4. CONDITIONS PRECEDENT
(a) Salary to continue being remitted through I&M Bank Ltd.
(b) Repayments to be effected by way of check -off and the Authorization forms to be forwarded to the employer for deductions to be effected
immediately after disbursement.
(c) Terminal dues, if any, to be remitted through the loan account in the event the borrower leaves current employment during the tenor of the loan.
(d) Loan to be repaid within agreed period and, if there is change of employer, I&M Bank Ltd to be notified immediately.
(e) Borrower to provide the latest three original pay slips to be lodged with I&M Bank Ltd.
(f) Balance outstanding to be liquidated from the proceeds of this loan.
(g) The balance outstanding of the buy off loan will be released first to enable the said Bank/Institution to issue a stop order in respect of the borrower’s loan instalment. The balance of the loan will only be released to the borrower upon receipt of either a stop order or a statement confirming nil balance.
(h) The Bank shall not be obliged to make any disbursement of the Facility(ies) until it has received as a condition precedent, in each case, in a form and substance satisfactory to it all of the documents, items and evidence required herein (including but not limited to the documents, items and evidence specified in the Borrower’s application form) such documents, items and evidence herein after collectively referred to as the “Supporting Documents”) (or the Bank having waived any one or more of the Supporting Documents in its absolute discretion and subject to any condition(s) it may think fit).
(i) No indulgence by the Bank of its rights under this Agreement, the Schedule, any of the Supporting Documents will operate as a waiver of its rights and/or remedies.
(j) The Bank’s obligation to make any disbursement of the Facility(ies) is also conditional upon the Borrower’s compliance at the relevant time with the terms and conditions of, and there being no breach of or default under the Agreement.
(k) “Upon sanction of Loan amount following successful application, Loan facility will be disbursed immediately to the specified transaction account as per application form and interest will start accruing from that date.
(l) The signature and the delivery of this Letter of Offer by the Borrower is deemed conclusive evidence of the Borrower’s Agreement to be bound by the terms of the facility as to the amounts of the facility and interest as approved and determined by the Bank.