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TERMS AND CONDITIONS

1. Definitions

    1.1 "Lender" means Vitruvic Limited and its successors and assignees.
    1.2 "Borrower" means applicants specified in the Application and their successors and assignees in title.
    1.3 "Application" means the Borrower''s application for a Loan or Credit Facility from the Lender attached to the Terms in this Agreement.
    1.4 "Repayment Date" means the day corresponding to the date of first instalment of the Loan or any part of the Loan in each calendar month following the date of such instalment provided that, if there is no such corresponding day of the month in question, the Repayment Date for that month shall be the last day of the month.
    1.5 "Agreement" means this Loan Application Form.
    1.6 "Terms" means the conditions contained in the Agreement.
    1.7 "Loan" means the aggregate of the Loan Amount referred to in this Application or any amount thereof as may have been disbursed and is from time to time owed by the Borrower.
    1.8 "Credit Charge" means a fixed percentage of the Loan payable together with the Loan, by the Borrower, in equal instalments (weekly/monthly).
    1.9 "Late Payment Charge" means a late payment or handling charge at the rate of 4 percent of the total account balance as a penalty for monthly balances which have become due but remain unpaid on the Repayment Date.

2. Repayment Instalments

    2.1 The Loan will be repaid together with the Credit Charge by the Borrower in equal weekly/monthly repayment instalments in cleared funds on each Repayment Date.
    2.2 All payments received by the Lender in respect of the loan shall be credited only when payment shall be received in cleared funds.
    2.3 A late payment charge as defined in Paragraph 1.9 will be debited to the Borrower''s Account as a penalty for any balances that are due but unpaid on any given Repayment Date.

3. Costs and Expenses

    The Borrower shall indemnify the Lender forthwith upon demand of any costs incurred by the Lender in taking any steps to obtain payment of monies due and owing to the Lender under this Agreement, including legal costs and advocate fees.

4. Event of Default

    The Lender shall not be obliged to advance the Loan or, where the Loan has been advanced, may demand immediate payment of all amounts owed under this Agreement in the event that:
    4.1 The Borrower fails to pay any sum payable hereunder on its due date of payment.
    4.2 The Borrower fails to perform and observe any of its obligations under the Agreement.

5. Credit Reference Bureaus

    5.1 The Borrower expressly authorises the Lender to conduct, carry out and perform credit checks with and/or obtain the Borrower''s credit information from any or all licensed credit reference bureaus, with respect to this agreement.
    5.2 The Borrower expressly consents, allows and authorises the Lender to forward personal data and full file credit information to Licenced Credit Reference Bureaus (CRBs) and other Credit Providers.

6. Miscellaneous

    6.1 No indulgence by the Lender in respect of any of its rights hereunder will operate as a waiver or its said rights nor will it constitute a novation thereof.
    6.2 No Amendment or variation of this Agreement shall be valid or effective unless it is in writing and signed by the parties save that, as specified in Conditions 1,2 and 3 above, the Lender may change the rate of Credit Charge payable and adjust the amount of each subsequent Monthly Repayment Instalment.
    6.3 Reference to the masculine gender shall include reference to the female gender and vice versa.
    6.4 Reference to the singular shall include reference to plural and vice versa.
    6.5 The Borrower acknowledges that no representations or inducements to enter this Agreement have been made whether orally or otherwise other than those specifically referred to herein.

7. Notices

    7.1 Any notice given to the Borrower in connection with this Agreement shall be via email or SMS (Short Message Service), in which event it shall be deemed to have been duly given.

    Vitruvic Ltd. is a non-deposit-taking micro-credit institution.