PERSONAL LOAN AGREEMENT

I. THE PARTIES. This Personal Loan Agreement (“Agreement”) made on………

of.………………….20…… is between: (Date)
Borrower Details
Passport Number AE410695
Identification Number
Surname Mountford First Names Mitchell Fiona
13 Willan street
Residential Address
Windhoek West
Cellphone Number 0812 249 678 Date of Birth 27-09-1986
Profession Chef Company Name
Fivalake Investments

Company Physical 23 Pavlov street

Windhoek West
Address Gender Male Female
●
Marital Status S M D W Spouse Name

Employer’s Name Owner Spouse Contact

Details

Employers 08122 496 78

Phone Contact Salary Date
Amount of Loan N$20 000 Repayment Date
Required & (Same as Salary Date
Amount To Be
Returned N$25-000
How Do You Want Pay 2 Cell Bank Name
The Loan To Be
Advanced? (Tick) e-Wallet /Cellphone No. ●
Account Number
Direct Transfer (EFT)
Branch Code

Collateral Details
Equipment Mobile Food Caravan
Estimated Value N$85-000
(value of mentioned equipment
should be above the borrowed
funds)
Supporting Document Checklist Current Pay slip
(Namibian Police Certified ) Identification or Passport
Proof of Residence

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I…Mitchell Fiona Mountford with a mailing address
[email protected]…“Borrower”) and agree to borrow money from:

Lender: I, Mercy Chiruvo (081 6957261) with a mailing address of

[email protected] agree to lend money to the Borrower under the
following terms:

II. LOAN AMOUNT. The total amount of money being borrowed from the Lender to

the Borrower is N$20 000.....[in words ___Twenty thousand dollars__]

(“Borrowed Money”).

III. INTEREST RATE. The Borrowed Money shall: (check one)

- Bear Interest. The Borrowed Money shall bear interest at a rate of

25% compounded: (check one)
- Annually
✘ - Monthly
- Other

IV. TERM. The total amount of the Borrowed Money, including principal and interest,
shall be due and payable on 15th October 2023 (“Due Date”).

V. PAYMENTS. The Borrower agrees to repay the Borrowed Money to the Lender
under the following payment schedule: (check one)

✘ - Monthly Payments. The Borrower agrees to repay the Lender on the

Salary Date of each month until the Due Date.

Hereinafter known as the “Payment Schedule.” All payments made by the

Borrower shall be first applied to any accrued interest and second to the principal
balance.

VI. LATE PAYMENT. If the Borrower is late by more than 2(Two) days for any
payment due, it shall be considered late. If a payment is late, the Borrower shall
be: (check one)

✘ - Charged a Late Fee. The Borrower shall be charged a late fee equal to:
N$50.00

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VII. SECURITY. As part of this Agreement, the Borrower agrees to: (check one)

- Pledge Security. The Borrower agrees to secure this Agreement by

pledging the following collateral: Mobile food Caravan (“Security”).

In the event the Borrower defaults under this Agreement, the Lender shall
obtain possession of the Collateral: (check one)
- In its entirety and without discount to the amount owed.
- Equal to the amount owed of which a sale may be required.

VIII. ACCELERATION. The Lender shall have the right to declare the Borrowed
Money to be immediately due and payable, including interest owed, if any of the
events are to occur:

a. Late Payment. If any payment is late that is due under the Payment
Schedule of more than 2 days;
b. Default. If the Borrower should default on any of the conditions of this
Agreement; or
c. Security. If assets or property that are pledged as Security as part of this
Agreement are transferred or sold.

IX. SEVERABILITY. If any provision of this Agreement or the application thereof

shall, for any reason and to any extent, be invalid or unenforceable, neither the
remainder of this Agreement nor the application of the provision to other persons,
entities, or circumstances shall be affected, thereby, but instead shall be
enforced to the maximum extent permitted by law.

X. GOVERNING LAW. This Agreement shall be construed and governed by the

Namibian laws (“Governing Law”).

IN WITNESS WHEREOF, Borrower and Lender have executed this Agreement as of

the day and year first above written.

Borrower’s Signature: _____________________ Date: _____________

Print Name: Mitchell Fiona Mountford

Lender’s Signature: _____________________ Date: _____________

Print Name: Mercy Chiruvo

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Lender’s Banking Details
Account Holder Mercy Chiruvo

Name Of Bank First National Bank Namibia

Name Of Branch Main

Branch Code 281572

Account Number 62244986503

*No e-wallet , Blue wallet , EasyWallet or any other form of wallet. The
repayment of funds should be directly deposited into the Lender’s account
and proof of payment forwarded to avoid late payment.

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GUARANTOR ADDENDUM

The Guarantor, known as [GUARANTOR'S NAME], agrees to be liable and pay the
Borrowed Amount, including principal and interest, in the event of the Debtor’s default.
The Guarantor agrees to be personally liable under the terms and obligations of the
Debtor in this Agreement.

Guarantor’s Signature: _____________________ Date: _____________

Print Name: _____________________

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