dfcu Mobi Loan FAQs
- What is the dfcu Mobi Loan?
Mobi loan is an automated loan solution available to individual customers on our internet banking platform. Customers are now able to access instant short-term loans, without the need for collateral, as well as make the loan repayment in the comfort of their homes/work premises.
- Who is eligible to access this loan?
Currently the product is available to dfcu
Bank customers and eventually, we expect to extend the same to other customers. Eligible customers with good, consistent account conduct and history can access the mobi loans.
- What are the key product features?
The mobi loan is a short-term facility that helps customers to bring a temporary financial gap for emergencies that just can’t wait. The key features include the following:
- Minimum loan amount of Ushs 10,000/- and a maximum of Ushs 2,000,000/=
- Loan repayment period of 30 days
- One off repayment (bullet repayment) once the loan is due
- Comes with an option of early repayment with no penalties.
- How does a customer qualify for a dfcu Mobi Loan?
The key eligibility criteria include the following:
- Hold an active account where the client transacts often to obtain good turnover.
- Have held a personal account with dfcu Bank for at least 6 months.
- Have a clean credit history.
- How do I make an application for a Mobi Loan?
The loan is available on our digital Banking platforms. So, customers need to have signed up for dfcu
internet Banking (Quick Banking) to start the process.
Once logged in you select the mobi loan menu, then initiate a loan application and follow the prompts.
- How long will it take to have the funds credited on my account?
Within five (5) minutes, funds will be credited on your account and an SMS notification sent to your phone confirming the disbursement with details of the loan amount and date of expiry.
- How do I know that my application has been successful?
You will receive two SMS notifications, one is a credit of the loan amount into your account and the other is confirming successful disbursement of the loan, embedded in it is also loan expiry date.
- What currencies is the mobi loan offered?
Mobi loan is available in Ugandan shillings only.
- What are the benefits of the Mobi Loan?
This product is for our customers who may need fast affordable cash from time to time. The benefits of our mobi loans include the following:
- It is hassle free - imagine getting a loan without any signatures!
- Quick and easy to access using our quick banking platform.
- There’s an option to pay back early without any extra charge.
- No collateral security is required to access the loan.
- How many times can I borrow in a month?
You can borrow as many times as you wish in month as long as the previous MobiLoan has been paid off. Once you pay off, your MobiLoan limit immediately becomes available again and you can access it anytime, at your convenience.
- Can the mobi loan be credited onto a savings account?
Yes, the mobi loan can be disbursed on both the individual current and savings accounts.
- Can a company apply for a mobi loan?
No, this loan is only available to individual account holders.
- I don’t have a dfcu Mobi loan limit. What are some of the reasons for this?
- You already have an existing dfcu Mobi loan.
- Have a poor repayment history on previous facilities
- You’ve not updated either your NIN or financial card number in Finacle.
- Can I make an early loan repayment?
Yes, you can and at no extra cost. Login to our quick banking platform, under mobi loan menu, select early loan repayment and follow the prompts. Upon completion you will get an SMS notification congratulating you on paying off your loan.
- How is the loan recovered?
- Upon expiry, if the account has sufficient funds the loan will be repaid automatically. If it doesn’t, the system will mark a lien of the amount due.
- A client can also do an early repayment by going to mobi loan menu and selecting the early repayment option.
- What happens if I fail to pay my Mobi Loan on time?
- You’ll incur a daily penalty of 1% on outstanding principal amount for each day in the loan will be in arrears. This will be applied for a period of 15 days.
- You will be listed with the Credit Reference Bureau as a defaulter thus affecting your credit score and future credit worthiness.
- You will not be able to access a Mobi loan in the future.
- How do I grow my loan limit?
- Increase activity on your dfcu bank account by transacting and depositing more.
- Early and prompt repayment of your dfcu Mobi loans.
- Can a customer access a mobi loan immediately after opening an account with us?
No, they cannot. The client will need to bank with us for 6 months before they can qualify.
To get more information about the dfcu
Mobi loan, customers can reach us toll free on 0800 222 000 or WhatsApp 0776 760760.
dfcu Bank is regulated by the Central Bank of Uganda.
Customer Deposits are protected by the Deposit Protection Fund of Uganda