Name: CHIEME FAVOUREMEREOLE

NUBAN: 0118267750

Loan Amount: 29700

Date Disbursed: February 26, 2024

Salary Advance Terms and Conditions

Definition of Terms
The Borrower: This refers to the Applicant
Lender: Guaranty Trust Bank Limited
Facility Type: Salary Advance
Loan Purpose: To finance personal needs
Interest Rate: 28% per annum (floating) subject to change in money market conditions.
However, notifications would be given at least ten (10) business days before
any rate amendments are made
Management Fee: 1% flat on the loan amount payable upon acceptance of the offer and at
every annual review, being fee charged for expertise and (Loan Structuring) *
intellectual capital used by the Bank in facilitating steps required towards
granting this facility and carrying out annual review
Insurance Premium: 1% flat
Tenor: 30 days
Repayment: This Salary Advance is to be fully repaid monthly upon receipt of the
Borrowers salary into his/her account maintained with the Bank
Security/Comfort: Domiciliation of Borrower's salary with GTBank or deduction from salary for
loan obligations from salary for loan obligations from pay point.
*These fees are not an integral part of the interest rates

CONDITIONS
1. The Bank is regulated by the Central Bank of Nigeria.
2. The Salary Advance must be cleaned up every 30days or upon receipt of salary (whichever comes first).
3. The Borrower covenants and warrants that, in making any repayment on due date in the event that the loan
repayment period or day falls on a weekend or public holiday, the effective loan repayment day shall be the preceding
business day.
4. Reserved interest rate chargeable on the Borrower’s account shall be the Bank’s prime lending rate from time to time.
5. The interest charged is the effective interest rate which is the interest rate that is paid on the Borrowers loan due to
the result of compounding over a given time period and this is payable monthly.
6. Interest will be charged on all amounts owed by Borrower.
7. A fee of 1% flat per month (approximately 12% p.a.) over the approved lending rate shall be applied on the outstanding
unpaid obligation without recourse to the Borrower.
8. In the event of restructuring, a facility restructuring fee of 0.5% of the outstanding amount shall be charged.
9. The Bank shall advise the Borrower of any change in prime lending rate, charges, fees or any other terms and
conditions of the loan by a notice at its branches in Nigeria or by notes in customer statements.
10. There may be a need, at the instance of the Bank to vary the terms of the facility in the event of changes in interest
rates and/or foreign exchange rates arising from any change in market conditions at any time after the drawdown of
the facility.
11. The Borrower undertakes not to access additional facility from Co-operatives or other institutions that will encumber
the expected salary inflow or affect repayment of the loan facility granted by the Bank.
12. The Borrower hereby covenants, as a condition precedent to the disbursement of the facility herein, to irrevocably
and unconditionally authorize the Borrower’s Payroll Payment Service Provider, to remit the Borrower’s emoluments
into the Borrower’s account with the Bank. In addition, Borrower hereby unconditionally covenant to the Payroll
 Payment Service Provider that while any sum granted to the Borrower hereunder shall remain unpaid, the Payroll
Payment Service Provider shall pay to the Borrower’s account with the Bank, any emoluments due to the Borrower in
the event of the Borrower’ exits from the employ of the Employer, provided such sums so payable shall not exceed
the total sum outstanding under the facility and other unpaid charges as advised by the Bank.
13. As repayment source for the facility hereby advanced, the Borrower hereby undertake to authorize [his/her] Payment
Service Provider to pay the Borrower’s salary or repayment amount into the Borrower’s account maintained with the
Bank, while the Borrower’s obligations under this loan facility remains undercharged.
14. The Borrower hereby irrevocably undertakes to fully liquidate the outstanding balance on the facility herein granted
in the event that the Borrower decides to change [his/her] employment or [his/her] employment is terminated, which
liquidation shall be effected on or before the effective date of such change or termination of employment.
15. The Borrower hereby acknowledges and gives consent that the Bank may at its sole discretion as it shall consider
appropriate, exchange information with my employer, on the conduct of my account together with details of any
non-payment or delayed payments for the purpose of assisting them and/or the Bank in the loan recovery efforts.
16. In the event of default by the Borrower in making any repayment on due date, the outstanding principal amount and
accrued interest shall be conclusive evidence that a sum is due and owing from the Borrower.
17. In the event of default by the Borrower under this facility, the Bank reserves the right at its discretion, to transfer the
defaulting account to a third-party agency to recover any outstanding debt due to the Bank. In addition, in the event
of a loss of job leading to a default, the Bank shall transfer the defaulting account to the designated insurance company
to recover any outstanding debt paid on behalf of the Borrower.
18. The Bank may at any time and without notice to the Borrower, combine all or any of the Borrower’s account and
liabilities with the Bank in Nigeria (or elsewhere) whether held solely or jointly with any person(s) and set off all or
any monies standing to the credit of the Borrower in such accounts, including the Borrower’s deposits with the Bank
(whether matured or not) towards satisfaction of any of the Borrower’s liabilities to the Bank, whether as principal or
surety, actual or contingent, solely or jointly, primary or collateral with any other person and the Bank may effect any
necessary currency conversion at the Bank’s own rate of exchange then prevailing. Exchange risks associated with any
collateral, cash or otherwise in satisfaction of outstanding debt shall be borne by the Borrower.
19. The Borrower hereby agrees that in addition to any general lien or similar right to which we as Bankers may be entitled
by law, we may at any time and without notice to the Borrower deduct from and/or restrict the funds in the Borrowers
account(s) to liquidate the Borrowers loan obligation whether or not due.
20. All funds to be cleared into the accounts of the Borrower maintained with the Bank shall first be applied towards the
discharge of overdue interest and charges/fees. Any balance thereon shall be applied to liquidate the outstanding
principal sum under the credit facility herein granted, provided always that the Bank reserves the right to refuse to
accept post-dated cheques or other such instruments towards payment or settlement of the credit facility.
21. The Bank may use any information relating to the Borrower for evaluating the credit application. The Bank may at its
sole discretion as it shall consider appropriate give to and receive from credit bureaus and reference agencies whether
based locally or abroad, other financial institutions, regulatory and law enforcement agencies and relevant third
parties information about the Borrower, including information on the conduct on the Borrower’s account together
with details of any non-payment or delayed payments for the purpose of assisting them and/or the Bank in making
lending or rating decisions about the Borrower.
22. The Borrower authorizes the Bank to obtain and retain on the Credit Risk Management System of the Central Bank of
Nigeria (CBN), all information relating to the Borrower’s Bank Verification Numbers and the status of indebtedness.
23. The Borrower hereby irrevocably undertakes to fully indemnify the Bank against all cost and expenses (including legal
fees, collection commission et cetera), arising in any way in connection with the Borrower’s accounts; in enforcing the
terms and conditions herein; or from the recovery of any amounts due to the Bank or incurred by the Bank in any
legal proceedings of whatever nature.
24. By agreeing to the terms and conditions at the point of application and drawing on the loan, the Borrower covenant
to repay the loan as and when due. In the event that the Borrower 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 Central Bank of Nigeria (CBN)
through the Credit Risk Management System (CRMS) or by any other means, and request the CBN to exercise its
regulatory power to direct all banks and other financial institutions under its regulatory purview to set-off the
Borrowers indebtedness from any money standing to the Borrowers credit in any bank and from any other financial
assets they may be holding for the Borrowers benefit.
 25. The Borrowers covenant and warrant that the CBN shall have power to set-off the Borrowers indebtedness under this
loan agreement from all such monies and funds standing to the Borrowers credit/benefit in any and all such accounts
or from any other financial assets belonging to the Borrower and in the custody of any such bank.
26. The Borrower hereby waive any right of confidentiality whether arising under common law or statue or in any other
manner whatsoever and irrevocably agree that the Borrower 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. All other rights
reserved.
27. The Credit Insurance provided by the Assurer in respect of the facility covers death and involuntary loss of job of the
Borrower.
28. The Borrower hereby waive the need to review the facility document(s) within forty-eight (48) hours of receipt of
same and confirm the acceptance of the terms contained in this facility document(s).
29. The Borrower must have been on the Credit Insurance policy for a period of two (2) calendar months before any claim
can be lodged under the Credit Insurance.
30. The Borrower hereby confirms the acceptance of the terms of the facility. Notwithstanding anything herein contained,
express or implied, the Borrower hereby confirms that the Bank may at any time and without notice to the Borrower
deduct any amount due to the Bank from the Borrowers account(s) as a result of the Borrower rejecting the facility
within three (3) days of acceptance.
31. The terms and conditions contained binds the Borrower and is not assignable.

We thank you for your patronage and look forward to a mutually beneficial relationship.