Lender: Faheve Consult Nigeria Limited
Loan Amount: As may be approved by the organization
Purpose: To bridge immediate cash flow gap.
Tenor: 30 days or date of next salary payment (whichever comes first).
Facility Type: Term Loan payable in 30 days or the next payday whichever comes first.
Interest: The interest rate for the facility is 10% flat, per month on reducing balance method, which shall be subject to review from time to time in line with the prevailing money market condition. Any change in pricing of the facility notified by the organization to the Borrower shall be binding on the Borrower. However, any unclear debt over the approved limit or any unliquidated expired facility shall be forwarded to source deduction with interest at rate to be determined by organization.
Management Fee: varies from N500 to N900
Late Payment Penalty A monthly penal charge of 1% flat on overdue amount, in addition to current rate of interest on the unpaid sum until full repayment will be applicable where facility remains outstanding after expiration.
Repayment Source: Proceeds of monthly salary payment from the state government and any cooperative saving and other entitlement from the state government
Repayment Type: Full facility clean up on receipt of salary or instalment to tenor as agreed in the case of Fahevecredit.
Commencement Date: This facility shall commence upon drawdown or on the date of disbursement notwithstanding the date on the offer or date of execution.
Security/Support:
The facility shall be secured with the following:
Irrevocable of monthly Salary, cooperative saving and Credit life insurance covering the risk of death/disability, and retrenchment of the Borrower within the tenor of the loan. Employer’s undertaking to approve salaries and any other allowances, emoluments, entitlements and terminal benefits of employees to the Faheve consult deduction account with the state or any of it affiliated cooperative account.
Availability:
This facility shall be available for utilization only upon satisfactory compliance with the conditions precedent to drawdown as may be prescribed by the organization
Conditions Precedent to Drawdown
He/she must have be above 6 month in service and minimum of 12 month to retirement .
Completion of Application and Acceptance of offer via Faheve consult electronic whatsapp platform.
Automated confirmation on eligibility.
submission of hand written loan request letter on the WhatsApp platform in a clear, neat and readable picture for quality print out.
Acceptance of this Terms and Conditions.
Other Conditions
- The Borrower irrevocably and unconditionally undertakes
- To maintain a minimum salary net pay that is above the monthly payback/instalment figure during the loan period
- To supply nessesecary information required during the loan period
- To immediately inform the organization of any material adverse change in his / her personal finances within 24 hours of the occurrence.
- To use the facility strictly for the purpose stated.
- The organization reserves the right at any time to convert this for cash exchange with any cooperative
- The organization reserves the right to withhold further disbursement, recall or cancel the facility for reasons of default or non-compliance with the Covenants hereunder and the occurrence of any or all the following events:
*If the Borrower diverts the salary to cooperative after taking loan from Fahevecredit
*If the Borrower shall commit any breach or fail to observe or perform the other obligations on its part as contained under the Terms & Conditions or fails to keep to the agreed repayment terms
*If it is discovered that there was a material misrepresentation of facts by the Borrower with regards to the purpose, utilization of the facility and the information supplied
*The Lender may vary some or all the terms and conditions to reflect the prevailing conditions in the financial markets or monetary authorities’ regulations
*If any interest due on the facility is not paid on the date there-of, same shall immediately be added to the principal sum outstanding and shall accordingly attract interest at the rate herein stated
*Availability of funds is subject to the organization's ability to accommodate this facility within its legal lending limits and subject further to regulations as may be imposed by regulatory authorities.
*The renewal of the facility shall be subject to a fresh contract and based on satisfactory performance (the organization being satisfied that the facility was properly utilized and liquidated 100 %)
*All outstanding amounts under this loan shall upon default attract a 1% flat monthly charge.
*If the Borrower fails to utilize the facility for the purpose for which it was granted.
Events of Default:
Notwithstanding anything herein before contained, the facility or balance thereof and other monies herein covenanted to be paid whether by way of interest or otherwise shall become immediately due and payable on the demand being made in respect of such on the occurrence of any of the following events:
*If the Borrower shall fail to pay any sum outstanding as and when due
*If the Borrower commits any breach or fail to observe or perform the other obligations
*If any representation or warranty given or made by the Borrower in this Agreement or in any notice or certificate or statement, delivered or made pursuant herein is inaccurate in any respect when made or delivered.
*If the Borrower stops or suspends or is deemed to be unable to pay its debt or admits in writing its inability to discharge its obligations
*If the Borrower proposes or declares any moratorium on the Borrower’s debt in respect of the facility.
*If any extra-ordinary situation arises such that the continuance of the transaction in the opinion of the lender makes it impossible for the Borrower to discharge its obligations.
*If there should in the opinion of the Bank be a material adverse change in the financial condition of the Borrower;
*If any government consent required by law for the validity, enforceability or legality of this offer or the performance of the terms thereof ceases to be or is not for any reason in full force and effect. In any such event and at any time thereafter if any such event shall be continuing, the Bank shall by written notice to the Borrower, declare that, that portion of the facility outstanding has become immediately payable whereupon the same shall become so payable together with interest accrued thereon.
Right to offset
The borrower have the right to request for his/her book balance to offset, but defaulter whose debt has been converted to source deduction can not request to offset balance, since it's currently impossible to stop deduction input in some of the state .
The Borrower undertakes to:
*Immediately notify the Bank should there be any change in circumstances or any information supplied to the Bank; and
*Provide the organization with any other information relating to the Borrower as the organization as it may reasonably require from time to time.
*Inform the organization within 2 days of resignation, or transfer or dismissal or termination.
The Borrower hereby consents to notices, documents and any other communications relating to the facility and these terms and conditions being sent by the organization to the Borrower or made available to the Borrower via WhatsApp or other electronic means (including without limitation to an SMS message). The Borrower also consents to receiving electronic messages the organization may send from time to time (including SMS messages and WhatsApp).
The borrower further agrees that his/her consent has been given to Faheve consult for the processing of his/her personal data when;
*The Borrower completes any form, brochure or material issued by Faheve consult at any of its service points (whatsapp,mobile, online, in-branch etc.) requesting for such personal information
*The Borrower registers, checks or type the accept on any of the organization electronic platforms (WhatsApp Online or Mobile) relating to terms and conditions of any service or product offered by Faheve consult.
The Borrower sends a request, complaint or other communication to Faheve consult.
Amendment to these Terms
*The Bank may change the provisions of these Terms and Conditions, including the charges without recourse or notice to the borrower. Any variation to these terms and conditions is binding on the Borrower from the date specified in such notice.
Communication
The organization shall communicate via whatsapp using 08107736405,
text message using 07035351480
calling using any of the above number including 07063148520
*The organization shall letter borrower through the zonal or district employers
Termination
These terms and conditions shall remain in force as long as the organization remains a creditor of the Borrower or as long as any part of the facility remains outstanding
