1. The Agreement
These Terms of Service govern how Sarufi Technlogies Limited ("Company","we", "us", or "our") provide School Fees Financing (our "Services"). By using our Services, you agree to comply with all the terms and conditions of this agreement.
2. Definitions
In these Terms and Conditions, the following words and expressions (save where the context requires otherwise) bear the following meanings:
2.1. "School" means the private education instituition where your children attend learning
2.2. "Customer" or "Parent" or "You" means the adult who is a parent of legal guardian of one or more students attending the School and is entering this legal agreement for the purposes of obtaining school fees financing
2.3. "Loan" means the principal amount paid to the School on your behalf for the purpose of school fees
2.4. "Fees" means where applicable:
- Facility Fee - a one-off administrative fee charged at the commencement of the loan;
- Access Fee - a monthly fee charge for each month of the term of the loan;
3. Loan amount and disbursement
3.1. The Company agrees to provide the Parent with a Loan for the purpose of paying school fees at a nominated School.
3.2. Direct Payment to School: The Loan will be paid directly to the school and credited to the Parent's account therein.
3.3. Loan term: The Loan shall have a maximum term of three (3) months from the date of disbursement.
4. Fees
4.1. A Facility fee of 2% of the Loan amount will be added to the Loan balance and repaid in accordance with this agreement.
4.2. An Access Fee of 3% per month will be added to the Loan balance and repaid in accordance with this agreement.
5. Repayment Terms
5.1. Repayment Schedule: The Parent agrees to repay the Loan in agreed monthly or weekly instalments.
5.2. Mode of Repayment: Repayments shall be made via bank transfer, mobile money, or any other method specified by the Company.
6. Events of Default
6.1. Events of Default: The Parent shall be in default of this Agreement if: (a). Any installment is not paid within 7 days of its due date; (b). The Parent breaches any other terms of this Agreement; (c). The Parent becomes insolvent or unable to make payments as agreed; (d). The Student is withdrawn from the School without prior notice to the Company; (e). The Parent fails to notify the Company of any changes to the Student's school attendance as required in Section 8.
6.2. Consequences of Default: In the event of default, the Company reserves the right to take legal action and/or engage a third-party debt collection agency to recover the outstanding amount. All costs incurred during this process shall be borne by the Parent. The Company may notify the School and request their assistance in the collection or recovery of arrears, which may result in the Student being denied access to classes or examination results until the Loan is cleared.
7. Consent for Credit Search
7.1. Consent: By entering into this Agreement, the Parent expressly consents to the Company obtaining credit reports from licensed credit reference bureaus to assess the Parent's creditworthiness both before and during the term of this Agreement. The Parent consents to the Company accessing their school fees payment history from the School.
7.2. Data Collection: The Company will collect, store, and process the Parent's personal and financial information solely for the purposes of administering this Loan, assessing creditworthiness, and recovering amounts due under this Agreement.
8. Parent's Responsibilities
7.1. Student's Attendance: The Parent covenants that the Student shall remain enrolled at the School for the duration of the Loan term. The Parent agrees to immediately notify the Company in writing of any changes to the Student's attendance status at the School, including but not limited to withdrawal, transfer, or expulsion.
9. Miscellenous
9.1. Governing Law: This Agreement shall be governed by and construed in accordance with the laws of Kenya.
9.2. Entire Agreement: This Agreement constitutes the entire understanding between the parties with respect to the Loan and supersedes all prior negotiations, understandings, and agreements, whether written or oral.
9.3. Amendments: Any amendment to this Agreement must be made in writing and signed by both parties.
9.3. Notices: If you wish to contact us in writing, or if any condition in these Terms and Conditions requires you to give us notice, you can send this to us by e-mail to hello@sarufi.co or to such e-mail address that may be communicated to you from time to time. We will confirm receipt of this by contacting you in writing by e-mail.
If we have to contact you or give you notice in writing, we will do so by e-mail or by sms to the mobile phone number or email address you use during your application.
10. Acceptance
10.1. Electronic acceptance: By accepting these terms of service, which you hereby adopt as your electronic signature, you indicate that you have read, understood and agreed to be bound by these Terms and Conditions (as may be amended, supplemented and varied from time to time).