Further to your request for a Personal Loan, we are pleased to offer the above facility to you under the following terms and conditions:

Conditions Precedent to Drawdown

1. Digital acceptance of offer via the banks electronic channels
2. Digital acceptance of Terms and Condition
3. Application via the bank’s digital channels.
4. Borrower shall repay the facility in accordance with the terms of this facility and failure to pay any instalment on the due date shall amount to an event default.
5. Fidelity retains the right to cancel this facility if any situation occurs or threatens to occur which in the opinion of Fidelity would adversely impact the ability of Borrower to conform or meet its obligation thereof.
   
6. Notwithstanding the above terms and conditions, the facility under normal banking practice is repayable on demand.

Other Conditions

1. All Central Bank of Nigeria (CBN) and Federal Government of Nigeria (FGN) regulations are to be complied with and adhered to.
2. The borrower will pay all stamp and other duties, if any, to which this facility may be subject or give rise and shall indemnify Fidelity Bank plc against all liabilities with respect to or resulting from any omission on the part of the company to pay such duties.
3. The borrower will reimburse Fidelity Bank plc on demand all expenses (including but not limited to legal and insurance expenses) and all taxes thereon, in processing the facility and in suing for or recovering any sum due hereunder or otherwise in enforcing or protecting its’ rights and interests hereunder.
4. All proceeds relevant to the facility shall flow through Fidelity Bank Plc in addition to other cash flows generated from the borrower’s business activities.
5. No failure or delay by Fidelity Bank Plc in exercising any remedy, power, or right hereunder shall operate as a waiver or impairment thereof.
6. Fidelity Bank Plc retains the right to cancel the facility in the occurrence of a situation, which, in the opinion of Fidelity Bank plc, would adversely impact the ability of the borrower to conform or meet his/her obligations thereof.
7. The borrower undertakes/agrees;

1. To repay the facility on or before maturity, failing which any outstanding balance shall, in addition to the interest rate hereinbefore stated, (or the prevailing interest rate on the facility as may be revised from time to time) attract a default charge of 1% per month (equivalent of 12% per annum).
2. That any debit balance on the Borrower’s current account during this facility, other than within the limit of a duly approved overdraft facility, shall be considered as an unauthorized overdraft and shall attract interest at the bank’s unauthorized overdraft rate currently at 35%.

1. Notwithstanding the above terms and conditions, the facility herein under normal banking practices is repayable on demand.
2. The Borrower hereby covenants that he/she shall not without the prior written consent of the Bank, create or permit to be created, any new charge or security in
   

favour of any third party which shall be superior to the charge or security herein created.

1. Upon drawdown of this loan, the Borrower covenants that he/she shall not undertake any further borrowing from other sources (e.g. loans from a co-operative society) without the prior written approval of The Bank.
2. The borrower hereby confirms, agrees and undertakes as follows:

1. By signing this offer letter/loan agreement and by drawing on the loan, I covenant to repay the loan as and when due. In the event that I fail to repay the loan as agreed, and the loan becomes delinquent, the bank shall have the right to report the delinquent loan to the CBN through the Credit Risk Management System (CRMS) or by any other means, and request the CBN exercise its regulatory power to direct all banks and other financial institutions under its regulatory purview to set-off my indebtedness from any money standing to my credit in any bank account and from any other financial assets they may be holding for my benefit.
2. I covenant and warrant that the bank shall have power to set-off my indebtedness under this loan agreement from all such monies and funds standing to my credit/benefit in any and all such accounts or from any other financial assets belonging to me and in the custody of any such bank.
3. I hereby waive any right of confidentiality whether arising under common law or statute or in any other manner whatsoever and irrevocably agree that I shall not argue to the contrary before any court of law, tribunal, administrative authority or any other body acting in any judicial or quasi-judicial capacity.

1. The borrower agrees to waive 3-days cooling off period to enable disbursement.

Events of Default

Without prejudice to Fidelity’s right to demand repayment of any outstanding amount under this facility at any time, the occurrence of any of the following events shall cause outstanding amounts under the facility to become immediately repayable:

1. If Borrower fails to settle when due, any outstanding amount owed to and advised by Fidelity; or
2. If Borrower defaults in the performance or observance of any other term, conditions or covenant herein.

Set Off

The Borrower covenants that in addition to any general lien or similar right to which the Lender as a banker may be entitled by law, the Lender may at any time and without

notice to the Borrower combine or consolidate all or any of the Borrower’s accounts with any liabilities to the Lender and set off or transfer any sum or sums standing to the credit of anyone or more of such accounts in or towards satisfaction of the Borrower’s liabilities to the Lender or any other respect whether such liabilities be actual or contingent, primary or collateral and several or joint.