> Receipt of completed application form and all account opening documents
> Satisfactory Credit Bureau report.
>Execution of Fortress Offer letter.
> Execution of loan repayment schedule.
> 1.5% Insurance fee
> All costs and incidental expenses incurred in the arrangement and administration of the
facilities shall be for the account of BORROWER. This will include but not limited to
inspection/valuation costs, stamp duty, solicitors’ charges, etc.
> Disbursement of fund on the facilities shall be subject to availability of funds as well as the
applicable Rules and Regulations of the Regulatory Authorities.
>No change in the business operations and conditions (financial or otherwise) or in the
prospects of BORROWER shall affect the repayment of the facility until full and final
liquidation.
> All legal and equitable charges created by the BORROWER in favor of the LENDER are all
enforceable in favor of the LENDER as against the BORROWER, and the BORROWER shall
not take any steps to restrain, restrict or delay LENDER in taking steps to realize the
security in the event of default.
> Without prejudice to any of the clauses herein, LENDER reserves the right to vary, alter or
amend any of the terms and conditions of the facility as and when the need arises to do
so.
>The BORROWER hereby agrees and accepts that LENDER shall be entitled to capitalize
interest on this facility at the agreed rate immediately after expiry of the tenure hereby
granted until the facility is fully paid or recovered.
>This agreement shall not be binding unless it is accepted and returned to LENDER within
seven (7) days from the date of the offer letter.
>Pre – liquidation: BORROWER consents to the payment of pre-liquidation charge, which is
3% of the outstanding principal plus interest to date.
>The BORROWER acknowledges that the Repayment Schedule attached to this Offer Letter
and the contents therein constitute and form a part of this Offer Letter, same of which is
binding upon the BORROWER.
The obligor hereby agrees that Fortress Microfinance Bank has the right to seize, retain and dispose any property registered with National Collateral Registry of Nigeria (NCR) known to belong to the obligor and/ corporate entity during the cause of recovering all due amounts owed after other means of recovery have failed
Fortress Microfinance Bank at any time with or without notice (a) combine or consolidate some or all of the obligor’s account with it without any liability to Fortress Microfinance Bank and (b) set off and transfer of any sum standing to the credit of any such account in full or partial payment of any amount the obligor owes to it.
This loan agreement is governed by Nigerian law and the courts of the Federal Republic of Nigeria; have jurisdiction in any matter arising from it.
> Whereby the borrower fails to pay for any instalment due under this agreement or for any
reason whatsoever, any of his/her cheque deposited or his guarantor is dishonored, the
LENDER shall have the right to immediately terminate the agreement and recover
from the borrower all the FEES-PENALTIES-INTEREST - PRINCIPAL due in this order. In
addition, the LENDER will charge default rate of 0.5% per day on the unpaid sum until it is
fully recovered under the agreement.
> However, where the LENDER waives its rights to terminate the agreement, the BORROWER
shall be liable to pay to the LENDER the sum equivalent to 15% per month for any bounced
or stopped or irrecoverable cheque issued to the LENDER by the BORROWER until
the money is liquidated and the BORROWER shall be responsible for any cost or expenses
to be incurred in recovering such sums.
The terms and conditions of this agreement shall remain confidential to both parties and therefore neither party shall be at liability, either now or at the termination of the agreement divulge or allow the contents of this agreement to come to the knowledge of any third party except in the case of loan default where the LENDER shall be at liberty to disclose contract to Recovery Agents, and/or Borrower’s Employer. In the event of BORROWER not carrying out his/her obligation as expected and proving difficult to be contacted through phone call or SMS and not also accessible in the place of resident, office or business as the case may be, the LENDER shall exercise her right to reach out to the BORROWER by any means including social media. However, LENDER shall be at liberty to submit credit report to any authorized Credit Bureau.
Without prejudice to LENDER’s right to demand repayment of outstanding amounts under the
facility at any time, the occurrence or any or all of the following events shall cause all outstanding
amounts under the facility to become immediately repayable.
> If BORROWER fails to settle when due, any outstanding amount owed and advised by LENDER;
or
> If BORROWER defaults in the performance of or observation of any other term, condition or
covenant herein and such breach or default shall continue unremedied after five days’ notice shall
have been given to it; or
>If a distress or execution is levied upon or issued against any of BORROWER’s properties or
assets and is not discharged within five days; or
d) If BORROWER is unable to pay his debt within the meaning of section 1 of the Bankruptcy Act,
1990 (or any other Act repealing or amending same).
No failure or delay by LENDER in exercising any remedy, power, or right hereunder shall operate as a waiver or impairment as a waiver or impairment thereof nor shall it affect or impair any such remedies, power or rights in respect of any future defaults.
N500k and above is 3% monthly flat
N100k to N499k is 3.5% monthly flat
N50k to N99k is 5% monthly flat
N10k to N49k is 10% monthly flat
Insurance fee is a one off fee of 1.5% on the loan amount
Corporate search fee- We charge N10,000 search fee for Businesses to verify their existence with
Corporate Affairs commission . This is a one off fee
Customer profiling fee- We charge N 500 for profiling customers in reviewing their bank
statement. This is a one off fee
The customer is expected to make payments via transfer or cheques on or before due date. The customer will have his repayment schedule stated clearly on his offer letter
The Global Standing Instruction (“GSI”) is a mandate authorizing the recovery of due loan
obligations from any and all deposit accounts maintained by a defaulting borrower with other
banks other than the creditor bank. It is an arrangement that creates a contractual mandate
from an individual borrower, in favour of a creditor bank to apply monies standing to the credit
of the borrower in a third-party financial institution or electronic wallet to offset the debt
obligations of the borrower.
The customer hereby consents to CBN initiative of Global Standing Instruction (GSI ) . With GSIS
implementation, the customer consents that Fortress Microfinance bank can use the CBN/ NIBBSS
platform for recovery if the customer defaults in repayment
Need any assistances?
Call 07035836168
or send an email to
info@fortressmicrofinancebank.com
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