TERMS AND CONDITIONS FOR AFPLC NANO LOAN

• Introduction
  • These Terms and Conditions shall apply to any Customer who is registered with CASHe as and when they apply for the Nano Loan Facility from Alliance Finance PLC (AFPLC), which shall only be accessible for Customers registered with CASHe.
  • Pursuant to the approval of the Nano Loan Facility in favour of the Customer. AFPLC will make available the Nano Loan Facility to the Customer through UPAY subject to the provisions as set out in this Term and Conditions and shall be regulated accordingly.
  • This Terms and Conditions is an electronic record as per the terms of the Information & Communication Technology Act, 2006 and Rules thereunder, as applicable and the provisions pertaining to electronic records in various statutes as amended from time to time. This electronic record is generated by CASHe and does not require any physical or digital signatures.
  • These Terms & Conditions are to be read and understood in conjunction with know your customer policy, privacy policy and other policy of AFPLC or as may be displayed on the CASHe from time to time.
  • The Customer will have to provide basic details and need to upload the required documents as stipulated in the opening page of CASHe in order to be duly registered with CASHe. The documents required to be uploaded on CASHe, will be in accordance with the Know Your Customer (KYC) policy of AFPLC. Any change in basic details and documents provided by the Customer should be intimated.
  • By clicking on the ACCEPT button at the bottom of this page, the Customer shall irrevocably and unconditionally accept the Terms & Conditions in order to be granted to the Nano Loan Facility and these Terms & Conditions will become a legally binding contract between AFPLC and the Customer.
  • AFPLC and CASHe retains the right to update and/or change provisions of these Terms and Conditions as and when it deems necessary.
• Definitions
  • ​‘Account’ means the registered account of the Customer with CASHe.
  • ‘Amounts Due’ shall mean the principal loan amount together with Interest Rate and penal interest and other amounts due and payable by the Customer to AFPLC in terms of these Terms and Conditions.
  • Applicable Law’ means any law (including any customary law), constitutional law, any statute, regulation, rule, ordinance, order, decree or directive and any official interpretation of any of the foregoing (whether or not having the force of law but, if not having the force of law, being such that compliance therewith would customarily be required) by any relevant governmental authority, now or at any time in effect.
  • ‘Business Day’ means the day on which AFPLC is open for business during normal business hours.
  • ‘Working Hour’ means the normal business hours of a Business Day.
  • ‘Customer’ means any Person who has applied for loan facility under the Nano Loan Scheme and has been granted the Nano Loan Facility.
  • ‘Nano Loan Facility’ or ‘Facility’ means the loan facility to be provided to a Customer by AFPLC under the Nano Loan Scheme introduced by AFPLC.
  • ‘Disbursement Date’ means the date on which the disbursement of the Nano Loan Facility shall be made by AFPLC in favour of the Customer.
  • “Due Date” means in respect of any amount payable under the Nano Loan Facility, the date on which such amounts falls due for payment as notified by AFPLC; and if such date falls on a day which is not a Business Day, on the immediately preceding Business Day.
  • ‘Event of Default’ means any event or circumstance specified as such in Clause 7 hereunder.
  • ‘Interest Rate’ means the rate at which Interest is payable over the Nano Loan Facility during the period and as determined under Clause 4.
  • ‘AFPLC​’ means Alliance Finance PLC.
  • ‘CASHe’ means the mobile application developed, maintained and operated by CASHe Alliance Limited through which the Customer shall apply for the Nano Loan Facility to AFPLC and issuance of any notifications to the Customer regarding (i) approve/reject the loan application by AFPLC, (ii) payment date of Interest/principal repayment, (iii) occurrence of Event of Default or any other relevant notification shall be operated.
  • ‘CASHe Alliance Limited’ is a joint-venture company incorporated under the Companies Act 1994, with a view to offer consumes affordable, accessible, and distinct credit products to millions of millennials across Bangladesh.
  • ‘Maturity Date’ means the highest period of 12 (twelve) Months from the Disbursement Date during which the Customer needs to repay the availed amount under the Nano Loan Facility.
  • ‘Mobile Financial Services’ means the e-money services provided against a particular mobile/cell phone number of the Customer, where the record of funds is stored on the electronic general ledger. These services can be availed through specific payment instructions to be issued from the Customer’s mobile phone or through alternative digital process or device by ensuring authenticity of the transaction.
  • ‘Mobile Financial Service Provider’ means an entity licensed by Bangladesh Bank to provide electronic money services to its customers and keep the aggregate balance of the issued e-money to any schedule commercial banks or financial institutions.
  • ‘Month’ means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month.
  • ‘Nano Loan Scheme’ means the loan facility very nominal in monetary amounts i.e. from Tk. 10,000 (Taka ten thousand) up to Tk. 1,00,000 (Taka one lac) which aims to offer collateral-free loans to the Customers.
  • “OTP” shall mean and include one-time password which is a unique number provided to the Customer.
  • ‘Person’ means any natural person or any legal entity including company, partnership firm, society, trust or any other legal entity.
  • ‘Repayment Date’ means the date(s) for repayment of the principal amount of the Nano Loan Facility as detailed under Clause 5.
  • ‘Security Documents’ means the Demand Promissory Note and Letter of Continuation to be executed by Customer.
  • ‘Social Loan Quotient’ or ‘SLQ’ shall have the same meaning ascribed to it under Clause 10 hereunder.
  • ‘UPAY’ means a mobile banking platform through which only the monetary transactions i.e. disbursement, repayment or payment of other charges shall be made by the Customer and AFPLC respectively in relation to the Nano Loan Facility.
  • ‘UPAY Account’ means Customer’s registered account with UPAY from which all the monetary transactions shall be operated under this Facility.
  • ‘Terms and Conditions’ means these Terms and Conditions including any amendment, modification, restatement, renewal, replacement, revision, supplementation, substitution or novation from time to time.
  • ‘Tenor’ means the Tenor of the Nano Loan Facility as detailed under Clause 14 hereunder.
• Terms and Conditions for application of Nano Loan Facility
• AFPLC shall grant the Nano Loan Facility to the Customer subject to prior fulfilment of the Terms and Conditions given below:
  • The Nano Loan Facility is available only to the Customers who have registered with CASHe and has duly filled the application form through CASHe for the Nano Loan Facility.
  • The Customer shall not be below 18 (eighteen) years of age, shall not be insolvent and shall have the capacity to enter into any contract.
  • The Customer should be in continuance of employment for not less than ____ (__________) years or have proven source of income to repay the Amount Due against the Facility.[1]
  • Notes: Would AFPLC need to check the required documents i.e. job certificate, bank statements, trade license, etc.?
  • The Customer should hold a valid UPAY Account in his own name.
  • The Customer may login with CASHe with any valid Google, LinkedIn account and/or Facebook account.
  • The Customer should have the National Identity Card (NID) issued by Election Commission of Bangladesh.
  • Customer has provided all documents and details required by AFPLC to AFPLC’s satisfaction.
  • The SLQ of the Customer is as per the eligibility criteria of the AFPLC.
  • The Customer has electronically provided and confirmed all required information and documents.
  • The Customer has fulfilled all other conditions as may be specified by AFPLC from time to time.
  • The Customer shall have been an active subscriber of CASHe for not less than 03 (three) consecutive Months.
  • The Customer shall not be a loan defaulter against any loan with any banks or financial institutions or Mobile Financial Service Provider or any Person.
  • The Customer shall only be granted a single Nano Loan Facility at a time and shall only be qualified for another, after the former one has been settled in full.
  • AFPLC reserves the right to assess the creditworthiness of the Customer based on the documents submitted through CASHe at the time of application for the Nano Loan Facility. AFPLC shall disburse the Nano Loan Facility to the Customer through UPAY only after verifying Customer’s creditworthiness from Credit Information Bureau (CIB) of Bangladesh Bank and also subject to the approval from the competent authority of AFPLC.
  • The amount(s) payable by the Customer will be the principal amount of the Nano Loan Facility together with the Interest Rate on respective Repayment Date(s). The Customer will be liable to pay the Nano Loan Facility in full along with the Interest Rate on the Maturity Date. All the payments in these regard shall be made through UPAY Account of the Customer.
  • The Customer shall ensure that sufficient funds are available in his/her UPAY Account to be paid for the expected repayment amount.
  • The Customer shall not directly or indirectly, engage in any activity related to money laundering, for the avoidance of doubt, including but not limited to illegal drug trafficking, child prostitution, arms and ammunition selling to terrorist group and any other activities defined as money laundering under the Money Laundering Prevention Act 2012.
  • AFPLC reserves the right to submit the names and any other details of a Customer to the CIB of Bangladesh Bank, who has not repaid his/her Nano Loan Facility.
  • AFPLC reserves the right to approve or disapprove the access to the Nano Loan Facility and may allow or restrict other use(s) of the Nano Loan Facility.
• Interest
  • ​The rate of Interest on the Nano Loan Facility will be 11.00% (eleven percent) p.a. which shall be payable on equal monthly instalments basis starting from the Disbursement Date. The Interest Rate may be revised on the discretion of AFPLC and Bangladesh Bank Guidelines. If the Customer fails to make an instalment on the respective Due Date or maintain a lesser amount than the Amount Due in his/her UPAY wallet on the respective Due Date, it shall be treated as overdue and the Customer shall pay an additional rate of 2.00% p.a. above the Interest Rate over such overdue amount as penal interest.
• Principal Repayment
  • ​The Customer shall repay the principal amount of the Nano Loan Facility on equal monthly instalment basis through Customer’s UPAY Account. The Customer shall pay any balance outstanding on the Maturity Date. The Repayment Date shall be fixed based on the following mechanism :
    • If the Disbursement Date is within the 1-5^th day of a Month, then the Repayment Date shall be on the 25^th day of the same Month.
    • If the Disbursement Date is within the 5-10^th day of a Month, then the Repayment Date shall be on the 5^th day of the next Month.
    • If the Disbursement Date is within the 11-15^th day of a Month, then the Repayment Date shall be on the 10^th day of the next Month.
    • If the Disbursement Date is within the 15-20^th day of a Month, then the Repayment Date shall be on the 15^th day of the next Month.
    • If the Disbursement Date is within the 21-25^th day of a Month, then the Repayment Date shall be on the 20^th day of the next Month.
    • If the Disbursement Date is within the 26-31^st day of a Month, then the Repayment Date shall be on the 25^th day of the next Month.

Provided that if the Repayment Dates as mentioned above falls on a day which is not a Business Day or the payment is made after the Working Hour of the respective Repayment Dates, the Amounts Due on the respective Repayment Date shall be adjusted immediately on the Working Hour of the preceding Business Day.

• Prepayment
  • ​Notwithstanding anything mentioned hereinabove, if the Customer wishes to prepay the Nano Loan Facility in whole or in part thereof before its Due Date, the Customer 
  • may proceed after serving a 01 (one) month prior notice for prepayment to AFPLC which shall have to be emailed to ___________________________[1] AFPLC to insert their email address on which the notice of prepayment shall be send or attached.
  • Any amount so prepaid, whether partially or in full, shall be will be attributable to a charge of 1.00% p.a. (“Prepayment Charge’) excluding servicing of tax, interest, and other fees first which has accrued to the principal amount of the Nano Loan Facility.
• Event of Default
  • An Event of Default will occur if:
    • the Customer fails to pay any sum due on the Due Date or on demand, if so payable.
    • the Customer fails to make the principal repayments in the manner provided in this Terms and Conditions.
    • the Customer fails to perform the obligations as set out in the Security Documents;
    • the Customer fails to observe or perform any of its obligations under this Terms and Conditions or under any undertaking or arrangement entered into in connection herewith
    • any material adverse circumstances arise which in the opinion of AFPLC gives rise to a belief or suspicion that the Customer is unable to perform its obligations under this Terms & Conditions.
    • any statement, representation or warranty made by the Customer under or in connection with this Terms and Conditions shall be, or prove to have been, or shall become, incorrect in any material respect.
    • AFPLC shall learn that any misrepresentation or misleading omission has been made in any financial statement, agreement or other document delivered to AFPLC by the Customer.
    • death or physical or mental incapacity of the Customer or any other reason that bars the Customer from fulfilling his/her obligations under this Terms and Conditions.
    • any proceedings against the Customer shall be entered, for which payment shall neither be paid within a period of thirty days nor stayed pending appeal.
    • any warrant, order of attachment, tax lien or levy, distrait, garnishment or other levy shall be issued against any of the property of the Customer or any civil procedure under any of the proceedings of the courts of Bangladesh shall be commenced, invoked or used by any judgement creditor against the Customer or with respect to any property of the Customer or any receiver, court or governmental authority take possession or control of any substantial part of such property or control over the affairs and obligations of the Customer.
    • the Customer becomes bankrupt or insolvent or unable to pay its debts, stops or suspends or threatens to stop or suspend payment of all or a material part of (or of a particular type of) its indebtedness, begins negotiations or takes any other step with a view to the deferral, rescheduling or other readjustment of all or a material part of (or a particular type of) its indebtedness (or of any part which it will or might otherwise be unable to pay when due), proposes or makes a general assignment or an arrangement or composition with or for the benefit of the relevant creditors or a moratorium is agreed or declared in respect of or affecting all or a material part of (or of a particular type of) the indebtedness of the Customer.
    • the Customer does not perform or comply with any one or more of its obligations under this Terms & Conditions.
  • On the occurrence of the events under Clause 7.1, AFPLC shall, by notice to the Customer, declare the Loan to be immediately due and payable whereupon at its sole and absolute discretion:
    • it shall become so due and payable, together with accrued interest thereon and any other amounts then payable under this Terms and Conditions; and/or
    • no further advances under the Facility shall be made and the Facility will be cancelled; and/or

  • No waiver of an Event of Default shall constitute a waiver of any other or any subsequent Event of Default or of the continuance of the Event of Default so waived except in accordance with the specified terms of such waiver.

• Nano Loan Processing Fee and CIB charge
  • A onetime processing fee against the Nano Loan Facility shall be 1.00% p.a. over the Facility amount or BDT. 500 (Taka five hundred) whichever is higher subject to the exclusion of 15% VAT. The processing fee will be charged per application made against the Nano Loan Facility which will be payable by the Customer at the time of submitting the application for the Facility.AFPLC reserves the right to revise the loan application fee that will be charged against the Nano Loan Facility.
  • Apart from the processing fee mentioned above, the Customer shall also need to pay BDT. 100 (Taka one hundred) only along with the 15% VAT as the CIB charge to verity his/her creditworthiness.
• Intellectual property rights
  • ​Nothing in these Terms and Conditions constitutes a transfer of any intellectual property rights. The Customer acknowledges and agrees that, CASHe and AFPLC shall own all the intellectual property rights in the Mobile Financial Services system and the Nano Loan Facility respectively.
• Social Loan Quotient
  • The Customer acknowledges that the Social Loan Quotient (SLQ) is a proprietary credit rating score of an individual Customer introduced by CASHe. The SLQ is an evaluation of the Customer’s social presence which uses a range of alternate datasets (alternate to the Customer’s financial history), obtained via mobile data streams and/or geographic indicators on the basis of, but not limited to, details provided, Customer’s employment history, and other parameters. Essentially, it determines how the Customer is likely to repay the Nano Loan Facility to AFPLC. The Customer can be prevented from applying for the Facility in absence of SLQ or adequate SLQ, at the discretion of AFPLC.
  • The Customer consents that he/she shall accept eligibility criteria including SLQ arrived at by AFPLC. AFPLC shall not be liable under any circumstances to share the computation or details or basis of arriving at the eligibility criteria including SLQ with the Customer.
  • AFPLC reserves the sole right and discretion to approve Customer’s application without having the need to provide any reasons for the same. AFPLC reserves the sole right to accept or reject a loan application, if the Customer do not fit the criteria set out by AFPLC.
  • The Facility that can be availed by the Customer depending on the SLQ of the Customer and options chosen by the Customer and at the absolute discretion of AFPLC. Notwithstanding of the foregoing, AFPLC reserves the right to decide whether the Customer qualifies to avail Nano Loan Facility all as well as to determine the amount of the Nano Loan Facility.
  • The Customer has to fill an online application as available on the CASHe confirming the amount of the Facility that he intends to borrow. Having provided all documents and details required by AFPLC, Customer shall receive an intimation confirming amount of the Facility that the Customer is eligible to receive. Thereafter, the Facility amount will be disbursed to the Customer’s UPAY Account, as per latest Bank Statement uploaded by the Customer.
  • The SLQ and the offer to avail Nano Loan Facility shall be available to the Customer at the discretion of AFPLC for a period of 90 (Ninety) days from date of intimation received by Customer. If Customer fails to login to CASHe and fails to avail Nano Loan Facility within 90 (Ninety) days of receiving intimation from AFPLC, the offer shall lapse and Customer will have to make a fresh request to AFPLC for the Nano Loan Facility.
• Warranties
  • ​The Customer represents and warrants to AFPLC that:
    • he/she have the legal capacity to enter these Terms and Conditions.
    • he/she has abided by the Terms and Conditions relating to the use of the Mobile Financial Services.
    • he/she has not committed breach of any provision of this Terms & Conditions, and no Event of Default, or event which after a lapse of time or notice is capable of becoming an Event of Default, has occurred.
• Liability
  • To the full extent permitted by law, AFPLC shall be excluded from all liabilities in respect of loss of data, internet interruption, any fraud and/or loss borne by the Customer as a result of misuse of PIN or breach of PIN secrecy or privacy due to Customer's negligence or mistake. If mobile phone or SIM card is lost, the Customer shall immediately suspend his/her registered CASHe or UPAY Account and notify the same to AFPLC.
  • To the full extent permitted by law, the Customer shall be excluded from all representations, warranties or terms (whether express or implied) other than those expressly set out in these Terms and Conditions.
• Notifications
  • ​AFPLC shall send notifications to the Customer, if the Customer enables push notifications in his/her device settings. Any important notifications, for example, changes to the terms and conditions or a change in the Interest Rate and the respective Repayment Dates will be notified to the Customer via notification to his/her registered CASHe account.
• Tenor
  • ​The Tenor of the Nano Loan Facility would generally be 03-06 months which however can be extended up to 12 months depending on circumstance but it is the sole discretion of AFPLC
• Termination
  • These Terms and Conditions shall automatically be terminated upon full adjustment of the Nano Loan Facility.
  • AFPLC may otherwise terminate these Terms and Conditions and call back the Nano Loan Facility immediately, without any notice to the Customer, if the Customer has breached any of these Terms and Conditions in any manner.
• Authenticity
  • The Customer shall be provided with an OTP in his registered mobile number for submission of the application through CASHe for the Nano Loan Facility. Once the Customer enters OTP in the designated area of the application and clicks the “Accept” icon, the Customer shall be deemed to have consented to and signed this Terms and Conditions.
  • The application for the Facility received by AFPLC, completed by the Customer and signed by entering the code sent by SMS to the Customer’s phone number (OTP), confirms his/her consent for disclosure of any information about him/her, his/her financial and other liabilities available at Credit Information Bureau (CIB) of Bangladesh Bank.
  • The code that the Customer received by SMS is a unique number (OTP) which ensures the authenticity of the Customer’s identity. Once the Customer confirms his/her consent to this Terms and Conditions by entering this OTP number, then these Terms and Conditions becomes a valid and binding upon the Customer and the Customer shall be restrained from repudiating it later.
• Governing Law
  • ​This Terms and Conditions shall be governed by and construed in accordance with the Applicable Law and shall be subject to the non-exclusive jurisdiction of the Courts of Bangladesh.
• Dispute Settlement
  • If any difference or dispute arises between AFPLC and Customer herein during the subsistence of this Terms and Conditions or thereafter, in connection with the validity, interpretation, implementation or alleged breach of any provision of this Terms and Conditions, such dispute shall be referred to a panel of 3 (three) arbitrators. The claimant/s shall appoint one arbitrator and the respondent/s shall thereafter appoint one arbitrator. The two arbitrators so appointed shall appoint the third arbitrator, who shall be the chairman of the arbitral tribunal. The arbitration proceedings shall be conducted in Dhaka in accordance with the Arbitration Act, 2001.
  • Neither AFPLC nor the Customer shall be entitled to commence or maintain any action in a court of law upon any matter in dispute until such matter has been submitted to arbitration and determined as provided above, and then only for the enforcement of the arbitral award either AFPLC or the Customer may be entered in any court of competent jurisdiction.
  • The place of arbitration shall be Dhaka. The proceedings of arbitration shall be conducted in the English language. All costs of enforcing this Terms and Conditions, including the costs of arbitration, court costs, reasonable accountants’ fee and reasonable attorneys’ fee shall be awarded to the prevailing party or allocated as the arbitral panel shall determine to be equitable.
  • Pending the resolution of a dispute by arbitration, the parties shall, except in the event of termination, continue to perform all their obligations under this Terms and Conditions without prejudice to a final adjustment in accordance with the arbitral award.
• Miscellaneous
  • During the substance of the Facility, the Customer shall not change his/her registered mobile number or change his/her CASHe account without notifying AFPLC and obtaining approval from AFPLC thereof.
  • Severability: If any of the provision(s) under these Terms and Conditions become invalid or unenforceable for any reason by any court of competent jurisdiction, such provision(s) to the extent of its invalidity or unenforceability shall be amended and remain effective as if the Terms and Conditions had been accepted without the invalid, illegal or unenforceable provisions.
  • Entire Understanding: These Terms & Conditions are to be read and understood in conjunction with the know your customer policy, loan and risk policy, privacy policy and any other policies/terms and conditions, etc. of AFPLC or which may also be displayed on the CASHe application from time to time and represents the entire Terms and Conditions in respect of the Nano Loan Facility. Any provision of these Terms & Conditions, which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of prohibition or enforceability but that shall not invalidate the remaining provisions of these Terms & Conditions or affect such provision in any other jurisdiction.
  • No Assignment: These Terms & Conditions shall inure to the benefit of and be binding upon the respective heirs, successors and assigns of the Parties hereto. Customer shall not assign, delegate or otherwise transfer all or any part of his rights or obligations under this Contract without the prior written consent of AFPLC and any purported assignment made in violation of these Terms & Conditions shall be void. AFPLC may at any time assign all or any part of its rights, obligations and benefits hereunder to any of its subsidiaries or affiliates or transfer or novate all or any part of its rights, benefits and obligations hereunder, to any third party including any scheduled bank or financial institution.

I, THE CUSTOMER, HEREBY CONFIRM THAT I AM DULY REGISTERED WITH CASHE AND ALL INFORMATION PROVIDED BY ME IN RESPECT OF ACCOUNT REGISTRATION FOR AVAILING THE NANO LOAN FACILITY IS TRUE AND ACCURATE TO THE BEST OF MY KNOWLEDGE AND BELIEF. I FURTHER CONFIRM THAT I HAVE FULLY UNDERSTOOD THESE TERMS AND CONDITIONS AND AFPLC IS ENTITLED TO USE THE SAID INFORMATION AS WELL AS INFORMATION FROM ANY SOCIAL, MOBILE NETWORK. AFPLC IS FURTHER ENTITLED TO ASSIGN, TRANSFER THE FACILITY (IN FULL OR PART) ALONG WITH INTEREST TO ANY OTHER COMPANY, APPROVED BY BANGLADESH BANK.