Civil Servant Loans

The Terms and Conditions is made up of: a) the Loan Application Form, This Agreement, Declaration & Consent, GRZ Salary Deduction Authorization form, Loan Summary-Key facts.

1. Loan

1.1 At the Borrower’s request, the Credit Provider agrees to make available to the Borrower Total Amount as shown in the Loan Application Form above.


1.2. The Borrower by completing the Loan Application Form shall be deemed to have read, understood and agreed to be bound by these Terms and Conditions.


1.3. The Loan shall be approved on condition that the Borrower’s Employer completes and signs a GRZ Salary Deduction Authorisation Form.


1.4. The Disbursement Amount shall be paid into the Borrower’s Bank Account, the details of which the Borrower warrants are correct. The Borrower undertakes to immediately notify the Company in writing should there be any change in the Borrower’s Bank Account and the Borrower shall furnish the Company in writing with the details thereof.

2. Interest and Charges

2.1 The total monthly interest rate chargeable on the Loan shall be calculated on a declining balance interest calculation on the base of the principal loan amount plus capitalized fees (where applicable) and in accordance with the Loan Application Form.


2.2 Interest shall accrue on a daily basis and calculated on the basis of 365-day year (a 366-day year in the case of a leap year).


2.3 The Credit Provider may from time to time at its sole discretion and within the limits permitted by law revise the interest rates provided however that the Credit Provider shall inform the Borrower by way of 30 days’ written notice prior to effecting any change.


2.4 The fees and charges for the loan are set out in the Loan Application Form -Loan Summary or such other document as the Credit Provider may notify the Borrower.

3. Repayments

3.1 The Borrower must pay the Total Monthly Repayment as on every salary payment date, or on any other payment date in respect of other Remuneration, in each month commencing from the First Installment Date until the Total Amount Due has been paid in full.


3.2 The Borrower shall, unless otherwise approved by the Credit Provider in writing, irrevocably authorise the Borrower’s Employer to deduct the Total Monthly Repayment from the Borrower’s Remuneration and remit to the Credit Provider. (“Salary Deduction Authorisation”).


3.3 The approval of the Loan shall be subject to and conditional on the Borrower’s employer completing and signing a GRZ Salary Deduction Authorisation Form and/or any additional documentation which may be required for another collection method payment. The Company may, in its sole discretion, waive the requirement for the completion of a Salary Deduction Authorisation Form.


3.4 No cash should be handed to an employee or agent of the Credit Provider. The Credit Provider shall not take responsibility for money paid to its employees or agents.

3.5 All payments made by the Borrower in respect of the Total Amount Due shall be made without deduction or set-off of any nature and shall be appropriated firstly towards payment of Interest and secondly towards payment of the Fees and lastly to repayment of the Principal or Total Loan Amount.

4. Prepayments

4.1 The Borrower may at any time repay the whole or any part of the Outstanding Amount together with interest and accrued interest due to (and including) the date of the prepayment and all amounts payable under these Terms and Conditions, subject to the following:


4.1.1 the Borrower must give the Credit Provider 30 (thirty) days' notice in writing before the Outstanding Amount may be settled.
4.1.2 the Borrower shall be liable to pay the early settlement fee as indicated in this agreement.
Upon early settlement, a settlement Administration fee of 6% of the Total outstanding amount will be added to the borrowers loan account and included in the Total settlement amount.
4.1.3 the Company shall be entitled, but not obliged, in its sole discretion to waive the requirement of notice in 7.1


4.2 Interest received up until the settlement date will be subtracted from the settlement interest calculated according to the new loan tenor above.



5. Insurance

5.1 As a responsible lender, the Credit Provider has the right to insure the Loan against any such risks without limitation to death, disability and/or retrenchment.



6. Loan Cancellation

6.1 The Borrower has the right to cancel the Loan at any stage of the Loan processing or after receipt of funds.

6.2 Loan cancellation before disbursement of funds shall be communicated in writing through the email [email protected] or an official letter to the Credit Provider.

7. General

7.1 The Borrower hereby undertakes to notify the Credit Provider immediately the Borrower’s employment with the Borrower’s Employer is terminated for any reason , including, but not limited to termination for operational reasons (retrenchment), and the Credit Provider shall be entitled to demand that the Outstanding Amount be deducted by the Borrower’s Employer, from any financial benefits to be paid to the Borrower, other than in the case of death, as a result of such termination.


7.2 Notwithstanding anything to the contrary contained in this Agreement, the Borrower shall:


7.2.1 at all times remain personally liable to the Credit Provider for repayment of the Total Amount Due;
7.2.2 discharge all his obligations to the Credit Provider only, unless otherwise notified by the Credit Provider;
7.2.3 notify the Credit Provider in writing of any change of Employer and/or of any change in the Borrower’s personal circumstances and address, or otherwise, from the details appearing in the Loan Application Form and/ or in the Schedule to the Agreement; and
7.2.4 subject to clause 4, be entitled to anticipate the due date for payment of any amount due in terms hereof.

7.3 In the event of a failure by the Borrower to settle the Outstanding Amount in terms of:


7.3.1 clause 7.1, the full amount shall become immediately due and payable.
7.3.2 clause 7.3, the Borrower hereby authorizes the Credit Provider to submit a debit order instruction to the Borrower’s Bank in respect of the Borrower’s Bank Account, or any other bank account as advised by the Borrower for this purpose, for instalments to be deducted, in settlement of the Borrower of the Outstanding Amount. The date of the debit order payment shall be that date elected by the Company for purposes of settling the Outstanding Amount or part thereof as agreed by the Company.


7.4 The Borrower may, on prior written approval by the Credit Provider, roll-over a Loan on terms and conditions contained in a new Loan Schedule to this Agreement.


7.5 The Borrower specifically renounces the legal exceptions of non numerate petunia (the burden of proof that the Amount Paid to Borrower was not received is placed on the Borrower), error calculi (revision of accounts and no value received, bookkeeping or accounting errors), and all other exceptions which might or could be pleaded to the validity of the indebtedness of the Borrower in terms hereof and declares that he is fully acquainted with the force and effect and meaning thereof, the same having been explained to him by the Company), and the Borrower hereby accepts the burden of proof of all of the foregoing.


7.6 No extension of time or waiver or relaxation of any of the terms of this Agreement by the Credit Provider shall prejudice the Credit Provider from exercising any of its rights under this Agreement, nor shall it constitute a substitution of this Agreement or operate so as to preclude the Credit Provider from exercising its rights under this Agreement.


7.7 The Parties agree that each clause in this Agreement is severable, the one from the other, and if any clause is found to be defective or unenforceable for any reason by any competent Court, Arbitrator or any other Tribunal then the remaining clauses shall be and continue to be of full force and effect.
The Borrower’s Address of service for all purposes arising out of or in connection with this Agreement shall be <Full permanent address> Any notice to a party shall be deemed to have been received (1) within 7 (seven) days after posting, if sent by prepaid registered post to the provided address; (2) on the date of delivery, if delivered by hand to the provided within business hours; and (3) at 9 am on the following business day, if sent by email address.


7.8 No addition to or variation or consensual cancellation of this Agreement shall be in force or effect unless in writing and signed by or on behalf of the Credit Provider. The last Loan Schedule signed by the Parties shall supersede and replace any prior Loan Schedule in respect of the Total Amount Due at any time.


7.9 The Borrower shall not assign or transfer any of its rights and/or obligations in this Agreement. The Credit Provider shall, without the consent of the Borrower, have the right to cede, assign, transfer, exchange, or delegate any or all part of its rights, benefits or obligation under this Agreement to any person.



8. Breach of these Terms and Conditions

In the event of:
8.1 Any failure by the Borrower to pay the Outstanding Amount on the installment payment date;


8.2 Any other breach by the Borrower of the terms and conditions of this Agreement then the Total Amount Due (together with all interests, fees, charges and expenses) shall immediately become due, owing and payable by the Borrower. The Credit Provider shall be entitled to terminate this Agreement and claim/or recover from the Borrower any damages/losses it may have suffered as a consequence.


8.3 Funds received by a defaulting Borrower shall first be utilized in paying legal and other related costs, then interest, fees and then the principal amount.


8.4 The Credit Provider reserves the right to appoint third party debt collectors to recover any Outstanding Amount.


8.5 The Amount owing by the Borrower may be shown by a duly stamped statement or electronic version thereof issued by the Credit Provider. The said statement will be sufficient proof of the Outstanding Amount owed to the Credit Provider by the Borrower and sufficient evidence to be used in court.



9. Data Protection

9.1 The Borrower hereby gives consent to the Credit Provider to:


9.2 Hold and process, by computer or otherwise, any information obtained from the Borrower as a consequence of the loan application and implementing this Agreement; and


9.3 Include personal data in the Credit Provider’s systems which may be accessed and used by other companies related to the Credit Provider for credit assessment, statistical analysis, including behavior and scoring, marketing and to identify products and services (including those supplied by third parties) which may be relevant to the Borrower;


9.4 The Borrower confirms that the Company may disclose information in respect of the Borrower’s application and any non-compliance with the Agreement to any credit bureau or third party to the extent permitted or required by the Regulations or any other law.



10. Governing Law and Dispute Resolution

10.1 This Agreement shall be governed by the laws of Zambia and the Borrower hereby consents to the non-exclusive jurisdiction of the Courts of Zambia.


10.2 In the event of any dispute, difference or question whatsoever which may arise between the Parties regarding this Agreement, the Borrower shall seek resolution from the Credit Provider in writing via email [email protected] or via Call Centre number published on our website.


10.3 If the Parties are unable to resolve such dispute either of the Parties shall refer the said dispute, difference or question to arbitration whose award shall be final and binding.


10.4 The borrower represents and warrants that they, their employees, subcontractors and/or agents shall comply with all national labour laws, especially those prohibiting any form of child labour, exploitation of children and/or forced labour.


10.5 The Borrower shall further comply with national environmental and social laws; and health and safety regulations.