and 8.28.2 the amount claimed by the Lender has been incorrectly calculated.
The Lender shall, for the duration of this Agreement, at all times have the right to cede, exchange or otherwise deal with any of rights in terms of this Agreement, upon such terms and conditions as the Lender may deem fit. In such cases the third party will acquire the same rights against the Borrower as the Lender may have by virtue of this Agreement. The Borrower therefore understands and consents that his / her debt towards the Lender may be ceded to a third party, and hereby consents that the Lender may choose to dispose of its rights to this Agreement by any means whatsoever and that it may do so at its sole instance and discretion and that such a party may use his/her personal information for any subsequent purpose that is in line with any combination of the initial purposes for which the personal information was obtained.
1. The Borrower consents to the above use of the above information for as long as it is required by the Lender / third party for the initial or subsequent purposes.
2. The Borrower may not assign any of his/her rights or obligations under this Agreement.
The Borrower declares that he/she has never been declared bankrupt and acknowledges that in the event:
1. of he/she committing an act of bankruptcy, of he/she being declared bankrupt;
2. of he/she committing any breach of his/her obligations under this Agreement;
3. of the Borrower's employment with the employer being terminated for any reason whatsoever;
4. that he/she supplies the Lender with any information which is false, incorrect or misleading;
5. that he/she cancels or attempts to cancel the deduction authorisation referred to in the Agreement;
6. that the instruction to the employer to pay in terms of the deduction authorisation does not materialise for whatever reason or he/she fails to pay the total monthly instalment to the Lender on the due date;
7. that any order whether provisional or final be granted by a competent Court placing the Borrower under sequestration or any judgement by any competent court being entered against the Borrower and remaining unsatisfied for thirty days thereafter; and
8. that any attachment be made or interdict be granted or execution be levied against the Borrower; then the entire capital, interest and any other sums of money due by the Borrower to the Lender shall become immediately due and payable upon demand by the Lender.
The Borrower hereby chooses domicilium citandi et executandi at the address set out on the face of this Agreement and shall provide written notice to the Lender of not less than 14 (fourteen) days should this address change, provided that the new address chosen shall be an address within the jurisdiction of the High Court for Zambia, and provided further that such address shall comprise both a physical address and postal address.
All communications between the Lender and the Borrower under this Agreement shall be in writing and delivered by hand or sent by prepaid registered post or sent by fax or e-mail:
1. In the case of communications to the Lender to its registered place of business or such changed address as may be notified to the Borrower by the Lender.
2. In the case of the Borrower, at the address set out on the face of this Agreement or such other address as may be notified to the Lender by the Borrower.
The Borrower acknowledges that any and all notices which may be given to him/her by the Lender in terms of this Agreement (except the service of legal process) shall be deemed to have been properly given and received by the Borrower upon the expiry of a period of:
1. Fourteen (14) days from the date of posting thereof to the Borrower's postal address by prepaid ordinary registered post;
2. Three (3) days exclusive of the date of posting if sent by prepaid first class post;
3. On the day of delivery if hand delivered; and
4. If sent by fax or email on a business day prior to 5:00 pm, at the time of transmission or otherwise on the next business day.
The Borrower agrees that this Agreement has been drafted in a language that he understands, alternatively that he is fully aware of the meaning thereof, the same having been explained to him in a language that he understands. The Borrower further confirms that he/she was afforded the opportunity to read this Agreement, or have same read to him/her, before same was concluded.
The Borrower agrees that this Agreement may be scanned or imaged electronically and the paper version destroyed, and hereby agrees to the scanned or imaged version and waives his/her right to dispute the authenticity of the scanned or imaged version.
The Borrower consents to the Lender obtaining any information from his/her employer inter alia, without derogating from the generality hereof, details pertaining to the Borrower's salary, employment, residential address and best contact details.
The Borrower hereby confirms that he/she also understands that the Lender may apply set-off in this matter and any other current and future matter where he/she is indebted to the Lender, including debts ceded to the Lender. This set-off includes, but is not limited to, actions where certain monies in excess of the original amount of the debt have been collected by the Lender, but the Borrower is not in the position to claim a refund for such monies as he/she is still indebted to the Lender in terms of other loan agreements entered into by him/her with either the Lender and / or its subsidiaries and / or its cessionaries.
Any legal process may be served upon the Borrower at his/her domicilium citandi et excutandi/or cessionaries.
The parties agree that each clause in this Agreement is severable, the one from the other, and if any clause is found to be void, illegal or unenforceable for any reason by any competent court, then the remaining clauses shall be and continue to be of full force and effect.
No delay or omission on the part of the Lender in exercising any right, power or remedy under this Agreement shall impair such right, power or remedy or be construed as a waiver thereof or of any other right, power or remedy.
The Agreement shall be governed by the laws of the Republic of Zambia and the Borrower hereby consents to the jurisdiction of the courts of the Republic of Zambia.
The Borrower acknowledges that any and all information contained in the application for the loan completed by or on behalf of the Borrower is deemed material, and constitutes representations by the Borrower forming the basis upon which the Lender has agreed to make the loan to the Borrower.
The Borrower consents that the Lender, its affiliates, associates and subsidiaries may send advertising and promotional material by e-mail / SMS (Short Message System) to his/her computer/ cellular telephone as provided herein. This authority by the Borrower may be revoked by written notification sent to the Lender. The Borrower furthermore consents to the Lender sending SMS's to the Borrower with regard to outstanding balance(s), due instalments, arrears and any other matters related to this Agreement, and which authority cannot be revoked.
The Borrower hereby consents that all personal information relating to him/her, obtained through this application, may be used for the future administration of the Borrower's loan, collection and marketing, including tracing, research , recordable (over and above for the Lender's operations), transmission, distribution, storage, organization, updating modification, disposition, making available in any form, and product design by the Lender.
The Borrower forthwith confirms that the contents of this Loan Agreement are understood by him/ her and the Loan Agreement was completed in all respects upon signature hereof and that this Agreement constitutes the record of the Agreement with the Borrower in regard to the subject matter hereof and the Lender shall not be bound by any express or implied term, representation, warranty of the like not recorded herein.
The Borrower hereby agrees that the Lender may on his/her behalf enter into an insurance contract/ policy and declares that he/she cedes, transfers or assigns to the Lender his/her rights, titles and interest in this contract/policy as collateral security for the loan granted by the Lender. I have read, understood and consent to all clauses of the Loan Agreement:
DECLARATION I declare that the information given in this loan application and agreement is true and complete. I understand that any misleading information or any omissions will be sufficient grounds for termination of the loan application and agreement