Terms and Conditions

This agreement sets out the complete terms and conditions (hereinafter called “Terms and Conditions”) which shall apply to Nirvana Credit Limited (hereinafter referred to as “Nirvana”).

These Terms and Conditions and any amendments or variations take effect on their publication date.

In these Terms and Conditions, the following words and expressions bear the following meanings:

    1. “Nirvana” means Nirvana Credit Limited;

    2. “Credit Reference Bureau” means a credit reference bureau duly licensed to collect and facilitate the sharing of borrower’s information;

    3. “Borrower” means the person at whose request Nirvana will advance a loan facility;

    4. “Call Centre” means Nirvana’s call centre;

    5. “Equipment” includes your mobile phone handset and other equipment, which, when used together, enables you to access the online lending platform;

    6. “Products” means the various loan facilities offered by Nirvana;

    7. “Request” means a request and instruction received by Nirvana from you or purportedly from you through the system and upon which request Nirvana is authorised to act;

    8. “Services” shall include any form of financial services or products that Nirvana may offer you under this Agreement and as you may from time to time subscribe to, and “service” shall be construed accordingly;

    9. “Security agreement” constitutes the legal, valid, binding and enforceable obligations of the borrower and will continue to be adequate security overall and every part of the secured asset;

    10. “Secured asset” is the asset over which the loan facility is secured;

    11. “SMS” means a short message service consisting of a text message transmitted from one mobile to another;

    12. “System” means Nirvana’s electronic lending platform and communications software enabling the borrower to communicate with Nirvana for these services;

    13. “Transaction costs” mean charges levied by other 3rd party service providers, including but not limited to Mpesa and bank transaction charges.

    14. “We, our and us” means Nirvana and includes the successors and assigns of the Nirvana;

    15. “You and your” means the borrower and includes the personal representatives of the Borrower;

    16. “USSD T&Cs” means these USSD Terms and Conditions.

    17. “Borrower” shall include both the masculine and the feminine gender as well as the juristic persons;

Words import the singular meaning where the context so admits includes the plural meaning and vice versa.

Headings in these Terms and Conditions are for convenience only and do not affect the interpretation of this Agreement.

Before applying to NIRVANA’s products on our system, you should first carefully read and understand these Terms and Conditions, which will govern the use and operation of our system and the products and services accessible thereof;

After that, you will be required to register on our system.

Registering allows you to accept our Terms and Conditions on our official website.

Furthermore, you will be deemed to have read, understood and accepted these Terms and Conditions by following through all the prompts and completing a request transaction;

By accessing our system and completing a request, you agree to comply with and be bound by these Terms and Conditions. You affirm that these Terms and Conditions herein are without prejudice to any right Nirvana may have for the services or products offered in Law or otherwise.

The Borrower acknowledges that they fully understand the provisions of this Agreement and have entered into it voluntarily for their benefit.

By accepting these Terms and Conditions, you authorise Nirvana to assess your credit score, including but not limited to accessing your credit history from a registered Credit Reference Bureau.

These Terms and Conditions may be amended or varied by Nirvana occasionally. The completion of requests and continued use of this service constitutes your agreement to be bound by any such amendment or variation terms.

Our system requires that you register by creating an account with us to be able to access our various products;

You agree to be responsible for maintaining the confidentiality of your passwords or other account identifiers you choose and all other activities on your equipment.

By signing up or otherwise using our system, you have read and understood our Terms and Conditions of registration on our official website and agree to be bound by these Terms and Conditions;

You, with this, agree and authorise Nirvana to obtain and procure your personal information in the IPRS from the Government of Kenya. You further agree and consent to the Government of Kenya's disclosure and provision of such personal data to Nirvana.

You, with this, authorise Nirvana to access any information available to assess your request. You also permit Nirvana to subject your information to our robust credit scoring engine to ascertain your creditworthiness.

Nirvana reserves the right to request further information on your application for Nirvana services or products. Failure to provide such information within the time required by Nirvana may result in Nirvana declining your request for a loan facility.

If you do not accept all of these Terms and Conditions of Registration, then you should not proceed with the registration;

Upon successful registration, you are advised to read and familiarise yourself with the terms and conditions of each product, as you shall be bound by the said terms and conditions of each product.


You, with this, agree to pay all fees, commissions, costs and other charges payable in connection with your use of our system and incurred by Nirvana in obtaining or attempting to obtain settlement of any loan advanced herein, including but not limited to the following:

Legal charges, which may include advocate and client charges, costs and expenses incurred in any legal, arbitration or other proceedings arising out of or connected with your loan account;

Commissions at such rates as Nirvana may determine from time to time;

Other charges and expenses include but are not limited to Processing fees, Credit Life Insurance, cables, telephone calls, taxes, duties and impositions.

All payments to be made by you in connection with these Terms and Conditions are calculated without regard to any taxes you pay. If any taxes are payable in connection with the payment, you must pay Nirvana an additional amount equal to the charge multiplied by the appropriate tax rate.

At your own expense, you shall provide and maintain your equipment in safe and efficient operating order to access our system.

You shall be responsible for ensuring the proper performance of your equipment. Nirvana shall neither be liable for any errors or failures caused by any malfunction of your equipment nor shall Nirvana be responsible for any computer virus or related problems that may be associated with using our system.

You shall follow all instructions, procedures and terms contained in these Terms and Conditions and any information and document provided by Nirvana concerning the use of our system.

You agree and acknowledge that you shall be solely responsible for safely and correctly using your equipment. You shall ensure that your equipment does not come into the possession of an unauthorised person. NIRVANA shall not be liable for any loss occasioned by any Third Party who comes into contact with your equipment.

You shall immediately inform Nirvana through the Call Centre at 0725500501 if you have reason to believe that your equipment has been used to complete a transaction fraudulently without your authorisation; however, NIRVANA shall not be liable for the said unauthorised infringement.

Nirvana shall not be responsible for any loss suffered by you should the system be interfered with or be unavailable because of the failure of your equipment or any other circumstance not within NIRVANA’s control, including, without limitation, force majeure or error, interruption, delay or non-availability of our system, terrorist or any enemy action equipment failure, loss of power, adverse weather or atmospheric conditions, and failure of any public or private telecommunications system.

Nirvana will not be liable for any losses or damages suffered by you as a result of or in connection with:

Failure, malfunction, interruption or unavailability of your equipment;

Any fraudulent or illegal use of the online lending platform or equipment;

Your failure to comply with these Terms and Conditions and any documentation or information provided by Nirvana regarding the use of our system.

All warranties and obligations implied by law are excluded to the fullest extent permitted by the law


You acknowledge that the intellectual property rights on our system (and any amendments, upgrades or enhancements from time to time) and all associated documentation that Nirvana provides to you through the system or otherwise are vested in Nirvana. You shall not infringe any such intellectual property rights. You shall not duplicate, reproduce or in any way tamper with the system and associated documentation without the prior written consent of Nirvana.

All requests from your equipment will be presumed to be executed by you.

You, with this, irrevocably authorise Nirvana to act on all requests received by Nirvana from you through the system and to hold you liable in respect thereof.

Nirvana reserves the right and is entitled to accept and to act upon any request, even if that request is otherwise incomplete or ambiguous if, in its absolute discretion, Nirvana believes that it can correct the incomplete or vague information in the request without any reference to you being necessary;

Nirvana shall be deemed to have adequately acted and entirely performed all the obligations owed to you, notwithstanding that the request may have been initiated, sent or otherwise communicated in error or fraudulently. You shall be bound by any requests on which Nirvana may act if Nirvana has, in good faith, conducted in the belief that you have sent such instructions.

In its absolute discretion, Nirvana may decline to act on your request following the whole or any part of it pending further inquiry or confirmation (whether written or otherwise) from you.

You agree to and shall release from and indemnify Nirvana against all claims, losses, damages, costs and expenses howsoever arising in consequence of, or in any way related to Nirvana having acted per the whole or any part of any of your requests (or failed to exercise) the discretion conferred upon it.

You acknowledge that Nirvana shall not be liable for any transaction, activity, or incident on your equipment, whether or not occasioned by your negligence.

Nirvana is authorised to effect such orders concerning your loan account as may be required by any court order or competent authority or agency under the applicable laws.

In the event of any conflict between any terms of any request received by Nirvana from you and these Terms and Conditions, these Terms and Conditions shall prevail.

The loan

At the Borrower’s request, Nirvana agrees to make available to the Borrower the loan amount shown on the terms and conditions herein set out.

The Borrower has the right to repay the principal amount of the loan anytime from the date of disbursement, subject to a maximum tenor of 1 month.  

The Borrower acknowledges and accepts the terms and conditions herein upon which payment of the loan amount shall be made by Nirvana Credit.

The applicable interest and the loan origination costs have been provided on the loan form.


Interest

A monthly interest rate of 5% per month on Reducing Balance will be charged on the Loan


Repayment

The salary advance repayment will take precedence over other running loans.

The Borrower gives Nirvana the right to consolidate all their outstanding loans and deduct the monthly instalments directly from the Borrower’s salary as deductions from their Employer’s payroll.

The Borrower, with this, gives Nirvana the right to deduct monies owing to it from any unpaid wages or any other remuneration credits payable to the Borrower if the Borrower leaves the service of their employer for any reason before the total amount repayable under this agreement has been paid.

No cash should be handed to an employee of Nirvana Credit. Nirvana shall not take ANY responsibility for money paid to its employees.  All cash deposits should be made to Nirvana Credit’s Bank account:

A/c Name:    Co-operative Bank 

A/c No:     01148576492300 

Branch Name:     TRM Branch

Account Name: Nirvana Credit LTD or paid through Nirvana Credit’s Mpesa Pay Bill: 

Business No.:      4123919 

Account No.:     Your ID Number.

If payment is made by cheque, banker’s cheque, or electronic funds transfer, the amount is deemed to have been received on the date funds are cleared and not on the date the cheque is deposited or electronic funds transfer initiated.


Interest on overdue amounts, Costs and Charges

Interest on overdue amounts where the loan amount remains unpaid shall be applied incrementally as herein: 5% of the installment amount  on the 5th day in arrears accrued every month the loan is overdue.

The Borrower agrees that if Nirvana has to use lawyers because the Borrower has failed to discharge their financial obligations under this agreement, the Borrower will have to pay Nirvana all the costs due to Nirvana Credit’s lawyers.


Breach

In the event: -

Any failure by the Borrower to pay any amount which is owing to this agreement in full and on the dates they have to or

Any other breach by the Borrower of the terms of this agreement;

Any claim that the Borrower has failed to carry out their duties under this agreement; then the entire balance due under this agreement, together with any rollover interest and all other charges and expenses owing to Nirvana by the Borrower, shall become immediately due and payable to Nirvana and without giving notice to the Borrower or affecting any of Nirvana Credit’s rights under this agreement.  Nirvana reserves the right to book the deduction with the Borrower’s Employer terminate this agreement, and recover any damages/losses it may have suffered from the Borrower.

If the Borrower defaults in making payment, Nirvana shall have the right to use any money the Borrower pays first to pay legal and other costs, then interest and the actual loan amount.

Nirvana reserves the right to engage third-party debt collectors to recover any outstanding balance at the debtor’s cost.

The amount owed by the Borrower to Nirvana at any time may be shown by a certificate or statement in which Nirvana Credit’s Officer has worked out and stated the amount owed.  The certificate or information will prove the amount owed to Nirvana by the borrower. It can be used in any legal proceeding and will be accepted by the court as correct unless the Borrower proves it is incorrect.


Statements

Nirvana will give, at your request, a statement setting out all deductions from your salary, outstanding balance and any amount payable in arrears.

The loan

At the Borrower’s request, Nirvana agrees to make available to the Borrower the loan amount shown on the terms and conditions herein set out.

The Borrower has the right to repay the principal amount of the loan anytime from the date of disbursement, subject to a maximum tenor of 6 months.  

The Borrower acknowledges and accepts the terms and conditions herein upon which payment of the loan amount shall be made by Nirvana Credit.

The applicable interest and the loan origination costs have been provided on the loan form.


Interest

A monthly interest rate of 5% per month on Reducing Balance will be charged on the Loan


Repayment

The personal loan repayment will take precedence over other running loans.

The Borrower gives Nirvana the right to consolidate all their outstanding loans and deduct the monthly instalments directly from the Borrower’s salary as deductions from their Employer’s payroll.

The Borrower, with this, gives Nirvana the right to deduct monies owing to it from any unpaid wages or any other remuneration credits payable to the Borrower if the Borrower leaves the service of their employer for any reason before the total amount repayable under this agreement has been paid.

No cash should be handed to an employee of Nirvana Credit. Nirvana shall not take ANY responsibility for money paid to its employees.  All cash deposits should be made to Nirvana Credit’s Bank account:

A/c Name:    Co-operative Bank 

A/c No:     01148576492300 

Branch Name:     TRM Branch

Account Name: Nirvana Credit LTD  or paid through Nirvana Credit’s Mpesa Pay Bill: 

Business No.:      4123919 

Account No.:     Your ID Number.

If payment is made by cheque, banker’s cheque, or electronic funds transfer, the amount is deemed to have been received on the date funds are cleared and not on the date the cheque is deposited or electronic funds transfer initiated.


Interest on overdue amounts, Costs and Charges

Interest on overdue amounts where the loan amount remains unpaid shall be applied incrementally as herein: 5% of the installment amount on the 5th day in arrears accrued every month the loan is overdue.

The Borrower agrees that if Nirvana has to use lawyers because the Borrower has failed to discharge their financial obligations under this agreement, the Borrower will have to pay Nirvana all the costs due to Nirvana Credit’s lawyers.


Breach

In the event: -

Any failure by the Borrower to pay any amount which is owing to this agreement in full and on the dates they have to or

Any other breach by the Borrower of the terms of this agreement;

Any claim that the Borrower has failed to carry out their duties under this agreement; then the entire balance due under this agreement, together with any rollover interest and all other charges and expenses owing to Nirvana by the Borrower, shall become immediately due and payable to Nirvana and without giving notice to the Borrower or affecting any of Nirvana Credit’s rights under this agreement.  Nirvana reserves the right to book the deduction with the Borrower’s Employer, terminate this agreement, and recover any damages/losses it may have suffered from the Borrower.

If the Borrower defaults in making payment, Nirvana shall have the right to use any money the Borrower pays first to pay legal and other costs, then interest and the actual loan amount.

Nirvana reserves the right to engage third-party debt collectors to recover any outstanding balance at the debtor’s cost.

The amount owed by the Borrower to Nirvana at any time may be shown by a certificate or statement in which Nirvana Credit’s Officer has worked out and stated the amount owed.  The certificate or information will prove the amount owed to Nirvana by the borrower. It can be used in any legal proceeding and will be accepted by the court as correct unless the Borrower proves it is incorrect.


Statements

Nirvana will give, at your request, a statement setting out all deductions from your salary, outstanding balance and any amount payable in arrears.

It is with this understood and agreed that the data herein has been directly obtained from the Borrower, who has provided this data to Nirvana to facilitate the processing of the loan facility sought by the Borrower.

It is with this understood and agreed that by signing this contract, the Borrower: Must provide personal data which is required for facilitating the processing of the loan facility, the establishing and maintenance of business and the fulfilment of Nirvana’s contractual and legal obligation; consents to Nirvana processing the data as per its internal company policy; has given consent to Nirvana to continue holding and processing the data provided even after all obligations under the loan facility have been settled for a variety of purposes including but not limited to research, product development, analysis of market trends, operation of Nirvana’s regulations and procedures; is at liberty to exercise its rights as a data subject and as is provided by the Data Protection Act of 2019, Laws of Kenya;

Nirvana undertakes to ensure the personal data provided by the Borrower is processed following the Data Protection Act and the laws of Kenya.

Kindly access our website at https://nirvanaafrica.co.ke to view our Data Privacy Statement.