SCHOOL FEES ADVANCE APPLICATION FORM RC 575

Personal Details

Date Affix
Current Passport
BANK VERIFICATION NO.
Phorograph Here

Surname First Name

Gender: F M
Middle Name

Marital Status: Single Married Separated Widowed Others (specify)

Date of Birth

Current Residential Address

Nearest Bus Stop Area/City L.G.A. State

Permanent Address

Nearest Bus Stop Area/City L.G.A. State

Type of Accommodation: Rented Owned Living with parents, friends, family Official Quarters

No of Years in Present Residence

Phone (Mobile) Phone (Office)

E-mail

Emergency Contact (Name) Contact’s Phone No.

Current Residential Address

Nearest Bus Stop Area/City L.G.A. State

Employment Detail

Employer’s Name

Office Address

Nearest Bus Stop Area/City L.G.A. State

Category of Employer: Government Private Sole Proprietor Date Joined

Employment Status:
Employment Expiration
Permanent Contract
Date Date

Net Salary per month(Amount N) Pay Day

Facility Details

Requested Amount Amount in word

Requested Tenor

No. Existing Loan Type (Personal, Auto, Home, etc.) Bank Outstanding Balance Amount (N) Monthly repayment (N)
1.

2.

3.

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SCHOOL FEES ADVANCE APPLICATION FORM RC 575

Acceptance of Offer

I, _________________________________________________________________________ hereby accept the facility, as contained in this Facility Offer on this _________ day

of ______________ 20_________.

I also agree that the facility amount will become immediately payable in full, should my salary deposits be moved to another bank, or deposits do not

occur for a 30 day period in my account.

Name Signature

For Office Use Only

FACILITY DETAILS

Amount Approved (N) Commitment & Management Fee (% - on initiation only)

Insurance (% - per annum) Penalty Fee(% - in case of default)

RELATED PARTIES

Surname First Name Middle Name

Nature of Relationship: Direct Indirect Senior Mgt Staff

INTEREST RATE
The interest rate applicable on this facility at the date of offer is ___________% per annum. This is however subject to reviews based on the braentkio’sndisc
and/or changes in market conditions .

Interest is calculated on the outstanding daily balance and debited to your current account monthly and in arrears. The Term Loan
repayment shall be in equal monthly installment of principal and interest over the loan tenor.

FACILITY TERMS
Tenor Monthly Repayment Amount N (for Term Loan) First Repayment Date

Branch
Account No.

Mode of Disbursement: Cheque Transfer

DOCUMENTATION CHECK-LIST

Proof of identity Yes No Employment Letter Yes No

Three months recent pay-slips Yes No Letter of Confirmation Yes No

Three months bank statement Yes No Terms & Conditions Duly Signed Yes No

Address Verification - Utility Bill Yes No Irrevocable Salary Domiciliation Yes No

Relationship Officer’s Name Team Lead’s Name Sales Support’s Name

Date

Signature /Code Signature/Code Signature/Code

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SCHOOL FEES ADVANCE APPLICATION FORM RC 575

Terms & Conditions

Grant ofFacilities The Applicant will be deemed to have received notification of changes thirty any other person(s), new financial association may be created at the
(30) days of publication of notice at its branches. The Applicant understands Credit Bureau which will link their financial records
Wema Bank Plc (herein after referred to as the “Bank”) may approve or decline and agrees that the bank is not obliged to obtain the applicant's signature for
an application for credit facility at its absolute discretion. The bank is not c. The Applicant hereby warrants that he/she is entitled to disclose
receipt of such communication.
obliged to disclose any reasons for the decline or approval of an application. information about any guarantor and/or anyone else referred to by the
Letter ofUndertaking Applicant, and to authorize the Bank to search and/or record such
Purpose information at Credit Bureaus. The Applicant understands that an
The Applicant agrees to submit to the Bank an irrevocable letter advised to 'association' will be created at the Credit Bureau, which will link the
The loan is for payment of school fees of applicants' children/wards. Applicant's employer, undertaking to remit the Applicant's monthly financial records of the Applicant to those of the guarantor and/or
emoluments to the Applicant's account with the Bank or remit directly to the anyone else referred to by the Applicant.
Interest
Bank such part of the Applicant's emoluments that is due to the Bank monthly
a. The Applicant authorises the Bank to apportion the monthly during the term of the facility and also undertake to ensure that during the said
repayments between interest and principal, at its absolute discretion, period, all the emoluments due to the Applicant in the event of the Applicant
d. The Applicant hereby agrees to indemnify and hold the Bank harmless
and to debit the Applicant's current account with the amount for each leaving the employment for any reason shall also be paid to the Bank to the
against all claims, costs, fees, expenses, damages, and liabilities against
monthly repayment as they fall due. maximum of the outstanding on the loan and any other unpaid charges as
the Bank relating to, or arising as a result of, the disclosure ofi
advised by the Bank.
b. Interest on all credit facilities will be charged on a monthly basis. nformation about such guarantor and/or anyone else referred to by the
Interest will therefore be calculated for the month based on the Set-Off andConsolidated Rights Applicant or any use of such information by Credit Bureau in
outstanding debit balance compliance with the provisions of any CBN guideline and/or relevant
The bank may at any time and without notice combine all or any of the statute.
c. The bank reserves the right to increase/decrease either the Applicant's accounts and liabilities with the Bank whether singly or jointly with
tenor/monthly installment amount to effect any upward or downward any person or set-off all or any monies standing to the credit of such account(s) e. The applicant hereby releases and discharges the Bank from its
revision ofi nterest rate or for any other reason including the Applicant's deposits with the Bank (whether matured or not) obligations under the Banker's duty of secrecy and forfeit any right to
towards settling any of the Applicant's liabilities to the Bank whether as any claim, damages and/or loss on account of such disclosure to Credit
d. The Bank reserves the right to change interest rate depending on principal or surety, actual or contingent, primary or collateral, singly or jointly Bureaus in accordance with the provisions of any CBN guideline and/or
changes in market conditions with any other person, and the bank may effect any necessary currency relevant statute.

e. Interest will be charged on all amounts owed by the Applicant conversion at the prevailing exchange rate. Exchange risks associated with any
Indemnity
collateral, cash or otherwise in settling any outstanding debt shall be borne by
Disbursement the applicant. The Applicant agrees to fully indemnify the bank against all costs and
expenses (including legal fees, collection commission, et cetera) arising in any
The Applicant understands and agrees that all fees and charges will be Banking Instructionsvia Telex/Facsimile/E-mail
way in connection with the Applicant, in enforcing these terms and conditions
charged to the account of the Applicant and the mode of disbursement would
Unless the Applicant instructs the bank to the contrary, the Bank is authorized or in recovering any amounts due to the Bank in any legal proceeding of
be either by cheque or transfer to the child/ward's school.
but not obliged, to act on the Applicant's banking instructions transmitted whatever nature.
Security through telex, facsimile service or e-mail. The Applicant releases the Bank
Waiver
from, indemnifies and holds the Bank harmless from and against all actions,
The Applicant understands and agrees that the Bank will have a lien on salary
suits, proceedings, costs, claims, demands and charges, expenses, losses and No forbearance, neglect or waiver by the Bank in enforcing these terms and
through salary domiciliation with Wema Bank as security for the facility and
liabilities however arising, in consequence or in any way related to: conditions shall prejudice the Bank's right to strictly enforce the same. No
hereby undertakes (by the letter ofi rrevocable salary domiciliation) that the
waiver by the Bank shall be effective unless it is in writing.
salary will be paid into his/her current account with Wema Bank until the a. The Bank having acted in good faith in accordance with the Applicant's
expiration of the facility. written facsimile, e-mail or telex instructions, notwithstanding that In so far as any right is conferred on the Applicant with regard to any obligation
such instruction(s) may have been initiated in error or fraudulently imposed on the Applicant by this contract, the Applicant hereby waives and
Facility Fees altered, misunderstood or distorted in the lines of communication forgoes all such rights and benefits, whether conferred by a statute, common
The Bank will charge fees as prescribed by the Central Bank of Nigeria (CBN). and/or transmission law, equity and any other law in force.

The Bank reserves the right to vary such charges and fees as will be b. The Bank having refrained from acting in accordance with written Default Clause:
communicated by publication from time to time. The publication will be facsimile, e-mail or telex instructions of the Applicant by reason off In the event of default by the Applicant, the outstanding principal amount of
displayed at its branches and a copy will be made available on request. ailure of actual transmission thereof to the Bank for whatever reason, the loan and the accrued interest shall become immediately due, and payable.
whether connected with fault, failure or lack of readiness of the sending A statement or demand signed by an authorized officer of the Bank shall be
Default or receiving machine conclusive evidence that the sum is due and owing from the Applicant.

In the event of default by the Applicant, the outstanding principal amount of c. The Applicant's failure to forward all original copies off acsimile, e-mail In the event of default, the Bank reserves the right to assign this agreement to
the loan and the accrued interest shall become immediately due and payable. or telex instructions to the Bank within 24 hours a third party without the permission of the Applicant, to recover outstanding
A statement or demand signed by an authorized officer of the Bank shall be debt. The Bank reserves the right to set-off the full indebtedness against the
conclusive evidence that the sum is due and owing from the Applicant. Authority ofFuture Employers
Applicant's bank account/s with Wema Bank and any other financial institution
In the event of default, the Bank reserves the right to assign this agreement to The Applicant undertakes to authorise present and future employers to where the Applicant's BVN or phone number is linked to such account.
a third party without the permission of the Applicant, to recover outstanding deduct loan repayment from the salary and remit to the Bank or pay salary to
Applicant's salary account with the Bank and cause future employers to issue Default Fee
debt.
an irrevocable letter of undertaking to the Bank to make the monthly requisite Where loan instalments due from the Applicant are not received at the date
Default Fee deductions in respect of all outstanding loans. due for the payment, the Bank reserves the right to charge a default rate on
the outstanding balance for the month. A flat default charge will be charged on
Where loan installments due from the Applicant are not received at the date Notices the outstanding balance after 30days
due for the payment, the Bank reserves the right to charge a default rate on
the outstanding balance for the month. A flat default charge will be charged The Applicant agrees to accept service of all notices and processes at his/her Global Standing Instruction:
on the outstanding balance after 30days postal or physical address indicated on this form and hereby confirms these By signing this offer letter/loan agreement and by drawing on the loan, I
addresses as his/her address for service. All notices and processes sent by covenant to repay the loan as and when due. In the event that I fail to repay the
Foreclosure registered post will be deemed to have been received 7 days after the date of loan as agreed, and the loan becomes delinquent, the bank shall have the right
posting and all processes and notices delivered by hand will be deemed to to report the delinquent loan to the CBN through the Credit Risk Management
The Bank reserves the right to foreclose the loan and recover all out standings
have been received on the date of delivery. System (CRMS) or by any other means, and request the CBN to Exercise its
in the event ofl oss or change of employment, or any other circumstance
regulatory power to direct all banks and other financial institutions under its
which may impede the loan repayment, and is thus considered a risk to the Appropriation
regulatory purview to set-off my indebtedness from any money standing to
Bank.
All amounts received by the Bank will be first appropriated towards overdue my credit in any bank account and from any financial assets they may be
Balance TransferOption interest charges/fees, and interest. Any balance left thereafter will be holding for my benefit.
appropriated lastly towards principal. The Bank reserves the right to refuse
The Bank reserves the right to offer this option to the Applicant and is at liberty I covenant and warrant that the bank shall have power to set-off my
acceptance of post-dated cheques or such other instruments towards
to take over a running/outstanding loan of the Applicant where the running indebtedness under this loan agreement from all such monies and funds
payment or settlement of the credit facility.
loan is below the amount that the Bank intends to grant to the Applicant. standing to credit/benefit in any and all such accounts or from any other
Disclosure ofInformation financial assets belonging to me and in the custody of any such bank.
The Applicant will be expected to provide the Bank with the statement of the
outstanding sum owed to his creditor. Subsequently, the Bank would issue a The Bank may use any information relating to the Applicant for I hereby waive any right of confidentiality whether arising under common law
1st cheque to the creditor of the Applicant to cover the outstanding sum owed or statute or in any other manner whatsoever and irrevocably agree that I shall
by the Applicant to its creditor. evaluating the credit application and share such information with third parties
not argue to the contrary before any court of law, tribunal administrative
including but not limited to the Applicant's employer (both present and
Upon receipt of an acknowledgment from the Applicant's debtor that the authority or any other body acting in any judicial or quasi-judicial capacity.
future), referees and guarantors for any purpose in respect of the credit
Applicant's outstanding has been settled, the bank then proceeds to issue a facility.
2nd cheque/transfer in the name of the child's school which represents the
remainder of the loan due from the Bank to the Applicant. The bank is registered with the Credit Bureaus licensed by the Central Bank of
Nigeria (CBN) to create, organize and manage database for the exchange and
The Bank would however start charging interest on the full loan amount from sharing ofi nformation on credit status of individuals and businesses. This
the date that the 1st cheque is issued in favour of the Applicant's creditor. information shall be used for business purposes approved by the CBN and any
relevant statute. By this, the Bank is under obligation to disclose to the Bureaus Name
Insurance
credit information and any other personal information disclosed to it in the
The Bank will require the Applicant to take insurance to cover death, course of the banker-customer relationship with it.
permanent disability and loss of job, through the Bank's approved Insurance
By submitting information to the Bank (whether or not the Applicant proceeds
plan. The insurance will cover both the principal and interest up to the
with the transaction):
unsecured limit of the loan, and the Insurance Policy shall name the Bank as
first loss payee. a. The Applicant agrees that the Bank may collect, use and disclose such Signature
information to the Credit Bureaus and that the Bureaus may use the
The Applicant agrees to pay the insurance premium stipulated per annum;
information for any approved business purpose as may from time to
covering the tenor of the facility, and the premium shall be paid up-front.
time be prescribed by the CBN and/or any relevant statute
Variation Date
b. The Applicant understands that information held by the Credit Bureaus
The Bank will advise the Applicant of any change in prime lending rate, may already be linked to records relating to one or more of the partners
charges, fees and any other terms and conditions of the loan by a notice at its of the Applicant, and may thus be treated as financially linked. The
branches, or by notes in the customer's statements. application will thence be assessed in reference to any 'associated'
records. In addition, for any joint application made by the Applicant with

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