Terms and Conditions
- LOAN FACILITY
1.1 At the Borrower’s request and upon loan approval by Mint Credit Limited (“the Lender”), the Lender agrees to make available to the Borrower the loan amount as highlighted in the Loan Confirmation Letter, under the terms and conditions set out herein:
1.1.1 The Borrower shall issue post-dated cheques equivalent to the number of monthly instalments. Unless officially communicated otherwise, the Lender shall proceed to bank the cheques on the due dates.
1.1.2 The Borrower may alternatively repay the loan by depositing cleared funds to the Lender’s designated bank account and/or via M-PESA to the Lender’s official Pay-bill Number.
1.1.3 Loan approval (either full or partial amount) is at the sole discretion of the Lender.
1.1.4 The Lender reserves the right to recall the entire loan immediately if the Borrower defaults on any monthly instalment.
1.1.5 Loan Limits: Loans range from Kshs 10,000 to Kshs 400,000.
1.1.6 Loan Tenure: The loan period is between 1 to 9 months.
1.1.7 Disbursement Timeframe: Upon successful approval and documentation, loan funds will be disbursed to the Borrower’s M-PESA number within 2 hours.
- PAYMENT
2.1 The Borrower must repay the loan in monthly instalments every thirty (30) days from the disbursement date.
2.2 Monthly instalments will be deducted from the Borrower’s salary through the Partner Company’s check-off system and remitted to the Lender.
2.3 In the event of the Borrower leaving employment before clearing the loan, the Borrower authorizes the Lender to recover outstanding dues from any final dues payable by the employer.
2.4 If the employer remittance is insufficient, the Borrower shall immediately settle the outstanding balance.
2.5 The Lender reserves the right to first apply payments received towards legal and recovery costs (if any), then towards interest, and finally towards the principal amount.
2.6 If the Borrower repays the loan earlier or in larger instalments, the interest shall be adjusted but shall not exceed the maximum annual rate allowed.
2.7 In the event of the Borrower’s death or permanent disability, the outstanding loan balance will be waived under the Credit Life Insurance.
2.8 Alternative payments shall strictly be through bank deposits and/or M-PESA Pay-bill; Mint Credit will not accept cash payments to staff.
2.9 Payments via cheque or bank transfer will be considered received only once the funds are cleared.
- INTEREST
3.1 The Loan interest rate is between 4% and 6.7% per month, calculated on the principal loan amount, on a flat.
3.2 Where loan origination fees were capitalized into the loan, these costs shall be recovered in full upon repayment.
- PENALTIES AND BANK CHARGES
4.1 A penalty of 10% of the monthly instalment amount shall be charged after the 7th day of lateness and for each unpaid instalment thereafter.
4.2 A dishonored cheque will attract a charge of Kshs 1,000 per incident.
4.3 The Lender may adjust the interest rate due to market conditions by issuing thirty (30) days’ written notice to the Borrower.
- LOAN TOP-UPS
5.1 Borrowers with existing loans may apply for Top-up Loans subject to eligibility.
5.2 Only the latest one-month payslip is required to process Top-up or repeat loan applications.
- TAXES
6.1 All fees payable under this Agreement are exclusive of applicable taxes.
6.2 The Borrower is responsible for payment of all applicable taxes as required.
6.3 The Borrower shall repay fees together with the associated taxes.
6.4 Any variation in tax rates will result in adjustment of amounts due.
6.5 The Borrower indemnifies the Lender against any costs relating to tax compliance under this agreement.
- COSTS AND CHARGES
7.1 All transaction charges (e.g., M-PESA fees) shall be deducted upfront during disbursement.
7.2 Legal or recovery costs arising from default shall be borne by the Borrower.
- DEFAULT
Default will be deemed to occur under the following circumstances:
8.1 Failure to remit monthly instalments on the due date.
8.2 Dishonor or blockage of the issued post-dated cheques.
8.3 Breach of any condition of this agreement.
8.4 Insolvency events or appointment of a trustee over the Borrower’s assets.
8.5 Garnishee or Attachment Orders against the Borrower.
8.6 Refusal to provide security if demanded.
8.7 Material adverse change in the Borrower’s financial situation.
8.8 Resignation, termination, or disciplinary action at the Borrower’s workplace.
8.9 Seizure or compulsory acquisition of the Borrower’s assets.
8.10 False or misleading information provided during loan application.
8.11 Upon default, all outstanding loan amounts shall immediately become payable, and Mint Credit Limited reserves the right to initiate legal action or recover outstanding amounts through third-party debt collectors at the Borrower’s cost.
- DATA PROTECTION
9.1 Personal data provided by the Borrower is collected to facilitate loan processing.
9.2 The Borrower consents to the use, storage, and sharing of their data in accordance with Mint Credit’s Data Protection Policy and the Data Protection Act, 2019.
9.3 The Borrower consents to the Lender contacting their next of kin when necessary.
9.4 Data may be retained after loan settlement for analysis, research, and marketing purposes.
9.5 Borrowers have rights under the Data Protection Act, including opting out of marketing communications at any time.
- LOAN CANCELLATION
10.1 Loan cancellation before disbursement shall attract no penalty.
10.2 Cancellations must be communicated in writing to [email protected]
10.3 If funds have already been disbursed, the Borrower must immediately reimburse the full amount plus loan origination fees within 24 hours.
- ASSIGNMENT
11.1 The Borrower may not assign their rights or obligations under this Agreement without the Lender’s prior written consent.
11.2 The Lender may assign or transfer its rights and obligations without notice.
- DISPUTE RESOLUTION
12.1 Disputes will be settled under the exclusive jurisdiction of Kenyan Courts.
- GOVERNING LAW
13.1 This Agreement shall be governed by and construed under the laws of Kenya.
- AMENDMENT, MODIFICATION AND WAIVER
14.1 Any amendment or waiver must be agreed in writing, following a 30-day notice issued by the Lender.
- CHANGES IN CIRCUMSTANCES
15.1 Changes in law rendering the Agreement impracticable shall result in immediate repayment obligations.
- UNBANKED CHEQUES/INSTRUMENTS
16.1 Post settlement, unbanked cheques/instruments will be destroyed after 30 days’ notice to the Borrower.
EXECUTION
Upon acceptance by the Borrower, this Agreement constitutes a valid and binding obligation enforceable according to its terms.
End of Document