Personal Loan Agreement and Terms and Conditions
1.SAMBA FINANCIAL GROUP, Dubai Branch, with offices located at Jumeirah Road, Umm Suqueim 2, P.O. Box 6038, Dubai, United Arab Emirates (the “Samba”); and
2._________________, a _________________national holding passport no. _______________of P.O. Box __________________, _________________________, United Arab Emirates (the “Cus-
Samba has agreed to extend to the Customer a personal loan of [amount in words] ___________________________________Dirhams (AED[amount in figures]_________________)
(the “Loan”). The Loan shall be subject to the following terms and conditions.
The maximum amount of the Loan shall be [amount in words]_________________________ Dirhams (AED[amount in figures])__________________________________.
The Loan shall be for a period of _______________months starting from the date hereof and expiring on _______________, 20___ (“Expiry Date”), unless terminated earlier
by Samba in accordance with the terms of this Agreement.
3. Conditions Precedent
The Loan will become available when Samba has received the following in a form satisfactory to it:
3.1 This Agreement duly executed.
3.2 Any security required by Samba.
3.3 Transfer of Customer’s salary and his/her other privileges including end of service benefits to the Customer’s account with Samba pursuant to clause 7.4(a).
The Customer shall provide the following security to Samba:
4.1 Guarantee from ____________________.
4.2 __________________security cheques in the amount of AED_________________________ each, in a form acceptable to Samba in all respects.
5.1 The Customer shall repay the Loan by equal monthly installments of AED_________________________ (which includes any financial charges/commission and/or
profit due to Samba). The Customer shall repay all amounts outstanding under this Agreement on the Expiry Date.
5.2 Additional charges as listed in the schedule of fee and charges (available in Samba Branch and on our website ) or otherwise prescribed by
Samba, are payable upfront by the Customer to Samba from the processing of the loan.
5.3 The Customer undertakes to pay to Samba the installments on their due dates, without any right of counterclaim, set-off, withholding or deduction in respect
of such payments.
5.4 The Customer hereby authorises Samba to apply any credit balance to which the Customer is entitled or any amount which is payable by Samba to the
Customer at any time in or towards partial or total satisfaction of any payment obligation which may be due or payable by the Customer to Samba under this
Agreement. In cases where an obligation is unliquidated or unascertained, Samba may set-off in an amount estimated by it in good faith to be the amount of
that obligation. If obligations are in different currencies, Samba may convert either obligation at a market rate of exchange in its usual course of business
for the purpose of the set-off.
5.5 In the event of a delay of payment of any amount and after several claims by Samba, the Customer shall undertake to pay a late payment fee as listed in the
schedule of fee and charges (available in Samba Branch and on our website ) or otherwise prescribed by Samba (to be calculated every month