INTEREST RATE: [/b]4% one off facility approval fee (will be deducted on disbursement) 1% interest per annum to be charged till February 28, 2022 9% interest per annum effective March 1st, 2022 till maturity (subject to money market conditions)
[b]REPAYMENT STRUCTURE: [/b]Fixed amount per month (covering both principal and interest) TENOR: 60 months from Disbursement Date.
MORATORIUM: 8 months moratorium on both principal & interest.
[b]UTILIZATION: [/b]Should this facility remain unutilized in 120 days, loan may be recalled.
[b]II. CONDITION PRECEDENT FOR DRAWDOWN ON LOAN FACILITY
Drawdown on the loan facility is subject to the fulfillment of the following conditions precedent:
1. Indication of your acceptance of this offer Letter and Loan agreement by clicking the accept button alongside the stated terms and conditions.
2.Submission of a/an:
I. Execution plan – step by step breakdown of activities leading to the achievement of the loan purpose.
II. Loan Repayment Plan indicating a simple analysis of expected returns and amount that would be paid back on a monthly basis.
III. Detailed description of; the equipment that the Borrower intends to purchase (i.e. the type/kind, manufacturer and year of manufacture); and affirmation to use the Banks approved Merchant/Vendor for the purchase.
3. Insurance over the loan facility noting, the Bank as first loss payee, with a reputable Insurance company endorsed by the Bank’s nominated Insurance broker(s).


Can someone please explain this kind of sinking loan........even with all the stringent conditions, why must I buy from the Banks approved Merchant/Vendor even when as a market person, i know where to get at cheaper rate

This just doesnt make sense

I got to their Marina office today where it was clearly stated by the staff on duty......

1st Question .....If i need to buy a phone sold on Jumia for 30k but their approved vendor sells for 36k......I still must buy from from their approved vendor......


2nd Question..... Can I see a list of your approved vendors for ICT equipment specifically "projectors" in order to compare prices before I accept the loan offer so as to be sure I'm not paying exorbitant prices. He stated I have to accept the loan, get credited , then the vendor list will be given to me with their prices ....


I definitely will be a fool to agree to such conditions..... My advice, if you have other ways of getting funds ,use that but not this NMFB hole