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Other Conditions for the Facility Lending

OTHER CONDITIONS FOR THE FACILITY LENDING

  1. All costs directly attributable to the purchase including valuation, legal, stamp duty and insurance premium to be borne by the applicant.
  2. Existing total facility repayments including facility being sought for must not exceed 60% of the applicant’s net pay or income. Additional income may be considered where the same has been evidenced and is consistent and sustainable.
  3.  Upon Exit/Separation The employee will be appraised on ability to pay going forward otherwise, recovery/ Legal process to be instituted
  4. All other facility terms are as per applicable Law of Contract Act of Kenya Laws.
  5. The arrangement will be subject to periodic reviews to align the terms to prevailing market realities. This will be done in mutual consultation with your office.
  6.  All the staff salaries must be received by the Bank latest 30th /31st of the month when the facility was disbursed.
  7. A repayment schedule will be forwarded to yourHuman Resource Department for any new staff facility that is availed within the specific month applicable.
  8. The Bank will have the right to review pricing of facilities for staff who exit employment before full repayment. This will be done with strict adherence to Shariah precept that guides the specific underlying applicable contract.

 

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