1.

General Conditions

1.1. We will grant you this facility for use through your Individual / salary account with Zenith.
1.2. This facility can be accessed by use of your cheque, debit card or other electronic channels authorized by Zenith.
1.3. The facility can be utilized for the payment for goods or services or to obtain cash advances or for any other purposes that Zenith may allow from time to time, up to your credit limit.
1.4. The facility must not be used for any unlawful transaction including goods and/or services prohibited by the laws of the Federal Republic of Nigeria, or in respect of terrorist activity and/or money laundering.
1.5. Zenith may refuse to authorize use of the facility if:
1.5.1. the transaction exceeds your Credit Limit or if the amount owing on your account plus other amount we have agreed to or authorized would exceed your Credit Limit; or
1.5.2. the transaction does not comply with any applicable terms from time to time.
1.6. You are required to repay all amounts outstanding on your account by the due date or upon receipt of your monthly salary / income and allowances.
1.7. Failure to repay the agreed outstanding on your account will result in late payment charge on your account plus interest charges.
1.8. We may decide to suspend the use of the facility if:
1.8.1. you have defaulted on any part of the terms and conditions of use of the facility, or
1.8.2. you have gone over your available limit
2.

Collateral

2.1. This facility is collateralized by the domiciliation of your salaries and allowances account with the Zenith.
2.2. You hereby agree and irrevocably undertake to continue to domicile your monthly salaries and other emoluments with Zenith throughout the subsistence of this facility.
2.3. In the event of your disengagement in whatsoever form from your current employment before the liquidation of the facility, you agree that your last Employer should remit your terminal benefits though your account with Zenith. (where applicable)
3.

Fees, Charges & Commission

3.1. Your account shall be charged fees by Zenith’s schedule of fees and charges regarding this facility.
3.2. Interest will be charged from the date of disbursement of the facility.
3.3. Interest payment date shall be at the end of each month
3.4. Late payment attracts penal charges.
3.5. Fees payable up front upon availability of this facility is non-refundable whether or not the facility is utilized.
3.6. All legal fees, out-of-pocket expenses, taxes or commissions including cost of recovery of the facility in the event of default shall be for your account.
4.

Other Conditions

4.1. The utilization of this facility is subject to availability of funds and to the rules and regulations governing banking business as enunciated by the Central Bank of Nigeria (CBN) from time to time.
4.2. In line with the CBN’s directive, Zenith shall disclose information relating to this facility to CBN Licensed Credit Bureaus.
4.3. Zenith reserves the right to unilaterally review the terms and conditions of this facility from time to time in the light of changing market conditions and also to terminate this banking facility and accelerate the maturity of your indebtedness based on any adverse information threatening the basis of this relationship or putting the banking facility at risk of loss and as a result of any breach of the terms and conditions of this facility. You will be given a 14-day notice of any decision taken in this respect.
4.4. Zenith Bank reserves the right to securitize syndicate or sell its interest in this credit facility based on its global risk/liquidity management objectives during the period of this facility.