Terms and Conditions

1. The offer is conditional upon:
• The Borrower’s execution of this facility confirmation acceptance of the terms and conditions of this facility.
• The completion and execution of the loan application by the Borrower.
• The absence of material and adverse change in the Borrower’s financial position.
2. As part of the Microfinance’s credit terms, loan principal and interest payments will be made by way of United States dollar cash payments only at our 62 Leroux Rd, Hillside offices.
3. The Borrower expressly agrees not to change to any other form of payment other than cash payments only, nor shall s/he have any option to pay in any other currency other than United States dollars, before the loan is paid off.
4. The Microfinacier may arrange insurance cover for the full value of the loan granted to the Borrower showing the Microfinancier as the first loss payee, the insurance cover shall be a condition precedent to the disbursement of the loan facility and the applicable insurance premiuim shall be recovered by the Microfinancier at the time of disbursment of the cash loan amount from the cash loan offered and disbursed to the Borrower.
5. If an event of default on repayment terms occurs then, in any such event the full amount of the facility and any other facility accorded to the Borrower by the Microfinancier, then the balance outstanding (whether or not it is due for payment), and all charges accrued thereon, shall immediately become due and payable. In addidtion, the Microfinancier shall have the right to exercise all other remedies, including executing against any security held, which are available to it under the laws of Zimbabwe. The Borrower acknowledges and agrees that the aforesaid rate of interest payable represents a reasonable pre-estimate of the loss suffered by the Microfinancier in funding his/her default.
6. Further, upon default, any amounts which may be due and outstanding shall attract additional interest of 10% per month up to the date which all outstanding sums, including any legal costs incurred have been duly recovered.
7. If as a result of the Borrower’s default in terms of this agreement, the Microfinancier instructs its legal practitioners to despose the Borrower’s motor vehicle, make demands or institute legal proceedings against the Borrower, the Borrower shall be responsible for, and shall, on demand pay for all legal costs and disbursements so incurred, including all collection charges and costs on an attorney and client scale.
8. The Borrower fully indeminfies the Microfinancier against all costs and expenses (including legal fees, commission et cetera) arising in any way in connection with his/her loan accounts, in enforcing these terms and conditions, or recovering any amounts as a result of the disposal of any pledged asset or incurred by the Microfinancier in any legal proceedings of whatsoever nature.
9. The Microfinancier reserves the right to dispose off, in its absolute discretion, any movable asset pledged as security for any sum due to the Microfinancier. The Microfinancier also reserves the right, in its enforcing these terms and conditions or recovering any amounts due to the Microfinancier on any unpaid invoices of the Borrower.
10. The Microfinancier may ammend the pricing structure of the loan if there are any changes in the law, regulation, ruling, directive, policy or market condition resulting in increased costs to the Microfinancier or any similar event which the Microfinancier is obliged to comply resulting in an increase of cost with the Microfinancier on witten notice to the Borrower.
11. The Microfinancier reserves the right to vary and /or alter the rates of interest and/ or the late payment fees and/or commissions/ other microfinance charges/ fees and/ or the basis of calculation of any of them, in its sole discretion on written notice to the Borrower.
12. Any notice or demand given or made in connection with this facility shall be in writing and shall be presumed to have been received by the addressee if delivered to the above mentioned address. In this regard you chose domicilium citandi at the address stipulated above and such address shall remain your domiciliun citandi until such time as you notify the Microfinancier in writing, of a change in such address.
13. The Microfinancier may at any time and at its sole discretion carry out credit checks on the Borrower with the Credit Reference Bureau or any other relevant credit reference agency. In the event of default by the Borrower in part or any of its obligations under this agreement, the Microfinancier may at its sole discretion supply information as it deems appropriate to the Credit Reference Bureau or any other credit reference agency. This information may be used by the Banks or financial institutions in assessing credit applications and for occasional debt tracing and fraud prevention.
14. This Agreement shall be governed by and construed in accordance with the laws of Zimbabwe.