The Borrower hereby declares and warrants unto and in favor of the Lender that he/she is gainfully employed that he/she is currently actively at work attending to all his/ her normal duties on the date of signature of this Agreement and that the Borrower has completed a period deemed appropriate by the Lender from time to time without absence.
The Borrower acknowledges that he/she has applied for a loan from the Lender in the aforementioned amount by the Borrower
The Borrower acknowledges that he/she is lawfully indebted unto and in favour of the Lender for repayment of the Capital together with interest and fees as accrued thereon and that the Capital shall be disbursed at the discretion of the Lender either in the form of electronic transfer to the Borrower's preferred mode of payment.
The Borrower confirms The Borrower undertakes to repay to the Lender in the manner set forth in the Salary Deduction Authorization, the full capital of the monies lent and advanced by the Lender to the Borrower together with interest as accrued thereon together with any and all other charges by irrevocably instructing the Borrower's employer to deduct from the Borrower's salary or other remuneration amount reflected in the Schedule as the "monthly installment payable", or such amount as may be notified by the Lender to the Borrower in writing from time to time.
By clicking on autorenewal I give full authority to Ekas to renew my loan automatically upon completion and then credit the loan to my account.
The Borrower acknowledges that any delay in the payment of any installment may result in extra installments in order to recover the interest and fees due to arrears and the Borrower hereby consents to the recovery of any amount due by way of additional installments over and above the installments as indicated on the Loan Schedule generated by the Lender.
The Borrower acknowledges that in the event of applying for any subsequent loan, such subsequent loan will:
Be governed by the terms of this Agreement
Be reflected in an addendum, bearing a unique number, which shall be executed by the Borrower.
The Borrower shall provide any information that may be requested by the Lender and complete any additional documentation including the registration and creation of a borrower profile and an instruction to the Employer to make deductions from the Borrower's salary ("Salary Deduction Authorisation Form") and do whatever is necessary to formalize this instruction to the satisfaction of the Lender and Employer.
The Borrower undertakes to notify the Lender in writing immediately should the Borrower's employment with the current employer be terminated for any reason whatsoever and the Lender shall be entitled to demand that the outstanding balance be deducted by the Employer from any payment to be made to the Borrower as a result of such termination.
The Borrower irrevocably authorises the employer to pay and discharge on demand all monies and liabilities which are now or at any time hereafter may be due or owing from or incurred by the Borrower to the Lender from the Borrower's terminal benefits held by the Employer in case of separation.
The Borrower as beneficiary of the terminal benefits held by the Employer hereby assigns unto the Lender the terminal benefits for the purposes of securing the repayment for the loan granted by the Lender to the Borrower.
The Borrower agrees to be paid the loan amount applied from Ekas only after Ekas appears on the payslip with the legal names Ekas business services. In an event that the Loan is no longer needed by the borrower Ekas agrees to refund the payment deducted in full and to put a stop order on the loan.
Until all monies and liabilities due or incurred by the Borrower to the Lender shall have been paid or discharged, the Lender will hold a lien on the Borrower's terminal benefits held by the Employer to the full satisfaction of the loan provided by the Lender to the Borrower.
The Borrower irrevocably authorises the Employer to apply the terminal benefits towards the full discharge of the facility provided by the Lender and to pay the Borrower the balance thereof, only upon the full discharge of the monies due to the Lender under the facility.
<> Deductions from the Borrower's salary shall be made on the due date, or any other date in respect of other remuneration, each month commencing from the date reflected in the Schedule until the whole amount payable by the Borrower to the Lender (inclusive of capital, interest and fees) has been repaid to Lender in full.The Borrower can cancel the loan application anytime before PMEC submission or deduction is affected with PMEC by writing a letter of cancellation. However once PMEC submission or deduction has been effected cancellation can only be done after three months of which any deductions prior to cancellation are non refundable. The principal amount received by the Borrower shall be paid in full to Ekas Business after cancellation of the loan. Ekas business will not be liable for any loss of money if the account details provided by Borrower are not correct.
The principal amount received by the Borrower shall be paid in full to Ekas Business after cancellation of the loan. Ekas business will not be liable for any loss of money if the account details provided by Borrower are not correct.
Interest on the loan maybe adjusted to reflect changes in the economic enviroment, including but not limited to changes in the currency exchange rate, interest rates, inflation rates, and other economic indicators. The interest rate on the loan maybe increased or decreased at the discretion of the Ekas Buisiness Services, this may result in an increase in monthly repayment amount or loan period, and the Borrower will be notified any such changes.
Any additional sums of money lent or re-advanced by the Lender shall be reflected in a further Schedule to be executed by the Borrower and which Schedule shall be deemed to form part of this Agreement and shall be subject to all the terms and conditions contained in this Agreement.
The Borrower acknowledges having read and understood that under no circumstance in the process of settling any of the loan installments or repayments, will cash be paid to any member of staff of the Lender, and that in the event that cash is paid, it will be done so at the Borrower's own risk should it turn out that the cash is not credited to the Borrower's loan account.
The Borrower agrees that any additional payments made against the Borrower's loan account, in addition to those deducted from the Borrower's salary, shall be deposited at the following bank account only and that proof of such payment, in the form of the original bank deposit slip bearing the official bank stamp, will be provided to the Lender within 5 (five) working days of such deposits.
The Lump sum payments received on an account will be treated as advance payments unless the Borrower has specifically requested a settlement quotation and made payment in accordance with the provisions and notice period as per the settlement quotation.
Any latitude, extension of time or indulgence which may be allowed by the Lender to the Borrower in respect of the Borrower's obligations in terms of and arising from this Agreement shall not be deemed to be a waiver of, or in any way affect the Lender's rights to require strict and punctual compliance by the Borrower with each and every term and provision of this Agreement, including the Schedule.
The Lender shall, for the duration of this Agreement, at all times have the right to cede, exchange or otherwise deal with any of rights in terms of this Agreement, upon such terms and conditions as the Lender may deem fit. In such cases the third party will acquire the same rights against the Borrower as the Lender may have by virtue of this Agreement. The Borrower therefore understands and consents that his / her debt towards the Lender may be ceded to a third party, and hereby consents that the Lender may choose to dispose of its rights to this Agreement by any means whatsoever and that it may do so at its sole instance and discretion and that such a party may use his/her personal information for any subsequent purpose that is in line with any combination of the initial purposes for which the personal information was obtained.
The Borrower consents to the above use of the above information for as long as it is required by the Lender / third party for the initial or subsequent purposes.
The Borrower may not assign any of his/her rights or obligations under this Agreement.
The Borrower hereby chooses domicilium citandi et executandi at the address set out on the face of this Agreement and shall provide written notice to the Lender of not less than 14 (fourteen) days should this address change, provided that the new address chosen shall be an address within the jurisdiction of the High Court for Zambia, and provided further that such address shall comprise both a physical address and postal address.
All communications between the Lender and the Borrower under this Agreement shall be in writing and delivered by e-mail.
The Borrower agrees that this Agreement has been drafted in a language that he understands, alternatively that he is fully aware of the meaning thereof, the same having been explained to him in a language that he understands.
The Borrower consents to the Lender obtaining any information from his/her employer inter alia, without derogating from the generality hereof, details pertaining to the Borrower's salary, employment, residential address and best contact details.
The Borrower may not assign any of his/her rights or obligations under this Agreement. The Borrower hereby chooses domicilium citandi et executandi at the address set out on the face of this Agreement and shall provide written notice to the Lender of not less than 14 (fourteen) days should this address change, provided that the new address chosen shall be an address within the jurisdiction of the High Court for Zambia, and provided further that such address shall comprise both a physical address and postal address.
All communications between the Lender and the Borrower under this Agreement shall be in writing and delivered by e-mail.
The Borrower agrees that this Agreement has been drafted in a language that he understands, alternatively that he is fully aware of the meaning thereof, the same having been explained to him in a language that he understands.
The Borrower consents to the Lender obtaining any information from his/her employer inter alia, without derogating from the generality hereof, details pertaining to the Borrower's salary, employment, residential address and best contact details.
The Borrower hereby confirms that he/she also understands that the Lender may apply set-off in this matter and any other current and future matter where he/she is indebted to the Lender, including debts ceded to the Lender. This set-off includes, but is not limited to, actions where certain monies in excess of the original amount of the debt have been collected by the Lender, but the Borrower is not in the position to claim a refund for such monies as he/she is still indebted to the Lender in terms of other loan agreements entered into by him/her with either the Lender and / or its subsidiaries and / or its cessionaries.
The Borrower hereby confirms that he/she also understands that the Lender may apply set-off in this matter and any other current and future matter where he/she is indebted to the Lender, including debts ceded to the Lender. This set-off includes, but is not limited to, actions where certain monies in excess of the original amount of the debt have been collected by the Lender, but the Borrower is not in the position to claim a refund for such monies as he/she is still indebted to the Lender in terms of other loan agreements entered into by him/her with either the Lender and / or its subsidiaries and / or its cessionaries.
Any legal process may be served upon the Borrower at his/her domicilium citandi et excutandi/or cessionaries.
The parties agree that each clause in this Agreement is severable, the one from the other, and if any clause is found to be void, illegal or unenforceable for any reason by any competent court, then the remaining clauses shall be and continue to be of full force and effect.
No delay or omission on the part of the Lender in exercising any right, power or remedy under this Agreement shall impair such right, power or remedy or be construed as a waiver thereof or of any other right, power or remedy.
The Agreement shall be governed by the laws of the Republic of Zambia and the Borrower hereby consents to the jurisdiction of the courts of the Republic of Zambia.
The Borrower acknowledges that any and all information contained in the application for the loan completed by or on behalf of the Borrower is deemed material, and constitutes representations by the Borrower forming the basis upon which the Lender has agreed to make the loan to the Borrower.
The Borrower consents that the Lender, its affiliates, associates and subsidiaries may send advertising and promotional material by e-mail / SMS (Short Message System) to his/her computer/ cellular telephone as provided herein. This authority by the Borrower may be revoked by written notification sent to the Lender. The Borrower furthermore consents to the Lender sending SMS's to the Borrower with regard to outstanding balance(s), due instalments, arrears and any other matters related to this Agreement, and which authority cannot be revoked.
The Borrower hereby consents that all personal information relating to him/her, obtained through this application, may be used for the future administration of the Borrower's loan, collection and marketing, including tracing, research , recordable (over and above for the Lender's operations), transmission, distribution, storage, organization, updating modification, disposition, making available in any form, and product design by the Lender.
The Borrower hereby consents that all personal information relating to him/her, obtained through this application, may be used for the future administration of the Borrower's loan, collection and marketing, including tracing, research , recordable (over and above for the Lender's operations), transmission, distribution, storage, organization, updating modification, disposition, making available in any form, and product design by the Lender.
The Borrower forthwith confirms that the contents of this Loan Agreement are understood by him/ her and the Loan Agreement was completed in all respects upon signature hereof and that this Agreement constitutes the record of the Agreement with the Borrower in regard to the subject matter hereof and the Lender shall not be bound by any express or implied term, representation, warranty of the like not recorded herein.
The Borrower acknowledges that in the event that the direct payroll deduction is cancelled, the Borrower will mandate his/her bank to facilitate for the payment of the outstanding balance through the DDAC C system to the Lender.
DDACC MANDATE
Please pay Ekas Business Services Limited Direct Debit from the Account detailed in this application within the safeguards assured by Direct Debit guarantee. This mandate may remain with Ekas Business Services ltd and if so, details shall be electronically passed to my bank. By Clicking on the terms and conditions I give authority to my Bank to debit account and pay Ekas Business Services ltd on account number 5675 2325 00146 held with Zanaco amount of K350 every 25th of the month if funds are available untill the full payment is done.
DECLARATION I declare that the information given in this loan application and agreement is true and complete. I understand that any misleading information or any omissions will be sufficient grounds for termination of the loan application and agreement.