Terms and conditions
TERMS AND CONDITIONS APPLICABLE TO A PERSONAL LOAN
1. INTERPRETATION
In this agreement clause headings are for convenience only and should not be used to interpret the agreement. Unless the context shows otherwise, the following expression have the meaning assigned to it below and similar expressions will mean the same:
1.1 Loan - the instalment credit offered to you in the form of a personal loan.
2. DISBURSEMENT OF THE LOAN
An agreement will come into effect after a successful credit assessment and if you have given us an authenticated collection mandate where applicable. If we approve a loan for a lesser amount than the amount you applied for, the information in the most recent quotation will apply to the loan and not the information disclosed in the earlier quotation. If you apply for a further loan, we have the right to settle your existing personal loan from the proceeds of the new loan. Depending on the type of loan you qualified for, the loan amount or the lesser amount will be paid to the merchant or into your nominated account. If you chose a split payment of the loan, a portion of the loan amount will be paid to the merchant and the remainder of the loan amount will be paid into your nominated account.
3. PAYMENT OF INSTALMENTSS
You must repay the loan amount together with interest, fees and charges as stated in the quotation. The payment may, in our discretion, be made through the authenticated mandate collection system or any other collection system that we may choose to use. If you do not pay on the due date or if we pay any amount on your behalf, this will be included in the outstanding balance and we have the right to change the monthly payments to ensure that your loan is repaid in the same period as stated in the quotation. If your bank account is closed, inaccessible or does not have enough money to pay the debit order, we may apply the debit order to any bank account that you may have with us, subject to the provisions of the NCA. If you cancel your debit order authority, you must choose another payment method acceptable to us and notify us immediately. If you choose a payment method other than debit order, receipt of payment will be at your risk until we receive and process the payment.
4. INSURANCE
4.1 If you chose the policy that we arranged on your behalf, you acknowledge the following:
4.1.1 We informed you of your right to waive the policy and substitute it with your own policy. You did not waive the policy that we proposed.
4.1.2 If one of the insurable events under the policy occurs, we will receive the cover payable as the policy beneficiary.
4.1.3 You irrevocably authorise Nedgroup Life to get from any person, doctor or institution (whom you authorise and ask to provide) any information that Nedgroup Life needs to consider any claim for any benefits payable in terms of the policy.
4.1.4 The premium rates under the policy are not guaranteed and may be changed on the advice of an actuary of Nedgroup Life. In this case, you will receive one month's notice of any changes.
4.1.5 You have chosen to have us act as your agent in arranging the insurance.
4.1.6 You authorise us to pay the insurance premiums on your behalf and to recover these premiums as part of your monthly instalments.
4.2 If you arranged your own insurance policy, you must give us documentary evidence that the policy is effective and that all premiums are up to date.
4.3 If you do not comply with the insurance requirements, it will be a breach of this agreement.
4.4 On your reaching your 65th birthday, only death claims will be allowed; loss-of-income and disability benefits will stop.
5. INTEREST
5.1 Your loan is subject to a fixed or variable interest rate as specified in the quotation.
5.2 If your loan is subject to a variable interest rate, the interest rate will automatically increase or decrease in line with changes in the prime rate, plus or minus the prime rate factor specified in the quotation.