Aquila Leasing Limited, car financing (hereinafter referred to as the “Lender”),
and
[Umoh Esther],  hereinafter referred to as the “Borrower”.

RECITALS:
WHEREAS, the Borrower desires to purchase a motor vehicle and has requested financial assistance from the Lender;
AND WHEREAS, the Lender agrees to provide such assistance under the terms and conditions specified herein;
NOW, THEREFORE, in consideration of the mutual promises set forth below, the parties agree as follows:

1. Loan Purpose
This loan is intended strictly for the purchase of a motor vehicle. The Borrower agrees to use the funds exclusively for this purpose.

2. Loan Amount
The loan amount shall be ₦1,960,000. There is no minimum or maximum amount prescribed by the Lender.

3. Equity Contribution
The Borrower shall have an equity contribution of ₦840,000 as agreed with the Lender. The loan shall only be disbursed upon confirmation of the equity contribution.

4. Interest Rate
The loan shall attract a fixed interest rate of 9.5% per annum, calculated on a reducing balance basis.

5. Loan Tenure
The maximum repayment period shall not exceed four (4) years from the date of disbursement.

6. Repayment Method
Repayments of ₦49,241.35 shall be made monthly via bank transfer to the Lender’s designated account. The Borrower is responsible for ensuring payments are made on or before the due date.

7. Repayment Start Date
The first repayment shall be due one (1) month from the date of loan disbursement, unless otherwise agreed in writing.

8. Ownership and Title
The vehicle shall remain the sole property of the Borrower. Aquila Leasing Limited shall not retain any ownership interest or title in the vehicle at any point.

9. Collateral
No collateral is required for the issuance of this loan.

10. Guarantor Requirement
No guarantor is required. The loan is issued based solely on the Lender’s assessment of the Borrower’s financial eligibility.

11. Disbursement of Loan Proceeds

The Borrower, Umoh Esther, agrees that the total cost of the vehicle to be financed under this Loan Agreement shall be paid directly to the designated car dealer from his Access Bank account.

The ₦1,960,000 loan amount shall be disbursed into the Borrower’s Access Bank account and combined with the Borrower’s ₦840,000 equity contribution to make the total ₦2,800,000 vehicle purchase price, payable to the Borrower’s nominated vehicle dealer.

12. Insurance
The Borrower is responsible for arranging comprehensive insurance coverage for the vehicle immediately after purchase and must maintain such insurance throughout the loan period.

13. Administrative Charges
There are no processing, administrative, or hidden fees associated with this loan. The interest stated above is the only cost to the Borrower.

14. Early Settlement
The Borrower may settle the loan in full or in part at any time without incurring any penalties or additional interest.

15. Loan Default
If the Borrower defaults on any repayment obligation, the Lender reserves the right to take appropriate legal action to recover the outstanding loan balance. Interest will continue to accrue on overdue payments, and default may affect the Borrower’s creditworthiness.

16. Late Payment Consequences
In the event of late payment, the Lender may notify the Borrower and allow a grace period of up to 10 working days. Continued default beyond this period may result in legal recovery steps.

17. Information Verification
The Borrower agrees to provide any requested documents (such as bank statements, ID, or proof of income) for verification either before disbursement or in the case of payment irregularities.

18. No Vehicle Seizure Clause
The Lender confirms it shall not seize, confiscate, or interfere with the use or ownership of the vehicle, even in the case of payment default.

19. Loan Use Monitoring
The Lender reserves the right to inspect or verify that the loan was used for its intended purpose at any reasonable time after disbursement.

20. Communication and Notices
All communications shall be delivered in writing to the parties via email, SMS, or physical address as stated in the application form.

21. Governing Law
This Agreement shall be governed by the laws of the Federal Republic of Nigeria. Any dispute arising shall be subject to the jurisdiction of Nigerian courts.

22. Modification of Terms
Any changes to this Agreement must be mutually agreed upon in writing and signed by both parties.

23. Entire Agreement
This document constitutes the full and final agreement between the Lender and Borrower. No verbal or written agreements not included herein shall be binding.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.