An applicant shall be considered for funding on condition that they have an admission to an accredited programme/course(s) from a chartered University or recognized Higher Education Institution. They are citizens of Uganda and can demostrate that they cannot afford the costs for higher Education.
HESFB Terms and Conditions for the Applicants
1. I hereby declare that the above particulars and information availed above is true to the best of my knowledge and the same shall form the basis of any arrangement for a facility (Student’s Loan, and any other products the Board might develop from time to time) if any granted to me.
2. The loan shall be repaid with interest as may be determined by the Board from time to time.
3. The Board retains the right to evaluate all loan applications and determine the number of beneficiaries. (This application is not a guarantee that the loan shall be approved).
4. In the event that the loan beneficiary discontinues studies for whichever reason before full disbursement is made, the Board shall not disburse the remaining allocation and shall recall the loan so far advanced in full together with the interest thereon.
5. The loan shall be repaid in equal monthly instalment as per schedule determined by the Board.
6.As prescribed by section 27 of the Higher Education Students’ Financing Act 2014, I undertake to make early repayments when funds allow and I shall do so in manner that shall be approved by the Board.
7. If a loan beneficiary defaults in repayment when the loan is due, the whole amount shall become due and payable and the loan beneficiary shall be bound to pay all other charges that may arise as a result of the default including but not limited to the advocates fees and penalties.
8. The signature of the applicant shall certify the reading, understanding and being in agreement with the terms and conditions herein.
9. No loan shall be disbursed unless the loan agreement form is signed.
10. I am aware that the Board, at my cost, will protect its funds, i.e. the Students’ Loan against any such risk for such amounts which the Board has approved and disbursed to me. In the event that any Student’s Loan is granted and accepted by me, I agree to be bound by the rules, terms and conditions of the Board, and I undertake to sign all such documents as may be required to secure a Loan from the Board.
I acknowledge liability for all costs that shall be incurred by the Board to recover its funds from me. The costs may include Administration fees, documents verification and Legal expenses that the Board may incur while pursuing the loan recovery. I further acknowledge that the commitments I have made in this application shall continue to bind me from now onwards until the entire loan is fully paid and I accept full responsibility and shall fully indemnify the Board.
11. I undertake to notify the Board or its successors or assignees in title of any change which materially changes any representation first above mentioned.
I, the Applicant, hereby consent to you, the Credit Provider: Receiving, compiling and retaining any confidential credit information about me for purposes of (i) assisting you perform your statutory assessment of my creditworthiness (ii) deciding whether to grant credit to me and (iii) monitoring my credit profile, should you grant me credit; Filing my consumer and business credit information with any other credit provider and, Compuscan a registered Credit Reference Bureau(CRB) who is licensed in terms of the Financial Institutions Credit Reference Bureau regulations of 2005 Sharing my consumer credit information with any tracing agent or Collection Company in the event I default in my credit repayment obligations to you.
I further hereby consent to the Credit Reference Bureau:
Providing you with a credit report which you may rely on
(i) to assess my creditworthiness and
(ii) to base your decision whether to grant credit to me;
Accepting the filling of my consumer credit information from any credit provider; Issuing a report to any person who requires it for lawful purposes.
My signature hereto signifies my consent as aforesaid and my agreement to hold you and credit bureau and other credit provider to whom you may provide my consumer credit information in terms of my aforesaid consent harmless against any and all liability, loss, claim, demand, cost, fees and expenses and arising out of or from or in connection with my aforesaid consent.