Agreement for obtaining a personal loan from Citibank

First: The terms of loan request

1- The loan applicant:
1-1 Hereinafter, the loan applicant will be referred to as the “borrower”
1-2 The lending party will be referred to as the “bank” which is Citibank NA
1-3 The application of the loan, the general terms of loan agreement and the note of the bank’s approval of the loan represent the loan agreement between the bank and the applicant.

2- The requested loan:
2-1 The borrower agrees that according to this agreement, the bank has the right to determine the value and due dates of the given loan other than what the borrower mentioned in the applicant form.
2-2 The borrower agrees that according to this agreement, he will pay the loan on monthly installments that the bank will determine their numbers and value and the due date of them after approving the loan request.
2-3 The borrower assures his agreement to the data mentioned below and that will be demonstrated in detail in a notification that will be sent from the bank after studying the request and that notification will be included into this Agreement and will be integral part of it.
1) The net loan amount (the loan amount minus the service fees)
2) The table of paying the loan (the monthly installments due dates)
3) The monthly installment amount in Egyptian Pounds
4) The loan term (in months)
2-4 The bank reserves the right to refuse the loan if the borrower does not carry out the requirements of the bank that are mentioned in this request, and the bank will not be obliged to give reasons for this refusal.
2-5 Verbal communication and terms are not legally binding unless the bank confirms them in writing.
2-6 If the bank accepts the request for the current loan and there is still a debit balance of a previous personal loan from Citibank, the borrower will have to consider the current loan as an addition to the debit balance of the previous loan as one loan and the terms of this current loan applies to it.

3- The obligation of paying:
The borrower agrees to pay the determined installments in the loan agreement on the due dates every month according to the terms shown in this request. The borrower acknowledges that he has read the terms included here and that he understood and accepted to comply with these terms.

4- The effectiveness of the loan agreement:
The loan agreement shall become effective from the day the bank signs the notification, and it will be valid until all the obligations coming out of the agreement are executed.

Second: The general terms of the loan agreement:

1- The execution:
The borrower agrees to pay the loan with all the interests and fees on the due dates as mentioned in the sent notification and in term No. 3 of the general terms of the loan.

2- The interests and fees:
2-1 The borrower will pay the due interests on the loan amount according to the determined price in the notification. And when any changes occur in the terms or conditions of re-financing because of 1) instructions of the Central Egyptian Bank or 2) Capital Market Authority, the bank may change the interest rates and collect them according to the new rate.
2-2-1 The interest is due when the installment of the principal debt becomes due (both of them are called “the installment”). The bank will collect the monthly interest according to the following calculation: the outstanding of the loan amount multiplied by the annual interest rate and then divided by 12.
2-2-2 The bank will notify the borrower of any changes in the interest rates by mail two weeks before the date of changing the rate to the new one. That notification will be considered as an amendment to the agreement and will include the installment amount after amending it according to the change in interest rate. The borrower declares his agreement to the changes that the bank considers appropriate.

3- Loan Payment:
3-1 All the payments that the borrower settles of the loan, interests and fees are done in cash or by cheques or any other method the bank considers suitable. The paid amounts are to be directed according to this order:
a- paying the commissions and charges
b- paying the interests
c- paying the original amount of the loan
3-2 The payments of the loan agreement are considered legally performed after adding the full-required amounts, without any deductions, in the open loan account in the name of the borrower with the bank.
3-3 If the due date of payment is on a weekend or an official vacation day, the due date will automatically be changed to be the last working day before the weekend or before the vacation day.
3-4 All the payable installments will be net amount without deducting taxes or any other deductions of any kind.
3-5 The payment in advance of the full amount of the loan: in the case of paying the full amount of the loan in advance, the borrower may obtain the information of the outstanding through Citiphone (24 hour telephone service). And if the borrower wants to pay in advance the full amount of the loan, the borrower will have to inform Citibank in writing by mail 7 days before paying and the notification must include: 1) the loan account no. 2) the in advance amount 3) the date of paying the in advance amount. In the case that the full amount is paid, the bank will notify the borrower in writing that the loan is paid. In the case of the in advance payment, the interests will be calculated till the date of the actual payment and the bank will charge the borrower with the fees of in advance payment according to the table of charges that the bank determines solely and is changeable from time to time by the bank without need to get an approval from the borrower.

4- Delay in Payment and its legal consequences:
4-1 If the borrower fails to pay the amount for the bank on the due date, the borrower will have to pay a fine that the bank determines.
4-2 In the case that any of the cheques bounce, the bank will have the right to execute the penal proceedings in the way that the bank considers suitable unless the borrower pays the full amount in cash in 3 days from the date of refusing the cheque.
4-3 The borrower accepts that Citibank will collect the fine that it will determine in the case that the cheque bounces for any reason and that is according to the table of charges.
4-4 If the borrower fails to pay any due amounts according to this agreement, the bank will have the right to deduct those amounts from any other accounts of the borrower at any branch of the bank’s branches or dispose of any documents or guarantees.

5- Terminating the agreement from the bank’s side:
The borrower acknowledges that the bank has the right to revoke this agreement without the need for a court judgment or a warning and to cancel the term of the loan and to ask for the full amount of the loan to be paid in addition to the interests and fees till the date of revocation in the following cases:
a) If the borrower fails to pay any of the installments of the loan according to the amounts and dues dates determined in the agreement.
b) If the borrower faces any negative change in his financial position or in any other way which the bank considers it a major change according to this agreement or if the borrower is in violation of the payment rules.
c) If the borrower violates any of the obligations of this agreement or acts in a way that violates with the terms of this agreement.
d) If the borrower is declared bankrupt or insolvent, or becomes subject to receivership, is not allowed to dispose of his money or dies.
e) If the borrower is dismissed of his work, his salary is suspended or cancelled, his working permit expires or canceled or his visa expires if he is a foreigner.
   
6- The Legal effects resulting from terminating the agreement with an immediate effect:
The borrower acknowledges that in the case of terminating the agreement from the side of the bank, the obligations of the bank under the agreement will cease and the outstanding of the loan with all the interests and fees will be due immediately. In addition to this, the bank will have the right to take all its dues by deduction from any accounts or credits that the borrower has in the bank.                                                                                                                                                                                                                                                                                                                                                                   
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