Growing Trust Cooperative | Loan Application Form

1. Applicant Personal Information

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Full Name *

Phone Number *

Gender *

Residential Address *

Employer *

Department/Unit *

Email Address

Salary Account Name *

Bank (Salary Account) *

Account Number *

BVN *

AKSM Staff Number *

2. Relative / Spouse Details

Full Name (Relative/Spouse) *

Address of Relative/Spouse *

Relationship *

Phone Number (Relative) *

3. Loan Details

Loan Amount (₦) *

Number of Months to Repay *

Mode of Payment *

Member Type *

Admin Fee (1%) One-time non-refundable administrative fee

4. Signatures

Borrower

Name *

Address *

Occupation *

Phone Number *

Signature (type full name) * Draw signature instead

AKSM Staff Number *

Guarantor

Name *

Address *

Occupation *

Phone Number *

Signature (type full name) * Draw signature instead

AKSM Staff Number *

The Lender (Cooperative)

The Common Seal of the Lender is hereby affixed

★ GROWING TRUST ★

MULTIPURPOSE COOPERATIVE

SOCIETY LIMITED, UYO

THE COMMON SEAL

was hereunto affixed in the presence of:

Financial Secretary Name & Signature

President Name & Signature

• This section is completed at the cooperative office

5. Irrevocable Order of Guarantee

Guarantee No:

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To:

In consideration of your advancing to (hereinafter called the principal "Debtor") upon the execution of an agreement (hereinafter the "Agreement").

I of agree to guarantee the sum of ₦ only plus interest of ₦ and a 1% administrative fee on the loan for a period of months from the date of disbursement.

IRREVOCABLE ORDER OF DEDUCTION

1. If the principal Debtor fails to repay the loan, with interest, as and when due, as stated in agreement I hereby make an irrevocable order that you may deduct same from my monthly salary/pension/gratuity/allowance, until the loan with interest is liquidated.

NATURE OF GUARANTOR'S LIABILITY

2. This guarantee is irrevocable and shall be affected by the bankruptcy, mental disability or death of the principal Debtor until loan with interest is totally liquidated.

CEASURE OF LIABILITIES

3. Upon the liquidation of the principal and interest, all my liabilities shall cease.

INDULGENCE

4. The giving of time to the principal Debtor or the neglect of the forbearance by you in requiring or enforcing payment of loan and interest or other indulgence shall not in any way prejudice or affect my liability under the guarantee.

Dated this day of 20.

Name of Guarantor

Department of Guarantor

Residential address

Phone Number(s)

Signature of Guarantor Draw signature instead

Next of Kin (Guarantor's NOK)

Address of Next of Kin

Phone number of Next of Kin

6. Loan Agreement (auto-populated from entries above)

This agreement made this day of

BETWEEN
Growing Trust Multipurpose Cooperative Society Limited, Uyo, Akwa Ibom State, Nigeria (Hereinafter referred to as “The Lender”) which expression shall include her assigns and designees of the first part.

AND
of (Hereinafter referred to as “Borrower”) and which expression shall include his/her executors and administrators on the second part.

AND
of (Hereinafter referred to as the “Guarantor”) which expression shall include his/her executors, administrators and successors-in-title on the third part.

WHEREAS:
1. The lender is a licensed Multipurpose Cooperative Society with head office at Victor Attah International Airport, Uyo, Akwa Ibom State.
2. The Lender is involved in thrift savings and granting of credit facilities to her members.
3. The customer of the Lender who is desirous of obtaining credit facility on the terms and conditions stated or enumerated hereunder and in other account documentation packages.

NOW THIS AGREEMENT WITNESSETH THAT:

In consideration of the loan sum of lent/advanced by the Lender to the Borrower and Guarantor hereby jointly and severally covenant with the Lender to repay the entire sum above plus an administrative fee of 1% (one percent) of the loan amount in addition to default interest (in the event of default) based on the terms and conditions contained in the loan repayment schedule by monthly installments of ₦ each with Percent (%) per month interest service charge with effect from the day of .
In the event where the Borrower fails to pay any installment of the loan when due or any part thereof or service charge payable or the entire loan sum (including interests, cost of recovery other legal expenses) at expiration of the term, the Lender or any of her agents shall be at liberty to report to Borrower's employer and/or enter into the Borrower's shop, office, business premises or workplace and seize and/or take possession of any article or asset of trade (including livestock, agriculture products, drugs or any other perishable item) or personal belongings of the Borrower found in any of the said places and shall have and exercise the power to sale any/all of these items to recover any of the due but unpaid installment(s) or the entire loan in the case of default.
In the event whereby any items or articles of trade seized are not sufficient enough to liquidate the entire debts of the Borrower, the Lender still reserves the right to exercise or utilize any other legally permissible means of recovering the remaining loan sum.
The Borrower hereby agree to indemnify the Lender against any loss, recovery expenses, legal fees, court action or any other expenses borne by the Lender flowing from or incidental to this transaction in the course of recovery of debts from the Borrower and Guarantor.
With respect to paragraph 2, the Borrower and Guarantor hereby declare, pledge and affirm that there shall be no recourse to Court action by them or shall not institute any action in Court or bring any claim (s) against the Lender in relation to action carried out by the Lender pursuant to paragraph 2, but resort only to arbitration in resolving any dispute arising therefrom.
Parties agree that the Guarantor shall equally be legally liable to repay the entire loan sum (including accumulated interests) or unpaid installment (s) as the Borrower.
Where the Borrower or Guarantor provides collateral (fixed or movable asset) as security for the loan, in the case of default, the Lender shall, depending on the value of the collateral in relation to the loan, have the option of trading-off the collateral in exchange for the entire loan sum (including accumulated interests) in complete liquidation of same. After completion of documentation formalities (POA or transfer of ownership etc.) ownership in the collateral shall transfer from the Guarantor/Borrower and vest in the Lender.
With respect to items 2 and 7, demand notices of sale shall serve as sufficient notification before exercise of items 2 or 7, and the Borrower and Guarantor are hereby given advanced notification that in addition to the foregoing, the Lender reserves and can exercise the right of seizure and sale after 6 months of default. The Guarantor and Borrower hereby covenant that the Lender is hereby exculpated/exempted from any liability whatsoever or absolutely resulting from action carried out pursuant to item 2.

IN WITNESS THEREOF the parties hereto have set their hands and seals the day and year first above written.

✓ The Loan Agreement has been auto-populated from your entries. Review before submission.

7. Summary & Submit

✓ Application Overview

Applicant---

Phone---

Employer---

Loan Amount---

Repayment---

ModeDirect Deduction

Borrower---

Guarantor---

AKSM Staff---

Admin Fee (1%)---

Interest---

Security Check: What is 5 + 9?

✓ By submitting this application, Borrower & Guarantor acknowledge receipt of Loan Repayment Schedule, interest rates, the 1% administrative fee, and consent to the seizure, set-off, and arbitration clauses defined above. All information provided is true and correct to the best of knowledge.