EYAL MONETARY SHIELD (EYMONS) Terms and Conditions for Money Lending Services Effective Date: 10th Feb, 2016
Definitions:
Borrower: The individual or entity applying for and receiving a loan from EYMONS. Lender: EYAL MONETARY SHIELD (EYMONS)
Loan Agreement: The contract between the Borrower and EYMONS specifying the loan amount, interest rate, repayment schedule, and other terms.
Principal: The original sum of money borrowed.
Interest: The cost of borrowing the Principal, calculated as a percentage of the Principal.
Collateral: Property or asset pledged by the Borrower to secure the loan.
Eligibility
Borrowers must be at least 18 years old and possess a valid Ugandan national ID or passport. Borrowers must provide proof of income or employment. Borrowers must provide accurate and complete information during the application process.
Application and Approval
Applications may be submitted online, in person, or through authorized agents. EYMONS reserves the right to verify all information provided. Approval is at the sole discretion of EYMONS and may be subject to assessment of creditworthiness, ability to repay, and provision of collateral.
Loan Terms
Loan Amount: Minimum and maximum loan amounts are determined by EYMONS policy and regulatory limits.
Interest Rate: Interest is charged on the outstanding principal at a rate disclosed in the Loan Agreement, in compliance with Ugandan law. It ranges between 7%-15.
Fees:
Processing fees, late payment fees, and other charges may apply and will be disclosed in the Loan Agreement.
Repayment Period: The repayment schedule (tenure) will be specified in the Loan Agreement.
Disbursement
Loan funds will be disbursed to the Borrower’s designated bank account or via mobile money, as agreed. EYMONS may deduct applicable fees from the disbursed amount.
Repayment
Repayments must be made according to the schedule outlined in the Loan Agreement. Early repayment is allowed and may result in a reduction of interest payable, subject to the terms in the Loan Agreement. Late repayments may incur additional charges as specified.
Default and Recovery
A loan is considered in default if any installment is overdue by more than five days. In the event of default, EYMONS reserves the right to:
Demand immediate repayment of the outstanding balance.
Seize and sell collateral following due process.
Report the default to credit reference bureaus.
Institute legal proceedings for recovery.
Collateral
The Borrower must provide collateral acceptable to EYMONS. Collateral will be released upon full repayment of the loan. EYMONS may sell the collateral to recover unpaid amounts in the event of default, in accordance with applicable legal procedures.
Data Protection and Privacy
EYMONS collects and processes Borrower data in accordance with the Data Protection and Privacy Act of Uganda. Borrower information may be shared with credit reference bureaus and regulatory authorities as required by law. EYMONS will not disclose personal information to third parties without consent, except as required by law.
Amendments EYMONS reserves the right to amend these Terms and Conditions at any time. Borrowers will be notified of significant changes via email, SMS, or public notice.
Governing Law
The laws of Uganda govern these Terms and Conditions. Any disputes will be resolved through negotiation, and if unresolved, through Ugandan competent institutions.
Customer Complaints
Complaints may be submitted in writing, by phone, or by email. EYMONS will acknowledge complaints within ten working days and resolve them as soon as practicable.
Acceptance
By signing the Loan Agreement or accepting loan funds, the Borrower agrees to these Terms and Conditions. For further information or clarification, contact us at: info@eyalmonetaryshield.com