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General Terms and Conditions Staring Feb 1 2017 PDF
General Terms and Conditions Staring Feb 1 2017 PDF
1. INTRODUCTION
1.1. This document sets out the general terms and conditions applicable to the Loan Agreement extended
by Home Credit to the Customer. This is the document referred to in the Loan Agreement as General
Terms and Conditions. Unless otherwise defined, capitalized terms used herein shall have the same
meaning ascribed to them in the Specific Terms and Conditions.
1.2. Provisions of this document shall apply to existing loans or products being offered and all future loans
or products that will be offered by Home Credit, including, but not limited to POS Loan, Cash Loan,
Credit Card, Insurance.
1.3. Terms defined and used in the Loan Agreement shall have the same meaning when used in this General
Terms and Conditions.
3. COVENANTS
3.1. As long as any Loan Amount or any other fees, charges, or amounts owing under the Loan Agreement
remain outstanding and unpaid, the Customer shall:
GENERAL TERMS AND CONDITIONS
3.1.1. promptly perform all of the Customer’s obligations under the Loan Agreement, including but
not limited to the payment of amounts due under the Disclosure Statement.
3.1.2. promptly submit and provide to Home Credit all documents and information, execute and
deliver such other instruments and documents, and perform or refrain from performing any
such other acts, as may be required by Home Credit, whether for compliance with government
regulations or Home Credit’s own policies.
4. PAYMENT
4.1. Any and all payments made by the Customer in connection with the Loan Agreement shall be made
through the designated banks or third parties appointed by Home Credit from time to time to accept
payments from the Customer (Payment Channels). Any changes to the Payment Channels shall be
notified to the Customer through website announcement. Prior to making each payment, the Customer
shall verify the list of Payment Channels on the website of Home Credit.
4.2. Home Credit shall not be held liable for, and the Customer bears the risk of, any delay or failure in
crediting or accepting any payment to Home Credit, due to any event or circumstance, including but not
limited to, the closure, non-functioning, or malfunctioning of the Payment Channel.
7. PAYMENT
7.1. In accordance with the Loan Agreement, the Customer expressly waives the benefit of Article 1252 of
the Civil Code of the Philippines, Republic Act No. 386, and agrees that any payment to Home Credit
GENERAL TERMS AND CONDITIONS
for the purpose of settling any Installment Amount or any other amount due in relation to the Loan
Agreement shall be applied to the Installment Amount or such other amount that fell due earlier.
7.2. Payment made by the Customer shall be applied in the following order: first, to the principal; second, to
the penalties and charges; third to the fees (attorney’s fees, agency fees, etc.); and fourth, to the interest
8. EVENTS OF DEFAULT
8.1. Each of the following events constitutes an event of default (Event of Default), irrespective of the reason
for its occurrence, or whether it is voluntary or involuntary, or whether it occurs as a result of any court
order, law or regulation:
8.1.1. the Customer breaches or otherwise fails to promptly perform any of his/her obligations under
the Loan Agreement;
8.1.2. the Customer breaches any of his/her representations, warranties, or covenants;
8.1.3. the Customer is in default in respect of any other facility or indebtedness granted by Home
Credit or third parties; and
8.1.4. any event which, in the reasonable opinion of Home Credit, would result in the likelihood that
any of the Customer’s obligations under the Loan Agreement and General Terms and
Conditions will not be performed or fulfilled, including but not limited to, the death or incapacity
of the Customer, Home Credit’s reasonable suspicion that the Customer applied for the Loan
Agreement in order to defraud Home Credit or the Retailer, a change in any law or regulation
that affects the validity or enforceability of the Loan Agreement.
9. CONSEQUENCES OF DEFAULT
9.1. Upon the occurrence of an Event of Default, Home Credit may, at its sole discretion, without need of
notice or demand, and without limiting Home Credit’s rights under applicable law or under the Loan
Agreement, and General Terms and Conditions:
9.1.1. take such action and exercise such remedies in order to protect and enforce its rights under
the Loan Agreement;
9.1.2. declare the Loan Agreement, including all charges, fees, penalties and interest accrued and
unpaid thereon, to be immediately due and payable, without need of presentment, demand,
protest or further notice of any kind, all of which are herein expressly and specifically waived
by the Customer;
9.1.3. impose and collect the Collection Charge and the Penalties as stated in the Loan Agreement.
The Collection Charge shall be imposed on each Installment Amount that is not paid by the
Customer within five days after the relevant due date. The relevant Penalty shall be imposed
if the Customer fails to pay an Installment Amount within 30, 60, or 90 days, as applicable,
after the relevant due date. The Collection Charge and the Penalties are cumulative and shall
be added to the principal obligation.
9.1.4. impose and recover from the Customer the Attorney’s Fees and Agency Fee in the amount
stated in the Loan Agreement and incurred in connection with enforcing the Customer’s
obligations under the Loan Agreement; and
GENERAL TERMS AND CONDITIONS
9.2. Upon the occurrence of an Event of Default, all outstanding loans of the Customer with Home Credit
shall become due and demandable. In such case, Home Credit may exercise its rights under section
9.1 hereof.
9.3. The rights available to Home Credit under the Loan Agreement and applicable law, may be exercised
by Home Credit alternatively, successively, concurrently, and/or cumulatively, at the option of Home
Credit.
ACCEPTANCE
The Customer confirms having read and understood and agrees to the entire General Terms and Conditions constituting
of above clauses, including the Loan Details and Payment Schedule. The General Terms and Conditions and the other
documents have been explained to the customer in the language understood by the Customer. The Customer is aware
that Home Credit has agreed to grant a loan to the Customer only after the Customer has agreed to abide by the terms
of this Agreement. This General Terms and Conditions is available in Home Credit’s website. Home Credit may, at any
time, update this General Terms and Conditions upon notice to the Customer, and such amendments shall bind the
Customer, provided that Home Credit posts the update through its website www.homecredit.ph.