Loan Agreement
The Loan
Pitch Capital Limited agrees to make available to the Borrower the Loan amounts shown overleaf on the loan amounts shown overleaf on the terms and conditions set out in this agreement.
The details of the loans are as shown on the schedule overleaf
The right to pay the capital amount within three business days without incurring cost has been revoked, Penal charges would be borne by customers who seek to repay within the set period.
The loan amount shall be made available by bankers Cheque, cash of ecard for collection at this office and/or direct payment into borrower's account.
The Borrower will acknowledge receipt of the loan by signing this document or imprinting his or her left interest.
Interest
Pitch Capital Limited will charge interest on the loan amount at the rate of ……………% per month and the interest will be fixed for the period of the loan.
If the Borrower fails to pay any amount which the Borrower owes Pitch Capital Limited in terms of this agreement on the due date such amount, Pitch Capital Limited shall be entitled to charge interest on the amount the Borrower has not paid at the same rate as said in the clause.
Payment
The Borrower must repay the loan as shown overleaf.
The Borrower agrees that Pitch Capital Limited shall have right to deduct the monthly installment in full as set out in the overleaf directly from the Borrower's salary as a deduction from his or her employer's payroll/
The Borrower hereby gives Pitch Capital Limited the right to deduct monies owing to it from any unpaid wages or any other remuneration credits payable to the borrower if the Borrower leaves the service at his/her employer for any reason for any reason before the total amount repayable under this agreement has been paid.
Pitch Capital Limited can use the money paid by the Borrower to pay first legal and other costs, then interest and then the actual loan amount.
Penal charges shall be applied on pre-liquidated loans; 10% at 1 month and 7.5% from 2nd to the 6th month irrespective of the loan tenor.
In the event of the Borrower's death or permanent disability the borrower will be liable for the repayment of any outstanding limited to his/her terminal benefit/gratuity or any other disclosed or undisclosed entitlement from his employer (IF ANY).
Costs and Charges.
The Borrower agrees that, if Pitch Capital Limited has to use lawyers, Debt Recovery Agents and/or other Pitch Capital Limited all the costs incurred by Pitch Capital Limited.
Breach.
In the event of
Any failure by the Borrower to pay amount which is owing of this agreement in full and on the date he or she
Has to, or any other breach by the borrower of the terms of this agreement; any claim that the Borrower has failed to carry out his or her duties under this agreement, then the full balance under this agreement together with any penalty interest and all other charges owing to Pitch Capital Limited by the Borrower shall become immediately due and payable to Pitch Capital Limited shall be entitled to terminate this Agreement and claim and/or recover from the borrower, any
damages/asses it may have suffered as a consequence.
Penalty interest shall not exceed the maximum allowable rate in terms of the notice on overdue amounts in case of defaulter by the Borrower or his/her employer.
The amount owing by the Borrower to Pitch Capital Limited at any time may be shown by certificate in which a Pitch Capital Limited officer has worked out and stated that amount owing. An officer of Pitch Capital Limited must sign the certificate.
The certificate will be proof of the amount owing to Pitch Capital Limited by the Borrower and will be used in any legal proceedings and will be accepted by the court on its own as correct unless the Borrower proves that it is wrong.
Other Obligation:
Thereby declare that I do not have pending loan obligation to any other financial institution and undertake that, under no condition shall I obtain any payroll deductible loan without written consent of PITCH CAPITAL LIMITED for the deration of this loan.
General
This agreement is the whole agreement between Pitch Capital Limited and borrower. It cannot be changed unless the change is put into writing and signed by Pitch Capital Limited and the borrower.
The Borrower agrees that for the period at this agreement, he or she will not disclose his or her specific bank account.
Pitch Capital Limited will give the Borrower, at the Borrower's request, a statement setting out all the deductions from his/her salary, the outstanding balance and any amount payable in arrears.
The borrower authorizes Pitch Capital Limited to access any information available to assess his or her application, and also gives Pitch Capital Limited permission to register details of the conduct of the Borrower's account with any credit bureau, and the Borrower waives any claims he or she may have against Pitch Capital Limited in respect of such disclosure.
Disbursement is subject to the availability of funds as well as CBN Regulations.
I confirm that I have read, understood and agreed to the above terms and conditions. I also authorize my employer to deduct monthly installment as per the agreement shown overleaf from my salary until the loan has been fully paid and to recover any outstanding installments against my terminal dues in the event of termination of employment before loan is fully recovered.
Name: ________________________________________________________ Signature: _______________________ Date: __________