I,…….…………………………………………………………………….…….of ……….…………………………………………………………………………… ……………………………………………
today being …………………………. After
reading the under listed TERMS/CONDITIONS
of agreement for loan approval with Isusu Group, do hereby apply for the sum of N…………………………………….., corresponding amount in
world to
…………………………………………………………………………………….
in
view of my acceptance of the said TERMS/
CONDITIONS, I am mortgaging my…………………………………………………………………... as
collateral pending when I repay the said principle and interest accruing to the
amount of money borrowed. In other words, the said property or evidence of my
property is to remain with this group until this entire (principle and
interest) amount is fully repaid.
TERMS/CONDITIONS OF
AGREEMENT FOR OBTAINING LOAN
1. The loan applicant must apply in person’s writing, which shall
be address to the Secretary ISUSU GROUP, stating the amount of money
applied for.
2. The amount of loan apply for is subject to approval if and
only the applicant can provide collateral (property or evident of properties
that will worth in monetary value more than the said amount applied for).
3. That said loan is subject to 20% interest of the principle sum
of every thirty days (One Month) starting form the date the loan was approved.
4. That the applicant shall repay the principle and interest sum
as agreed in item 3, on or before the last day proceeding 30 days (one month)
of loan approval and released but not after this day.
5. That within this one month (30 days) for which the said amount
is approved and deem to be in possession of the applicant, He/She shall
compulsory pay the interest accruing to the principle sum, in the event of not
being able to repay the principle and interest sum after the first month.
6. That if on the event He/she failed to repay the Principle sum
and Interest accruing as stated in item 5 (i.e. within 30 days or one month
from the date the fund was released), He/She shall be liable to payment of
interest on both the principle sum and interest accruing for the month.
7. That both the said loan’s principle and interest shall not
exceed November for that year for which the loan was released to the applicant.
8. That on the day of full repayment of the principle sum and
interest, all the necessary document that was signed during application and
approval shall be destroy, while necessary document submitted as collateral by
the applicant shall be returned to Him/Her.
NB: PAYMENT BY INSTALLMENT IS TOTALLY UNACCEPTABLE
Sec.
Sign:…………………………. Treasurer
Sign:…………………
Name:………………………… …… Name:………………….…………
Date:……………………………….. Date:…………….………………..
BORROWER WITNESS
TO BORROWER
Signature:………………………….. Signature:………………………
Name:………………………………. Name:………..………………….
Address:……………………………. Address:………………………....
Date:………………………………… Date:……………………………..
LETTER
OF SURTY
I,………………………………………………
of ………………………….
………………………………………………………………………………
hereby accept
to be held responsible for payment of loan given to Mr./Mrs./Miss. ……………………………………………………………...
by ISUSU
GROUP in accordance with the specified terms of payment which I have read
and fully comprehend if the borrower…………………………………………………………………….
Fail to pay up
accordingly.
Surety Signature:………………………………….......
Name:……..……………………………………………
Contact Address:………………………………………
Date:………………………..…………………………..