Microfinance Loans Terms and Conditions

• Management Fee

Management fees shall be paid on the principal amount and shall be paid over the tenure of the facility. Management fees will be updated from time to time and the rates will be shared through the Bank’s business conditions.

• Charges, fees and penalty recovery

All overdue and unpaid instalments or amounts shall attract penalty interest per annum, above the rate

• Insurance

The Bank will take insurance to cover against Death and Involuntary Retrenchment. The applicant will be required to pay the insurance premium at the inception or renewal of facilities.

Client Declaration: I agree to abide by the terms and conditions of the loan as availed to me by the branch. I authorize AFC Commercial Bank to register a stop order with my paymaster for  amount due inclusive of principal, interest and charges on due date.

 Customer Loans

• • Loan application fees                        US$5
  • Loan monthly service fee                                         US$2.00
  • Security fees (for secured loans only)        3% once off

  Conditions

  1. Salaried employee for the tenure of the loan.
  2. Instalments stop order to be registered with the paymaster for the loan term/ until loan is fully paid.
  3.  Loan amounts of US$3,500 or less to be secured by a direct deduction or PART IV security.

  General

  • The Borrower consents to the jurisdiction of the Magistrate’s Court notwithstanding the fact that the Bank’s claim at any time may otherwise exceed the jurisdiction of that court.
  • The Borrower shall be liable for the payment of all expenses incurred by the Bank in exercising any right against the Borrower in respect of any breach of these conditions, including all legal charges on the attorney/client scale, debt collection/attorney collection charges, and tracing charges.
  • No delay, indulgence, or relaxation in the exercising of any of the Bank’s rights under these terms and conditions shall constitute a waiver of such rights.
  • No variation of this agreement shall be effective unless it is in writing and signed by the Parties.
  • Once the Borrower completes the borrowing process on the AFC Commercial Bank mobile banking platform (*276#), they have accepted these terms and conditions.