3. ACCEPTANCE OF THE TERMS AND CONDITIONS
- Before applying to PCL’s products on our system, you should first carefully read and understand these Terms and Conditions which will govern the use and operation of our system and the products and services accessible thereof;
- Thereafter, you will be required to register on our system.
- By proceeding with registration, you are agreeing that you have accepted our Terms and Conditions on our official website.
- Furthermore, you will be deemed to have read, understood and accepted these Terms and Conditions by following through all the prompts and completing a request transaction;
- By accessing our system and completing a request, you agree to comply with and be bound by these Terms and Conditions and you affirm that these Terms and Conditions herein are without prejudice to any right that PCL may have with respect to the services or products offered in Law or otherwise.
- The Borrower acknowledges that he or she fully understands the provisions of this Agreement and has entered into it voluntarily for his or her own benefit.
- By accepting these Terms and Conditions, you authorize PCL assess your credit score including but not limited to accessing your credit history from a registered Credit Reference Bureau.
- These Terms and Conditions may be amended or varied by PCL from time to time and the completion of requests and continued use of this service constitutes your agreement to be bound by the terms of any such amendment or variation.
5. FEES, CHARGES AND TAXES
- You hereby agree to pay all fees, commissions, costs and other charges payable in connection with your use of our system and/or incurred by PCL in obtaining or attempting to obtain settlement of any loan advanced herein including but not limited to the following:
- Legal charges which may include advocate and client charges, costs and expenses incurred in any legal, arbitration or other proceedings arising out of or connected with your loan account;
- Commissions at such rates as PCL may determine from time to time;
- Other charges and expenses including but not limited to ledger fees, postage, cables, telephone calls, taxes, duties and impositions.
- All repayments to be made by you in connection with these Terms and Conditions are calculated without regard to any taxes payable by you. If any taxes are payable in connection with the repayment, you must pay PCL an additional amount equal to the payment multiplied by the appropriate rate of tax.
6. BORROWER’S EQUIPMENT AND BORROWER’S RESPONSIBILITIES
- You shall at your own expense provide and maintain in safe and efficient operating order your equipment for the purpose of accessing our system.
- You shall be responsible for ensuring the proper performance of your equipment. PCL shall neither be responsible for any errors or failures caused by any malfunction of your equipment, and nor shall PCL be responsible for any computer virus or related problems that may be associated with the use of our system.
- You shall follow all instructions, procedures and terms contained in these Terms and Conditions and any information and/or document provided by PCL concerning the use of our system.
- You agree and acknowledge that you shall be solely responsible for the safekeeping and proper use of your equipment. You shall ensure that your equipment does not come into the possession of an unauthorized person. PCL shall not be liable for any loss occasioned by any Third Party that comes into contact with your equipment.
- You shall immediately inform PCL through the Call Centre through 0709 900 000 in the event that you have reason to believe that your equipment has been used to complete a transaction fraudulently without your authorization, however PCL shall not be liable for the said unauthorized infringement.
8. INTELLECTUAL PROPERTY RIGHTS
- You acknowledge that the intellectual property rights on our system (and any amendments, upgrades or enhancements thereto from time to time) and all associated documentation that PCL provides to you through the system or otherwise are vested in PCL. You shall not infringe any such intellectual property rights. You shall not duplicate, reproduce or in any way tamper with the system and associated documentation without the prior written consent of PCL.
10. TERMS & CONDITIONS FOR PERSONAL LOAN PRODUCT
- The total interest chargeable on the facility is calculated at a flat rate of 5.5% per month on the base of the principal loan amount plus capitalized fees (where applicable).
- In accordance with globally accepted International Financial Reporting Standards (IFRS), principal and interest repayments on the loan amortization schedule shall be calculated on the basis of an equivalent reducing balance interest rate of up to a maximum of 8.8112% subject to the loan term, which shall form the basis of calculating the outstanding amount due in the event of a prepayment. Interest shall be calculated monthly.
- In the event of prepayment where the Borrower had elected to capitalize and amortize the loan origination costs over the loan, the loan origination costs will be recovered in full.
- Roll over interest of 0.33% shall be charged on an unpaid instalment amount on a daily basis until full repayment of the amount due.
- For past term accounts, a roll over interest of 0.33% shall be charged on the outstanding instalment amount on a daily basis up to a maximum of a quarter of the original loan term.
- Where a cheque/instrument provided by the Borrower is dishonored, the actual costs incurred by the Lender for each dishonored cheque/instrument shall be recovered from the Borrower.
- Alteration of interest: Due to market conditions, the Lender may alter the interest charges by giving the Borrower one calendar months’ notice in advance.
Transaction Costs, Recovery Costs and Bank Charges Accrued
- Transaction i.e. Mpesa or Pesalink charges shall be deducted at disbursement.
- The Borrower agrees that, if the Lender has to use lawyers because the Borrower has not carried out any part of this agreement, the Borrower will have to pay the Lender all the costs due to its lawyers.
- Where a cheque and/or instrument provided by the Borrower is dishonored, the actual charges accrued or Kshs. 600 (whichever is higher) shall be recovered from the Borrower.
Loan Origination Costs
- Processing fee that is 4% of the loan amount or in the case of a Refinance the processing fee shall be 4% of the take home amount.
- Credit life of 0.38% of the total loan amount deducted at disbursement
- Proration interest amount (if applicable) which may be deducted at disbursement or loaded as a fee.
11. PCL’S DATA PROTECTION POLICY
- It is hereby understood and agreed that the data herein has been directly obtained from the Borrower who has provided this data to PCL to facilitate the processing of the loan facility sought by the Borrower.
- It is hereby understood and agreed that by signing this contract the Borrower:
- Must provide personal data which is required for facilitating the processing of the loan facility, the establishing and maintenance of business and for the fulfillment of PCL’s contractual and legal obligation;
- consents to PCL processing the data as per its internal company policy;
- has given consent to PCL to continue holding and processing the data provided even after all obligations under the loan facility has been settled for a variety of purposes including but not limited to research, product development, analysis of market trends, operation of PCL’s regulations and procedures;
- is at liberty to exercise its rights as a data subject and as is provided by the Data Protection Act of 2019, Laws of Kenya;
- PCL undertakes to ensuring the personal data provided by the Borrower is processed in accordance with the Data Protection Act, Laws of Kenya.
- For queries and more information on our Data Protection Policy, the Borrower may contact our Data Protection personnel at firstname.lastname@example.org.
Kindly access our website on https://platinumcredit.co.ke to view our Data Privacy Statement.
12. DISPUTE RESOLUTION, JURISDICTION AND ARBIRTRATION
- You may contact the Call Centre through 0709900000 to report any disputes, claims or complaints;
- Any dispute arising out of or in connection with this agreement that is not resolved by Call Centre should be reported in writing through our emails on email@example.com and/or firstname.lastname@example.org.
- Any dispute arising out of or in connection with this agreement that is not resolved by PCL shall be referred to arbitration by a single arbitrator to be appointed by agreement between the parties or in default of such agreement within 60 days of the notification of a dispute, upon the application of either party, by the Chairman for the time being of the Chartered Institute of Arbitrators (Kenya Branch). Such arbitration shall be conducted in the English language in Nairobi in accordance with the provisions of the Arbitration Act.
- The parties hereby agree that the Arbitrator shall have power, inter alia, to:
- consolidate proceedings and have concurrent headings;
- award security for costs and order the preservation of evidence;
- make provisional awards;
- act in default of the parties;
- apply the law determined by the conflict of laws rules which it considers applicable
- To the extent permissible by Law, the determination of the Arbitrator shall be final, conclusive and binding on upon the parties hereto.
- This agreement shall be governed by and construed in accordance with the laws of the Republic of Kenya.