Sika Prime — Terms of Service

Effective Date: November 11, 2024 Last Updated: November 11, 2024

By applying for or accepting a loan from Sika Prime, you ("the Borrower") confirm that you have read, understood, and agreed to be bound by the following terms and conditions in their entirety. These terms govern all current and subsequent loan agreements between you and Sika Prime ("the Lender").

1. Acknowledgment of Loan Application

The Borrower acknowledges that he/she has applied for a loan from Sika Prime (the "Lender") in the amount specified in the loan schedule ("Capital"). By proceeding with this application, the Borrower confirms the accuracy of all information provided.

2. Loan Period and Amortization

The loan is granted for a period of 12 months commencing from the disbursement date, as more particularly described in the Amortization Schedule provided to the Borrower. Repayments shall be made in accordance with the schedule, which forms an integral part of this Agreement.

3. Subsequent Loans

The Borrower acknowledges that in the event of applying for any subsequent loan, such loan will:

1. Be governed by the terms of this Agreement; and
2. Be reflected in an addendum bearing a unique reference number, which shall be duly executed by the Borrower.

4. Disbursement of Capital

The Borrower acknowledges that he/she is lawfully indebted to the Lender for repayment of the Capital together with accrued interest and fees. The Capital shall be disbursed at the sole discretion of the Lender following approval of the loan application and completion of all required documentation.

5. Employment and Repayment Obligations

The Borrower declares and warrants that he/she is gainfully employed at the time of this application. The Borrower undertakes to maintain employment and to honour all repayment obligations for the full term of the loan. Repayments are tied to the Borrower's employment status and salary deductions as described in this Agreement.

6. Delayed Payments and Extra Instalments

The number of instalments is based on the presumption that each payment will be made on the due date in accordance with the Schedule. In the event that any instalment is delayed, missed, or short-paid, additional instalments or charges may be applied to recover the outstanding balance.

7. Salary Deduction Authorization

The Borrower shall provide any information requested by the Lender and complete all additional documentation including the registration of a borrower profile to enable payroll deductions. The Borrower authorises the Lender to instruct the Borrower's employer to deduct loan instalments directly from the Borrower's salary on the due date each month, commencing from the date reflected in the Schedule.

8. Employer Facilitation Fee

The Borrower specifically consents and agrees to be liable for any commission payable by the Lender to the Employer for purposes of facilitating payroll deductions. Such fee, where applicable, will be disclosed in the loan schedule and may be included in the repayment amount.

9. Notification of Employment Termination

The Borrower undertakes to notify the Lender in writing immediately should the Borrower's employment with the current employer be terminated for any reason whatsoever, including resignation, retrenchment, dismissal, or retirement.

Failure to notify the Lender does not relieve the Borrower of any outstanding repayment obligations.

10. Deduction from Terminal Benefits

The Borrower irrevocably authorises the Employer to pay and discharge, on demand, all monies and liabilities due or owing from the Borrower to the Lender from any terminal benefits, gratuity, leave pay, or any other final remuneration payable upon termination of the Borrower's employment.

11. Interest Rate and Monthly Statements

The Borrower acknowledges that the Capital shall accrue interest at the rate reflected in the Schedule. Monthly statements will be made available to the Borrower showing the outstanding balance, interest accrued, and instalments paid.

12. Authorization for Bank Account Withdrawals

The Borrower hereby authorises the Lender to make arrangements and sign all documents necessary to procure payment of instalments directly from the Borrower's bank account. In addition, the Borrower irrevocably authorises the Lender to draw against the Borrower's bank account for any amounts due and payable under this Agreement.

The Borrower undertakes to immediately notify the Lender in writing should bank account details change for any reason.

13. Electronic Signature Authorization

The Borrower grants the Lender the express and irrevocable right to use the Borrower's electronic signature for all purposes necessary to give full effect to this Agreement, including the execution of addenda, revised amortisation schedules, and any ancillary documents.

14. Authorization for Information Access

The Borrower authorises the Lender or its duly appointed representative to obtain any information regarding the Borrower's insurance, investments, employee benefits, and bank account particulars as may be required for the administration and enforcement of this Agreement.

15. Allocation of Payments

Notwithstanding any purported allocation by the Borrower of payments made, the Lender may, at its discretion, allocate payments received in any manner it deems appropriate, including first to fees, then to interest, and then to capital.

16. Security of Payments

The Borrower acknowledges and understands that under no circumstance shall cash be paid to any member of staff of the Lender in the process of settling any loan instalment or repayment. All payments must be made through approved channels only — payroll deduction, bank transfer, or other officially designated methods.

17. Legal Right to Demand Immediate Repayment

The Borrower acknowledges that if any amount is not paid on its due date, the full outstanding balance — including capital, interest, and all other charges — shall become immediately due and payable. The Lender reserves the right to take all legal steps necessary to recover such amounts.

18. Right to Restructure

The Lender reserves the sole right to restructure the repayment schedule where expedient, on such terms and conditions as it may deem fit.

18.1 Lender-Initiated Restructure

Where the loan is in default for a continuous period of 31 days, the Lender may restructure repayment terms. This may include extension of the loan term, adjustment of instalment amounts, revision of repayment frequency, capitalisation of arrears, or revision of the applicable interest rate.

18.2 Borrower-Initiated Restructure

The Borrower may request a restructure at any time by submitting a written request accompanied by reasonable evidence of financial hardship. The Lender shall consider the request in good faith and communicate its decision within 14 business days. The Lender is not obligated to approve such a request.

18.3 Notice and Consent

The Lender shall provide written notice of proposed revised terms, including the new amortisation schedule and effective date. Written notice includes email, SMS, WhatsApp, or any other available communication channel. The Borrower shall sign the revised schedule within 7 days of receipt.

18.4 Failure to Consent

If the Borrower fails to sign the revised schedule within the specified period, the Lender may enforce the original terms and exercise all available remedies, including acceleration of the outstanding balance, or extend the acceptance period at its discretion.

18.5 Interest During Restructure

Interest shall continue to accrue at the original rate during the restructure process unless otherwise agreed in writing.

18.6 Effect of Restructure

Upon execution of the revised schedule by both parties, the restructured terms supersede the original repayment terms. All other provisions remain in full force. A restructure shall not constitute a novation of the Loan Agreement.

19. Proof of Indebtedness

The Borrower agrees that a certificate signed by or on behalf of the Lender stating the amount of the Borrower's indebtedness shall constitute prima facie proof of the amount owed and shall be valid and binding in any legal proceedings.

20. Legal Proceedings & Domicilium

The Borrower chooses domicilium citandi et executandi (address for legal service) at the address provided on the loan application form. The Borrower shall provide written notice to the Lender of any change of address. Legal notices delivered to this address shall be deemed duly served.

21. Credit Bureau Disclosure

The Borrower consents that the Lender may disclose the Borrower's payment behaviour and credit history to registered credit bureaus in the event of a failure to meet loan obligations. This may affect the Borrower's credit record and ability to access credit in future.

22. Assignment of Rights

The Lender shall have the right to cede, assign, exchange, or otherwise deal with any rights in terms of this Agreement without the prior consent of the Borrower. The Borrower may not cede any rights or obligations under this Agreement without the prior written consent of the Lender.

23. Insurance Policy

The Borrower agrees that the Lender may, on the Borrower's behalf, enter into an insurance contract or policy for the purpose of covering the outstanding loan balance in the event of death, disability, or retrenchment. The Borrower cedes, transfers, and assigns all benefits under such policy to the Lender as security for the loan.

24. Consent for Personal Information Use

The Borrower consents that all personal information collected through this application may be used by Sika Prime, its affiliates, associates, and subsidiaries for the ongoing administration of the loan, compliance purposes, and the delivery of services related to this Agreement. Marketing and promotional material may also be sent to the Borrower unless the Borrower opts out in writing.

25. Language and Understanding of Terms

The Borrower confirms that this Agreement has been drafted in a language that the Borrower understands, or that the Borrower is fully aware of the meaning of all terms and conditions herein. The Borrower confirms that no clause has been presented in a misleading manner.

Declaration

I declare that all information provided in this loan application and agreement is true, accurate, and complete. I understand that any misleading information or material omissions shall constitute sufficient grounds for the immediate termination of this loan application and/or agreement, and that Sika Prime reserves the right to take all appropriate legal action as a result.

© 2024 Sika Prime. All rights reserved. These terms are subject to change with notice.