Terms And Conditions

1.0 Loan Agreement 

1.1 Application for a loan facility or credit is subject to Club Plus Private Limited`s credit assessment approval criteria and conditions being satisfied. ClubPlus has the discretion based  on these criteria to decline or approve application.

1.2 A loan agreement in respect of loan facility or credit transaction offered by ClubPlus will only be concluded between customer and ClubPlus on approval of application and upon customer signing a loan agreement.


2.0 Loan Limit

 2.1 Loan facility or credit transaction will be subject to a limit determined by ClubPlus and customer will be advised on the limit.

2.2 ClubPlus may increase or decrease this limit on request or at Its discretion depending on the performance of the customer`s loan account.


3.0 Interest

 3.1 Interest rates may change from time to time on the running loan balance depending on market conditions and customers will be advised within a reasonable time before  interest rates are effected.

3.2 Interest is calculated daily on a simple basis and compounded monthly on the full outstanding  balance due date of instalment until date of payment by using the following formula. The balance  owing on the account is divided by the number of days  in the year (assume at 365 days),  and multiplied by the applicable interest rate in accordance with the loan contract agreement, to determine the interest owing per day. The daily interest so determined is aggregated for the period between the dates of the previous  and current trading month-end and added to the balance owing on the account on the date of the current trading month.


4.0 Loan Initiation Fees/ Admin Fee

4.1 An administration fee of ZWL500 or 3.5% of the loan approved whichever is greater shall be charged and deducted before the loan is advanced to the customer, e. the loan will be disbursed net of initiation fees


5.0 Late Payment Penalty Interest

5.1 Should customer default in payment amount due by the due date , shall be liable for the payment to ClubPlus of Late payment penalty Interest, currently at 10%, on the amount , and accept this liability in acknowledgement of the administrative costs that ClubPlus will incur in consequence of failure to pay timeously. ClubPlus shall also be entitled  to charge any administration fees, refer-to-drawer cheque fees and the like at rates to be determined from time to time. The charges so debited to customer`s account each month shall be added to the monthly balance of the account and capitalized for the purposes of calculating future interest as per above clause 3.


6.0 Statements

6.1 ClubPlus will send not later than 2 weeks after the end of each trading month, a statement either electronically, by SMS or any other mobile platform or by post which will, show inter alia,

6.2 Loan Account Number

6.3 Statement Date

6.4 The instalment amount

6.5 All loans that have been drawn on my account

6.6 Show all interest, service fees, late payment charges

6.7 Inform the customer of the total amount due

6.8 Show all transactions relating to the customer` loan account

6.9 Due date for payment


7.0 Monthly Instalment Payments & Computation

7.1 Instalment is a series of monthly equal payments of a loan capital at a given interest rate over a given period. The Instalment is the amount which the customer is expected to pay each month after being given a loan. Monthly Instalments will be shown on the loan amortization table given to a customer to together with the signed loan agreement. In addition monthly instalment reminders will be sent via SMS.

Customer may make more than one payment in a month (e.g weekly). All such payments , excluding advance payments, must be taken into account when checking on the Instalment paid. Customer`s instalment payment includes partly-loan capital repayment, interest charges, late payment charges and other related charges.

7.2 Customer shall pay the total amount due (i.e the full instalment inclusive of amount past due if any) by the due date each month and customer will not attached  any condition to any payment made to ClubPlus, even if a statement is not received.

7.3 ClubPlus will credit each payment made on the customer`s account as of the date of receipt of such payment as follows

    • To satisfy any due or unpaid interest charges;
    • To satisfy any due or unpaid fees, cost, late payment charges
    • To reduce the amount of the principal debt  

7.4 In the event that the customer does not settle the full amount  due under any monthly statement by  the due date  reflected thereon. ClubPlus shall have the right to claim immediate payment of the total balance of the account at the date of default, together with aforesaid late payment penalty and other administration charges on the  amount due at rates of interest as per clause 3 and 5.

7.5 Customer shall be liable to reimburse ClubPlus any costs it incurs in recovering any sum due and owing by customer, including any tracing fees, collection/ recovery fees and administration costs, collection charges and all legal costs on the scale as between legal practitioner and client including practitioner`s collection commission.


8.0 Credit Bureaus and Credit Registry

8.1 ClubPlus may disclose customer`s confidential and credit information to the RBZ credit registry, registered credit bureaus and any government agencies in accordance with the laws of Zimbabwe.

8.2 Customer at any given time may contact any credit bureau or RBZ credit registry , requesting t  for his/her credit information to be disclosed to them at customer`s cost if any access fees is charged by the RBZ or Credit 


9.0 Litigation

With regards to any legal proceedings instituted against customer,

9.1 Customer consents to the jurisdiction of any magistrate `s court with Zimbabwe notwithstanding that the amount due by customer may exceed the jurisdiction of the court.

9.2 Customer chooses as domicile citandi et executandi the address appearing on the credit application form submitted or will notify ClubPlus in writing of such other address in Zimbabwe.


10.0 Insurance

10.1  Where any insurance policy is taken out in respect of the loan facility customer  will be liable for the timeous payment of all premiums due.