APPLICATION
These Terms and Conditions form part of the Personal Loan Agreement. These Terms and Conditions and the Offer Letter (as defined below) shall constitute the Personal Loan Agreement. In the event of any inconsistency between these Terms and Conditions and the Offer Letter, the Offer Letter shall prevail.

FACILITY
Subject to the Personal Loan Agreement, the Company shall provide the Borrower with a Personal Loan in an amount not exceeding the Loan Amount.

1. INTERPRETATION & DEFINITIONS

   1. The following terms and expressions shall have the meanings assigned to them hereunder and cognate expressions shall have corresponding meanings:

      1. “AED” and “Dirhams” means the lawful currency of the United Arab Emirates;

      2. “Application Form” means the application form (in the format provided by the Company) to be submitted by the Borrower to the Company in order to apply for a Personal Loan;

      3. “Borrower” means an individual being a national of the UAE or a resident of the UAE, at least 21 years of age and named in the Offer Letter;

      4. “Borrower’s Information” means the personal and financial information about the Borrower that the Company collects, uses, shares and stores;

      5. “Business Day” means a weekday on which banks are open for general banking business in the UAE;

      6. “Company” means Dubai First PJSC P.O Box 111656 Dubai, UAE;

      7. “Date of Disbursal” means the date of disbursal of the Personal Loan shall be the date of the cheque provided by the Company to the Borrower for disbursal of the Personal Loan or the date the Company provides instructions to its bank to effect the telegraphic transfer of the Personal Loan to the Borrower.

      8. “Event of Default” means the events described in Clause 10.a of these Terms and Conditions;

      9. “Early Settlement Fee” as set out in the Offer Letter;

      10. “Interest Rate” has the meaning ascribed to that term in the Offer Letter;

      11. “Loan Amount” means the maximum principal amount of the Personal Loan granted to the Borrower under the terms of the Personal Loan Agreement and as set out in the Offer Letter;

      12. “Offer Letter” means the letter issued by the Company to the Borrower containing the offer of the Personal Loan and which shall form part of the Personal Loan Agreement;

      13. “Outstanding Loan” means, at any time, the aggregate principal amount of the Personal Loan outstanding at that time;

      14. “Payment Date” means the date for payment of interest and the Outstanding Loan as set out in the Offer Letter;

      15. “Payment Protection Insurance” means the insurance cover as described in Clause 9 of these Terms and Conditions;

      16. “Personal Loan” means the loan provided by the Company to the Borrower under the Personal Loan Agreement;

      17. “Personal Loan Agreement” means these Terms and Conditions and the Offer Letter;

      18. “Terms and Conditions” means these Terms and Conditions; and

      19. “UAE” means the United Arab Emirates.

   2. The clause headings in this Agreement are for the purpose of convenience only and shall not be taken into account in the interpretation of nor in modifying the terms of this Agreement.

   3. Unless inconsistent with or a contrary intention clearly appears from the context, words importing:
      a. any reference to gender includes the other genders; and
      b. any reference to singular includes the plural and vice versa.

2. APPLICATION FOR PERSONAL LOAN

   1. The Borrower may apply for a Personal Loan by completing an Application Form and submitting it with all relevant information and documents to the Company. The Company shall consider the Borrower’s Application Form and decide (at the Company’s discretion) whether or not to grant the Borrower a Personal Loan. If a Personal Loan is approved, the Borrower will be issued an Offer Letter which shall set out the Loan Amount of the Personal Loan, Interest Rate and the Payment Dates of the Personal Loan along with other relevant information.

   2. If the Borrower accepts the provisions of the Personal Loan Agreement, the Borrower shall be required to indicate his acceptance by signing and returning the Offer Letter to the Company.

   3. The Borrower shall only utilise the Personal Loan for the purposes set out in the Borrower’s Application Form.

   4. The Borrower acknowledges and gives the Company permission to obtain from him or from third parties, such as employers, joint account holders, credit reference agencies, fraud prevention agencies or other organisations, information and verification relevant to the Borrower’s application for the Personal Loan.

3. CONDITIONS PRECEDENT TO DRAWDOWN OF THE PERSONAL LOAN

   The Company will only be under an obligation to make the Personal Loan available to the Borrower after the following documentation and evidence has been provided to the Company and the Company has confirmed that the said documentation is satisfactory in form and in substance:

   1. Financial Information: any financial information concerning the Borrower as the Company may require, including, without limitation, an employment letter (where applicable) addressed to the Company by the Borrower’s employer stating the Borrower’s employment, current position and salary details, in a format as prescribed by the Company or where the Borrower is self employed, the Company may require, including, without limitation, the audited financial statements (for the previous 3 fiscal years) of the relevant establishment (where the Borrower is the sole proprietor of the establishment), partnership concern (where the Borrower is a partner of the partnership concern) or company (where the Borrower is a shareholder of the company);

   2. Post-Dated Cheques: post-dated cheques drawn on an account in the name of one or more of the Borrowers, sufficient to cover all the monthly payments to be made under this Personal Loan Agreement.

   3. Identity Documents: any documents required by the Company to complete its ‘know your customer’ or anti-money laundering checks including, without limitation, passport and visa copies or other related documentation which the Company may, in its sole discretion, require; and

   4. Other: any other conditions and/or documents as the Company may require, from time to time.

4. DISBURSEMENT OF PERSONAL LOAN
   1. The Company shall make available the Personal Loan to the Borrower on a Business Day in accordance with the provisions of the Offer Letter provided that the Borrower has:
      1. Satisfied each of the requirements in Clauses 2 and 3 above unless specifically excluded in the Offer Letter;
      2. Paid the fees as required in the Offer Letter;
      3. No Event of Default has occurred, and the Company has received no information which, in the Company’s opinion, would render it inadvisable or undesirable for the Company to make the Personal Loan.

       

   2. The Personal Loan shall be disbursed by either providing the Borrower with a cheque or by transferring the Personal Loan monies to the account (with a bank in the UAE) of the Borrower.

5. REPAYMENT OF THE PERSONAL LOAN

   1. The Borrower shall repay the Personal Loan together with interest by making the regular payments on the Payment Dates as set out in the Offer Letter.

   2. The Borrower acknowledges and agrees that any payments made for the settlement of the Personal Loan, interest or other dues shall, unless the Company agrees otherwise, shall not be re-withdrawn by the Borrower and such payments are to be only utilised in reducing the outstanding amount of the personal Loan (including all interest and charges relating to it).

   3. If any monthly payment remains unpaid for more than 7 days after its Payment Date, the Company may give written notice to the Borrower requiring payment by the specified date no more than seven (7) days later. If the monthly payment is not paid in full by that date and the Company reasonably considers that the Borrower has failed to co-operate in resolving the matter and the Company shall be entitled to demand repayment calculated as if the Borrower had settled early, thereby attracting additional charges and fees, and the Borrower shall be deemed to be in default. The Borrower shall indemnify the Company against all reasonable legal and other costs and expenses incurred by the Company in attempting to obtain repayment of the unpaid monthly payment or of such balance and interest and any charges incurred. Interest on the amount which becomes due and payable and on any costs and expenses which become due and payable shall be charged in accordance with the normal charging of interest in Clause 6 below, subject to variation of the interest rate, until payment before and after judgment and repayment in full.

6. PRE-PAYMENT OF PERSONAL LOAN

   1. The Borrower may, at any time, prepay the whole or any part of the Personal Loan provided that the Borrower has given the Company at least five (5) Business Days’ written notice of the Borrower’s intention to do so specifying the date of prepayment (which must be a Payment Date) and the amount to be prepaid. Once a notice of prepayment has been given, it cannot be withdrawn.

   2. On the date the prepayment is made, the Borrower must also pay to the Company the Early Settlement Fee.

   3. Any amount prepaid shall be applied against repayment installments in inverse order of maturity.

   4. Any amount prepaid shall not be available for redrawing unless specifically agreed to by the Company in writing.

7. INTERESTS & CHARGES

   1. The Borrower shall pay interest, from the Date of Disbursal of the Personal Loan, on the Outstanding Loan at the Interest Rate calculated on the daily balances of the Outstanding Loan, in arrears on each Payment Date.

   2. All interest payable under this Personal Loan Agreement shall be calculated on the actual number of days elapsed and a year consisting of 360 days.

   3. Any interest which is not paid when due and payable shall be added to and form part of the Outstanding Loan.

   4. The Company may, at its absolute discretion, change the Interest Rate (including, without limitation, the basis of determining the Interest Rate) and such new Interest Rate shall take effect as at the date stipulated by the Company.

   5. In the event that the Interest Rate is changed the Company may, in its absolute discretion, change the amount of each monthly installment of principal and interest or vary the number of installments applicable to the Loan. In such circumstances, the Borrower shall be required to provide the Company with replacement post-dated cheques in accordance with Clause 7.ii

   6. In the Event of Default by the Borrower in the payment on the Payment Date of any sum (whether of principal, interest, or otherwise) due under this Personal Loan Agreement, the Borrower shall pay default interest on such sum from the date of such default up to the day of actual receipt by the Company of all outstanding amounts. The period beginning on the relevant Payment Date and ending on the date payment is received shall be divided into successive periods of not more than one month as the Company may determine each of which shall commence on the last day of the preceding period. At the end of each such period the Company shall add the amount of default interest payable to the amount then due and payable. Such default interest shall be calculated for each such period at a rate or rates per annum determined by the Company at the Company’s absolute discretion.

   7. The Borrower agrees to pay the following additional charges:
      1. Any expenses incurred by the Company in enforcing the Borrower’s Personal Loan.
      2. Any amount that the Company may deem necessary to compensate the Company for any increased costs or reduction in return as a result of compliance with any official directions or any changes in laws or regulations.
      3. The processing fee stated in the Borrower’s Offer Letter.
      4. Any fee in connection with any of the Borrower’s returned payment cheques.
      5. Any taxes levied on, or in relation to, the Personal Loan
      6. Any late payment fee as stated in the Offer Letter.
      7. Any premiums for Payment Protection Insurance.
      8. Any maintenance fee including postponement fees and liability certificate request fees.

       

8. MODE OF PAYMENTS

   1. The Borrower shall make all payments under the Personal Loan Agreement in Dirhams in immediately available funds.

   2. All amounts which the Borrower is required to pay to the Company under this Personal Loan Agreement shall be paid to the Company by depositing post-dated cheques provided by the Borrower to the Company for such purpose.

   3. Any amounts paid to the Company under this Personal Loan Agreement shall be applied first in payment of any amount which the Borrower owes to the Company, including any cost, loss or expense or any other amount for which the Borrower has agreed to indemnify the Company under this Personal Loan Agreement (other than the Outstanding Loan or interest payable under this Personal Loan Agreement), secondly towards interest then due and payable under this Personal Loan Agreement and finally towards payment of the Outstanding Loan notwithstanding any instructions regarding application of payments received from the Borrower.

   4. The Borrower shall make all payments required under the Personal Loan Agreement without set-off, withholding, counterclaim or deduction.

9. PAYMENT PROTECTION INSURANCE

   1. In order to cover particular circumstances where the Borrower is unable to meet repayments under the Personal Loan, the Company arranges Payment Protection Insurance through a third party insurance provider, on a portfolio basis, to cover the Borrower’s payment liabilities in the event of the Borrower’s death, permanent disability or involuntary unemployment. The Borrower contributes to the premiums for this portfolio insurance policy by payment of the insurance fee set out in the Offer Letter.

   2. The Borrower acknowledges that this insurance policy is solely for the benefit of covering liabilities owed by the Borrower to the Company under the Personal Loan. As such, the Borrower acknowledges that neither he/she nor his/her family or estate have any rights or claims to any amount which the Company may be entitled to receive from the insurance policy.

10. EVENTS OF DEFAULT
    1. The Company shall be entitled to terminate the Personal Loan, upon notice to the Borrower, if the Borrower:
       1. Supplies (or has supplied) incorrect or misleading information in connection with the Borrower’s Personal Loan application or any other product or service provided by the Company;
       2. Is, or is likely to become, insolvent;
       3. Is, or is likely to become, in breach of any other credit agreement with the Company or with any other lender;
       4. Fails to pay any sum due to the Company when due or demanded or fails to comply with any other obligations
       5. (if the Borrower is employed) ceases to be employed for any reason whatsoever or (if the Borrower is self-employed) in the sole discretion of the Company the business is transferred or ceases to exist;
       6. A change occurs to the Borrower’s residency status or nationality.

        

    2. On such termination of the Personal Loan Agreement, the Company shall be entitled to demand full repayment (including costs, charges, and interest thereon) and to date and present any cheques provided by the Borrower, in order to repay the Personal Loan (including costs, charges and interest thereon).

11. INFORMATION RELATING TO THE BORROWER

    1. The Company may collect the Borrower’s Information. This includes information which the Company obtains from the Borrower or from third parties, such as employers, joint account holders, credit reference agencies, fraud prevention agencies or other organisations, when the Borrower applies for a Personal Loan or any other product or service, or which the Borrower or third parties give to the Company at any other time.

    2. The Company and credit reference and fraud prevention agencies will share the Borrower’s Information. The Company and other organisations may access and use the Borrower’s Information to make credit assessments and to prevent and detect fraud, money laundering and other crimes. Examples of circumstances when the Borrower’s Information or information relating to the Borrower’s partner or other members of the Borrower’s household may be accessed and/or shared include:
       

       1. Checking details on applications for credit and credit related or other facilities;
       2. Managing credit and credit related accounts or facilities;
       3. Recovering debt;
       4. Checking details on proposals and claims for all types of insurance;
       5. Checking details of job applicants and employees.

    3. The Company may transfer the Borrower’s Information to:
       

       1. Entities who provide a service to the Company or are acting as the Company’s agents;
       2. Anyone to whom the Company transfers or may transfer its rights and/or duties under this Personal Loan Agreement;

    4. The Company will retain information about the Borrower after the closure of the Borrower’s Personal Loan, or if the Borrower’s application is declined or abandoned for as long as permitted for legal, regulatory, fraud prevention and legitimate business purposes.

    5. The Borrower can ask for a copy of the information the Company holds about the Borrower by writing to the Company. A fee will be charged for this service.

12. ASSIGNMENT

    The Company is entitled at any time, without the need for the Borrower’s consent, to assign whole or part of the Company’s rights and/or obligations, under the Personal Loan Agreement, with or without notice to the Borrower. The Borrower may not assign, transfer any rights or obligations relating to the Borrower’s Personal Loan with the Company without the Company’s prior written permission.

13. CHANGING THE TERMS OF THE PERSONAL LOAN AGREEMENT

    1. The Company may change the terms of this Personal Loan Agreement (including the Company’s charges and Interest Rates) and introduce changes to charges for the Company’s services at any time. Changes will normally be caused by market conditions (including any change in base interest rates), changes in the cost of providing a service to the Borrower, predicted changes in legal or other regulatory requirements affecting the Company, or any system or product development.

14. GENERAL INFORMATION

    1. This Personal Loan Agreement shall be governed by and construed in accordance with the laws of the United Arab Emirates.

    2. The Borrower irrevocably and unconditionally submits to the jurisdiction of the courts of Dubai. The submission to such jurisdiction shall not and shall not be construed so as to limit the Company’s right to file proceedings against the Borrower in the courts of any other competent jurisdiction nor shall the filing of proceedings in any one or more jurisdictions preclude the taking of proceedings in any other jurisdiction, whether concurrently or not.

    3. This Personal Loan Agreement is in English and the Company will write and communicate with the Borrower in English unless the Borrower writes to the Company to request that the Company write and communicate with the Borrower in Arabic.

    4. The Company may, from time to time, require the Borrower to provide the Company with security for any liability that the Borrower may have with the Company.

    5. The Company’s records of transactions and account balances shall be relied upon as conclusive evidence for the purposes of any litigation, arbitration or other dispute resolving proceedings.