Please read this page carefully. It provides you with important information about your loan facility.

A. SCOPE

These terms and conditions together with any account specific conditions, tariffs, guides, additional instructions from Us and any subsequent variations govern the relationship between you and Us and are binding on You.

DEFINITIONS

“We/Our/Us/Bank/the Bank” means Fidelity Bank Ghana Limited “You/your/ yours/Applicant” means the customer or customers Loan/facility/credit facility” means the personal loan facility applied for

B.GRANT OF CREDIt FACILITIES

We may approve or decline an application for a loan/overdraft facility at our absolute discretion.
We are not obliged to disclose any reasons for the decline or approval of an application.

C.PURPOSE

The facility shall not be used for any purpose except that permitted. However failure to comply shall not prejudice any rights of the Bank, which shall not be responsible for monitoring or ensuring the use or application of the credit facility.

D.INTEREST

Interest on all credit facilities will be charged on a monthly basis and will be calculated using the monthly rest balance basis. Interest will be calculated for the month based on the opening loan balance of the month.

Where the interest on the credit facility is linked to the Bank’s “prime” lending rate, the Bank reserves the right to change the prime lending rate from time to time. The resulting variation in interest rate will be passed on to the Applicant through adjustment in the repayment instalments.

Interest will be charged on all amounts owed by the Applicant.

E.CHARGES, FESS & PANALTY

The Bank reserves the right to change such charges and fees as it may notify from time to time by publication in its tariff of charges. The tariff of charges will be displayed at our branches in Ghana, and a copy will be made available upon request.

Where payments due from the Applicant are not received by the date due for payment, the Bank reserves the right to charge “overdue interest” and/or “penalties.

F.LOAN TENURE

You understand that the number of instalments or the loan tenure may be more or less than the number stated herein depending on the variation of the rate of interest chargeable

G.DEFAULT CLAUSE

In the event of default in making any one repayment on the due date, the outstanding principal amount of the loan and the accrued interest shall become immediately due and payable. A statement of demand signed by an authorised officer of the Bank shall be conclusive evidence that a sum is due and owing by you.

H.PAYMENTS

In the event of payment instructions not effected, e.g. deductions from accounts or salaries, you shall be responsible for all loan repayments including interest and any other charges where applicable.

I.INSURANCE

The Bank will require you to take insurance to cover death and/or disability through the Bank’s approved insurance plan. The premium for the insurance cover will be deducted upfront from the loan amount. You also understand and accept that not all types of disability or death may be covered by insurance. You will continue to be liable for any shortfall in the amount received from the insurer.

J.VATIATIONS

We will advise you of any change in the prime lending rate, charges, or fees by publication of a notice in local or national newspaper, or by a notice at its branches in Ghana, or by notes in customer’s statements. You will be deemed to have received notification of change 4 (four) days after publication of notice at its branches. You understand and agree that the Bank is not obliged to obtain your signature to receipt of such communication.

K.SET-OFF AND CONSOLIDATION

The Bank may at anytime and without notice combine all or any of the applicant’s accounts and liabilities with the Bank in Ghana (or elsewhere) whether singly or jointly with any person, or set off all monies standing to the credit of such account(s) including the Applicant’s deposits with the Bank (whether matured or not) towards satisfaction of any of the Applicant’s liabilities to the Bank whether as principal or surety, actual or contingent, primary or collateral, singly or jointly with any other person and the Bank may effect any necessary currency conversion at the Bank’s own rate of exchange prevailing.

L.LETTER OF UNDERTALKING

You agree to submit an irrevocable letter of undertaking from your employers to pay your monthly emoluments directly to the Bank for the credit of your account during the term of the facility and that during the said period, all emoluments due you in the event of your leaving the employment for any reason shall also be paid to the Bank by your employer.

You further agree that in the event that your monthly repayments are made by direct payroll or source deduction from your employer to the Bank such payment shall continue for the term of the facility. All emoluments due you in the event of your leaving the employment for any reason shall also be paid to the Bank.

M.AUTHORITY TO FUTURE EMPLOYERS

You authorise present and future employer(s) to channel your monthly salary through the salary account with the Bank until the facility is fully settled.

In the event that your monthly repayments are made by direct payroll or source deduction from your employer to the Bank, you authorise present and future employer(s) to make such payments until the facility is fully settled.

N.APPROPRIATION

All amounts received by the Bank will be first apportioned towards overdue interest, charges/ fees and interest. Any balance left thereafter will be apportioned lastly towards principal repayment.

The Bank reserves the right to refuse acceptance of post dated cheques or such instruments as payment or settlement of the credit facility.

O.SERCURITY

The Applicant agrees to pay all charges, fees, rates, levies or taxes that are or may become payable on the security charges. The Applicant also irrevocably authorizes the Bank to pay such charges, fees, rates, levies or taxes on his/her behalf and to include them as part of the amount owed by the Applicant.

The Applicant agrees to pay all charges, fees, rates, levies or taxes that are or may become payable on the security charges. The Applicant also irrevocably authorizes the Bank to pay such charges, fees, rates, levies or taxes on his/her behalf and to include them as part of the amount owed by the Applicant.

P.BANKING INSTRUCTIONS BY ELECTRONIC MAIL

Unless the Applicant instructs the Bank to the contrary, the Bank is authorised, but not obliged, to act on the Applicant’s banking instructions transmitted through an electronic mail.

The Applicant releases the Bank from, indemnifies and holds the Bank harmless from and against all action, suits, proceedings, costs, claims, demands, charges, expenses, losses and liabilities however arising in consequences of or in relation to:

• The Bank having acted in good faith in accordance with the Applicant’s written electronic mail, notwithstanding that such instruction(s) may have been initiated or transmitted in error or fraudulently altered, misunderstood or distorted in the lines of communication or transmission.

DISCLOSURE OF INFORMATION

The Bank may use any information relating to the Applicant for evaluating the credit application.

The Bank may also share such information with credit reference or rating agencies.

The Applicant authorises the bank to use any information that the Bank may obtain about him/her for such purpose as the Bank deems appropriate.

Q.INDEMNITY

The Applicant agrees to fully indemnity the Bank against all costs and expenses (including legal fees) arising in any way in connection with the Applicant’s accounts, these Terms and Conditions, in enforcing these Terms and Conditions or in recovering any amounts due to the Bank or incurred by the Bank in any legal proceedings by whatever nature.

R.DISCLOSURE POLICY

I/We hereby consent(s) to the disclosure by the Bank and/or any of its officers or employees for any purpose of any information concerning my/our account(s), including without limitation, personal information, information relating to my/our business, my/our account(s) held with the Bank or another group member of its relationship with the Bank or another group member to any of the following:

1. Any office or branch or the Bank, affiliate or another group member
2. Any agent, contractor or third party service provider, or any professional adviser of the Bank or another group member:
3. Any guarantor, or third party security provided by the customer:
4. Any Credit Reference Bureau, Rating Agency and /or Collection Agency:
5. Any regulatory, supervisory, governmental or quasi- governmental authority with jurisdiction over the Bank or another Group Member:
6. Any actual or potential participant in, or assignee, nova tee or transferee of, any of the Bank’s rights and/or obligations in relation to the customer:
7. Any person to whom the Bank is required or authorized by law or court order to make such disclosure.
8. Any person who is under a duty of confidentiality to the Bank:
9. Any bank or financial institution with which I/We have as or proposed to have dealings.
10. Any Overseas Regulator or Tax Authority for the purpose of establishing any tax liability in compliance with an order, agreement with the Overseas Regulators or Tax Authorities.

Waiver

No forbearance, neglect or waiver by the Bank in the enforcement of any of these Terms and Conditions shall be prejudice in the Bank’s right thereafter to strictly enforce the same. No waiver by the Bank shall be effective unless it is in writing.

S.STANDING INSTRUCTIONS

You consent that a standing instruction be set on your account to service the monthly repayment of your loan. Where repayment of facility is via direct payroll or source deduction from employer, your selection of this repayment option in facility application form is deemed to be your consent to service facility by this route.

T.ACCEPTANCE OF TERMS AND CONDITIONS

You understand and agree that you have signed the application form as a token acceptance of the aforesaid Terms and Conditions.

U.DECLARATION

I confirm that I have read the Terms and Conditions (as printed above) governing the granting of credit facilities, and agree to be bound by them should my loan application to be approved.