Introduction
1.1 These Terms and Conditions govern all loans and financial services provided by Milestone Finance (“the Company”) to its customers (“the Borrower”).
1.2 By applying for or accepting a loan, the Borrower agrees to be bound by these Terms and Conditions.
1.3 Milestone Finance operates under the laws and regulations of Eswatini, including but not limited to:
1.4 These Terms and Conditions are legally enforceable through the courts of Eswatini.
2.1 The Borrower warrants that they have the legal capacity and authority to enter into a legally binding loan agreement.
2.2 Borrowers must be at least 18 years old.
2.3 Borrowers must provide accurate, complete, and truthful information when applying for a loan.
2.4 All loans are secured on the personal assets of the Borrower, which may be used to satisfy outstanding obligations in case of default.
2.5 Borrowers may apply in person or online via the Milestone Finance website. Required documents may be uploaded electronically.
• Source deduction: 5% monthly interest, repayment up to 36 months.
• Without source deduction:
• Interest: 20% monthly, repayment maximum 6 months.
• Types: Asset Finance, Start-up Capital Loans (equity participation), Inventory/Stock Financing, Emergency Business Loans.
• Loan amounts: E500–E50,000
• Maximum loan: 30% of net monthly income
• Service fees: E100/month (individual), E200/month (business)
• Late fees and cost recovery fees for overdue loans
• Early repayment allowed; interest recalculated daily
• Interest accrues daily on the outstanding principal.
• Daily rate = Monthly interest ÷ Number of days in month.
• Interest recalculated after any repayment.
• Customers are billed once per month, with the statement showing total interest accrued plus principal.
• Overdue instalments accrue interest daily, including interest on previous interest, up to 100% of the original loan value.
5.1 Loans are disbursed electronically to the Borrower’s bank account or mobile wallet.
5.2 Repayments via debit orders, bank transfer, mobile money, ATM deposits or other approved methods.
5.3 Borrowers must ensure funds are available for repayment.
5.4 Milestone Finance does not handle physical cash, payments and collections shall only be done through digital channels.
6.1 All loans are secured on the personal assets of the Borrower.
6.2 Milestone Finance may take possession of collateral in the event of default.
6.3 Borrowers agree that collateral may be sold to satisfy outstanding obligations.
7.1 Default occurs when repayment is overdue by more than 7 days.
7.2 Debt recovery measures:
• Email/SMS reminders
• Payroll deductions or debit orders
• Legal recovery through the courts of Eswatini
• Registration with credit bureaus (blacklisting) for overdue balances over three (3) months
7.3 Borrowers are responsible for all costs incurred in recovering overdue loans, including legal fees, administrative expenses, and collection costs.
7.4 In the event of non-payment, Milestone Finance will enforce its rights over collateral, register the debt with credit bureaus, and pursue legal action in the courts of Eswatini
8.1 Borrowers must provide true and accurate information.
8.2 Milestone Finance conducts identity verification and transaction monitoring in accordance with Eswatini law and FSRA regulations.
8.3 Suspicious transactions may be reported to the Financial Intelligence Unit (FIU) of Eswatini.
8.4 Borrowers agree not to use loan funds for illegal or terrorist activities.
9.1 Provide accurate information and update Milestone Finance of any changes.
9.2 Comply with repayment schedules and notify the Company promptly of financial difficulties.
9.3 Allow verification of employment, bank details, credit status, and collateral.
• Borrowers consent to Milestone Finance registering their personal data with credit bureaus or sharing such information with authorized service providers for loan verification, collection, and credit risk assessment.
• Borrowers consent to Milestone Finance contacting their employer or any other relevant person to verify employment status, source of funds, or any other information necessary to process and assess the loan application.
• In the event of default, Milestone Finance may declare the full outstanding balance immediately due and payable.
• The Company may set off any amounts owed by the Borrower against any funds held by the Company on behalf of the Borrower.
• Borrowers are liable for all costs incurred by Milestone Finance in enforcing its rights, including legal fees, administrative fees, court costs, and collection costs.
• Failure or delay by Milestone Finance to exercise any right under this agreement does not constitute a waiver of that right.
If any provision of these terms and conditions shall be found by any duly appointed arbitrator, court or administrative body of competent jurisdiction to be invalid or unenforceable, the invalidity or unenforceability of such provision shall not affect the other provisions herein.
• Milestone Finance may amend these Terms and Conditions from time to time. Borrowers will be notified via email or the website.
11.1 You hereby expressly consent and authorize Milestone Finance to disclose, record and or utilize your personal or other information relating to your Milestone-Finance Account. This shall include sharing this information with:
11.1.1. Any local or international law enforcement or competent regulatory or governmental agency/ies so as to assist in the prevention, detection, investigation or prosecution of criminal activities or fraud;
11.1.2. Service providers, dealers, agents or any other associate company of Ingungu Investments (Pty) Ltd for reasonable commercial purposes;
11.1.3. Any Credit Bureau.
12.1 Milestone Finance is not liable for losses due to delays in disbursement, repayment processing, or incorrect information provided by the Borrower.
12.2 Milestone Finance shall not become liable to you for any indirect or consequential loss or damage of whatever kind, howsoever caused, arising out of or in connection with your application for or your use of the Milestone Finance website.
13.1 Complaints must be submitted in writing via email or at the office.
13.2 Milestone Finance will acknowledge receipt within 3 working days and resolve within 15 working days.
13.3 Disputes are subject to resolution through the courts of Eswatini or FSRA as applicable.
14.1 These Terms and Conditions are governed by the laws of Eswatini.
14.2 All disputes and enforcement of these Terms and Conditions shall be subject to the jurisdiction of the courts of Eswatini.
By signing the Loan Agreement or submitting a loan application, the Borrower acknowledges that they:
• Have the legal capacity to enter into the loan agreement
• Accept all Terms and Conditions, including security, interest calculation, AML/CFT compliance, dispute resolution clauses, and data sharing consents.
16.1 You hereby consent to Milestone Finance ceding and assigning all and any rights or obligations accruing to it under this Agreement to any third party without first obtaining any further consent from you.
Office G0A, Gwamile Street, Mbabane, Eswatini
© Milestone Finance, is a registered credit provider regulated by the Financial Services Regulatory Authority (FSRA)
Company Reg. No: CP/301/2025