In consideration of The Sciart Finance Company Limited (hereinafter called “Sciart Finance”) agreeing to grant me/us (hereinafter referred to as” the customer) loan facility (the “Facility”) under the Personal Loan applied for by me/us, herein, l/we agree that by signing the declaration below l/we shall be bound by the following terms and conditions:

• The facility shall be made available for the customer from the date of Sciart Finance’s acceptance of this application until such a time full adjustment of the dues of Sciart Finance with interest and other charges.
• Sciart Finance reserves the right to withdraw the facility and demand repayment if there has been any default in repayment of the facility.
• Sciart Finance shall not be obliged to make the facility available until it has received formal written acknowledgement from the customer accepting the facility on the basis outlined and subject to the terms and conditions specified in the Sciart Finance Loan Offer Letter.
• The interest rate is floating and can be re-fixed at Sciart Finance’s sole discretion. The customer may get Employee Preferential rate provided monthly loan repayment is deducted at source by the employer and remitted directly to Sciart Finance.
• A prepayment fee will be charged on the outstanding amount as and when decided by Sciart Finance.
• By use of the facility provided by Sciart Finance, the customer accepts the conditions enumerated in Sciart Finance’s Arrangement Letter and authorizes Sciart Finance to appoint agents to collect funds payable to Sciart Finance, as Sciart Finance may consider necessary. In the due discharge of their duty, information regarding the customer’s facility will be supplied to the agent. All charges payable to such agents, to collect the amount owed to Sciart Finance, are liable to be at the Customer’s cost and risk, in addition to all other costs, charges and expenses incurred by Sciart Finance to recover outstanding dues/monies.
• Sciart Finance is authorized to open and maintain facility account(s) for the purpose of administering and recording payments by the customer in respect of the facility.
• The loan shall be utilized for the specified purpose for which it has been sanctioned. Payment shall be made directly by Sciart Finance to the creditor or to the customer, as determined by Sciart Finance, depending upon the purpose of the loan.
• By accepting the facility, the customer agrees not to settle the same fully or partially before payment of one month’s interest, unless otherwise agreed with Sciart Finance.
• All payments required to be made in respect of the facility shall be made by the customer on the respective due dates and the customer hereby irrevocably authorizes Sciart Finance to debit Investment held with Sciart Finance with all amounts owing in respect of the facility, including interest and charges and expenses (together the “indebtedness”), at such time as the same shall become or be due and payable and transfer the such sum to the loan amount for adjustment but in any case, the customer shall always remain liable and agree(s) to make payment in full of all such sums to Sciart Finance.
• The customer unconditionally undertakes to repay the facility as per the terms and conditions of the Loan Offer Letter.
• Sciart Finance shall be entitled at any time without the consent of the customer to assign or transfer the whole or any part of its rights or obligations under the loan. The customer undertakes to sign such further documentation as may be requested by Sciart Finance from time to time to give effect to such assignment or transfer.
• Sciart Finance is authorized to enforce all or any of the following securities executed by the customer in favour of Sciart Finance and recover the facility with interest and other charges accrued in the loan account:

1. Demand Promissory Note
2. Where the facility is made available for the purchase of consumer item(s),
3. Hypothecation on the consumer item(s) purchased by the customer,
4. Letter of Continuation,
5. Personal Guarantee by Third Party.
6.  The customer irrevocably authorizes Sciart Finance to enforce the securities at its absolute discretion in the event the loan becomes irregular and shall apply any proceeds recovered towards adjustment of the outstanding loan liabilities along with all legal fees.
7. The customer agrees that Sciart Finance will require 10 working days from the date of receiving the instruction for the closure of the facility and shall bear any payments that may be due within the period.
8. Where the facility is made available for the purchase of consumer item(s) the customer unconditionally and irrevocably undertakes to deliver possession of the consumer item purchased by the loan amount without any question whatsoever to Sciart Finance as and when demanded by Sciart Finance. The customer further authorizes Sciart Finance irrevocably to sell the hypothecated item and apply the proceeds towards adjustment of the dues. For any unadjusted sum, the customer undertakes to repay the same with interest and other charges.
9. Sciart Finance’s statement and records shall be binding on the customer and constitute conclusive evidence of debt for all purposes.
10. If at any time, any provision of here becomes illegal, invalid or unenforceable, in any respect neither the legality, validity or enforceability of the remaining provisions shall be affected or impaired thereby.
11. Sciart Finance reserves the right to alter these terms and conditions at any time on notification to the customer.
12. Any notice made by Sciart Finance in respect of the facility shall be in writing and made to the address given by the customer to Sciart Finance and shall be deemed to have been served on the customer 3 business days from the date of posting.
13. The customer undertakes and confirms that the customer will notify Sciart Finance within 30 days if there is a change in any information which the customer has provided to Sciart Finance.
14. Where required by domestic or overseas regulators or tax authorities, the customer consents and agrees that Sciart Finance may withhold and pay out on account of the customer; from the customer’s accounts; such amounts as may be required according to applicable laws, regulations, agreements with regulators or authorities and directives.
15. If the declaration below is signed by more than one person as a customer, the liability of each such person there under, and these terms and conditions shall be joint and several.
16. The terms and conditions shall be governed by and construed in accordance with the laws of Nigeria and the customer and Sciart Finance hereby irrevocably submit to the non-exclusive jurisdiction of the courts of Nigeria.

Global Consolidation of Customer Information

Whilst Sciart Finance maintains strict confidentiality in all matters relating to my account(s) and business, I hereby authorise Sciart Finance (and /or any of its officers or employees) or any of its affiliates to disclose any information concerning me, my business, my account held with Sciart Finance, or my relationship with Sciart Finance or to any of the following:

17. Any office or branch of Sciart Finance.
18. Any agent, contractor or third-party service provider or a professional advisor of Sciart Finance.
19. Any regulatory, supervisory, governmental, quasi-governmental, tax authority (domestic or overseas) with jurisdiction over Sciart Finance.
20. Any person to whom Sciart Finance is required or authorised by law or other court order to make such disclosure.
21. Any person who is under a duty of confidentiality of Sciart Finance.
22. Any Bank or financial institution with which I have or have proposed to have dealings, regardless of whether the recipient in each case is located in Nigeria or in any other country and regardless of whether such information will, following disclosure, be held, processed, used or disclosed by such recipient in Nigeria or another country.

Declaration and Signature

I have applied for the facility detailed in this application, l hereby acknowledge that l have read, accepted and fully understood the above terms and conditions including the assignment therein mentioned and its application to the facility granted to me by Sciart Finance. l hereby declare that the borrowing proceed only shall not be utilized for the purchase of any kind of Govt. Securities.

l fully understand and thereby authorize the fact that, for ease of monitoring and accounting, Sciart Finance will route these repayments through a special account, which will be opened in my name in the Sciart Finance book. Furthermore, I understand that the quantum of monthly instalments may be re-fixed at Sciart Finance’s sole discretion. I understand and agree that the aggregate of any debit balance in the said special account and my/our Personal Loan Account is the total understanding on account of the Personal Loan Scheme and l and my successors, jointly and separately, will always remain liable to repay this outstanding and any interest and other charges thereon (If l am not insured).

l hereby warrant that all the information furnished by me in this application is true, complete and accurate in all respects and l have not wilfully withheld any material fact, l acknowledge that the facility requested by me in this application will be made available at the discretion of Sciart Finance.


In case any information provided in this application form mismatch with the information of my account maintained with The Sciart Finance Company Limited l hereby irrevocably authorize Sciart Finance to amend the same as per this application form.