The loan request will not be granted until Treasures MFB has received all the documents precedent to draw down) in form and substance satisfactory to it. The following documents are required to be submitted by each loan applicant in addition to other specific documents as may be required by Treasures MFB. As need arises
-duly completed formal Application & Agreement from
-Most recent pay slip
-Two (2) passport photograph
-Staff ID Card/valid means of identification BVN

GENERAL TEAMS AND CONDITIONS

A. Loan and Repayment

A Treasures MFB agrees to grant and the obligor to accept the loan subject to the terms and conditions set out in the loan application & Agreement Form and also herein in this Offer letter.
b. the obligor agrees to repay the loan (principal plus accrued interest and fees) in accordance with the terms and conditions of this offer letter.

B. Interest

a. The repayment installments as calculated in the repayment are done on the basic payment at regular/ agreed intervals.
b. interest shall be charged by the Bank at the rate that is indicated in the loan Application and Agreement Form
c. All charges shall be capitalized and added to the principal loan amount. Payable over the loan tenor.

C. Early Liquidation loan

A fee of 2% will be charged if the loan is paid before the maturity date. This is dependent on the terms of the contract.
b. Representations and warranties.

D. The Obligor represents and warrants that:

a. He/she has the right to accept this facility and take all necessary actions to authorize same upon fulfilling the terms and conditions herein
b. He/she is not in default under any obligation in respect of any borrowed money that the acceptance of this facility will be or result in a breach or default under any provision of any other agreement to which the obligor is a party.
c. the information given to Treasures MFB verbally or in writing in the formal loan Application & Agreement form is true and accurate.

E. Validity

Kindly indicate your understanding and acceptance of the offer by executing and returning the attached copy of this letter 2 days from the date on the offer letter failure to which the offer herein contained will be at the discretion of the bank and considered as elapsed.

F. Event of Default

The occurrence of any of the following events cause all outstandingamounts under the facility to become immediately due and payable
a. The obligor fails to to make repayment or payment of principal, interest or other amount in respect of the loan in respect of the loan on the date it was due to be paid; or
b. The obligor breaches any of the terms and conditionsof the loan including any representation or confirmation given by the obligor in this loan application and agreement.
c. Where a Bankrupts petition is filled filed against the obligor
d. Where the obligor is unable to pay any other party within the meaning section 1 of the Bankruptcy Act (cap 30) laws of the Federation of Nigeria
e. Where a situation arises which in the opinion of TREASURES MFB makes it innaproproiate for TREASURES MFB to continue to extend the facility to the obligor
f. Where the obligor defaults in the performance of observance of any other condition or covenant herein and such breach or default shall continue unremedied after days notice shall be given to the obligor.

G. Cost and Expenses

a. The obligor hereby agrees to pay all administrative cost, charges and expenses (including Legal Fees) Reasonably incurred by the TREASURES MFB in connection with the processing, administration and recovery of of this loan request.
b. The obligor agrees to pay all costs and expenses (Including Legal Fees) incurred by TREASURES MFB in connection withwith any proceedings instituted by or against TREASURES MFB as a consequences of of entering into this loan agreement.

H. Assignment and Disclosure of Information

a. The oblogor consent irrevocably to any future transfer and assignment, however arising from the loan, whether as part of a loan transfer scheme or otherwise.
b. The obligor authorises TREASURES MFB to disclose any information or documentation relating to the third parties including credit reference agencies, as well as the obligor’s employers (where the obligor is in salaried employment) in the event that the loan has ceased to be serviced by the obligor.

I Variation of conditions: 

TREASURES MFB does not vary the terms and conditions of the loan agreement once it has been consumated.

J. Governing law: 

This loan agreement is governed by the Nigerian law and the courts of the federal republic of Nigeria have jurisdiction in any matter arising from it. If the above terms and conditions are acceptable to you. Kindly indicate your acceptance by signing this letter and return same to us.

K. Cooling off period: 

There are (3) working days cooling periods after acceptance of the credit offer within which borrower may cancel the contract without any penalty or charges.

L. Penal fee: 

1% flat per month on unpaid amount in addition to charging current rate of interest on outstanding debt.

NAME…………………………………………………….SIGNATURE……………………………DATE……

WITNESS…………………………………………….SIGNATURE……………………………..DATE………