Diamond Trust Bank Kenya (DTB) has introduced a convenient and fast loan solution through the DTB Weza Loan. This instant, unsecured 30-day loan facility is designed to offer customers quick access to funds, with a loan amount ranging from Ksh 500 to the maximum credit limit assigned to the borrower. Below is a detailed guide on DTB Weza loan features, requirements, and the application process.
How to Qualify for the DTB Weza Loan
To access the DTB Weza loan, you need to meet specific qualifications:
- Be a DTB customer: You must hold an account with Diamond Trust Bank.
- Register for DTB mobile banking: Ensure you are registered on the bank’s m24/7 mobile banking platform.
- Maintain active transactions: You should have been actively transacting using your DTB account for more than six months.
- Good CRB rating: A clean record with the Credit Reference Bureau (CRB) is crucial to qualify for the loan.
DTB Weza Loan Features
DTB Weza loan offers flexible and instant borrowing options for customers who meet the eligibility requirements. Here are the main features:
- Access via Mobile App or USSD: The loan can be accessed either through the DTB m24/7 mobile app or by dialing the USSD code (*382#).
- Instant Disbursement: Once approved, the loan amount is immediately credited to your DTB account.
- 30-Day Loan Term: The loan comes with a 30-day repayment period.
- Loan Processing Fee: A 7% processing fee is charged upon disbursement.
How to Apply for the DTB Weza Loan
There are two ways to apply for the DTB Weza loan: through the mobile app or via USSD.
a) Using the DTB m24/7 Mobile App:
- Login to the app: Use your credentials to access the DTB mobile app.
- Click on the Weza icon: This option will lead you to the loan request process.
- Select your preferred account: Choose the account from which you want to take the loan.
- Accept the terms and conditions: Review and accept DTB’s loan terms.
- Authenticate the request: Enter your PIN to authenticate the loan request.
- Check loan limit: Once authenticated, your eligible loan limit will be displayed on the app screen. You can now borrow within that limit.
b) Dialling the *382# USSD Code:
- Dial *382#: On your mobile phone, dial the USSD code.
- Select Option 8 (Weza): From the menu, choose the Weza loan option.
- Opt-in and choose a nominated account: Select the account you wish to use.
- Accept terms and authenticate: Review the terms and enter your PIN to authenticate.
- Check loan limit: Once authenticated, your eligible limit will be displayed, allowing you to borrow immediately.
DTB Weza Loan Charges and Interest Rates
- Interest rate: The interest rate on the loan is currently 13% per annum (1.08% per month).
- Loan processing fee: A 7% processing fee is applied to the loan amount requested.
- Excise duty: An excise duty of 20% on the processing fee is also applicable.
- All charges are deducted upfront: These charges are automatically deducted when the loan is disbursed to your account.
What Happens If You Don’t Repay the Loan within 30 Days?
If you fail to repay the loan within the 30-day period, DTB will extend the repayment period by an additional 30 days. However, a rollover fee of 3% will be applied to your outstanding loan balance.
What to Do If You Don’t Qualify for a Loan
If you are unable to qualify for the DTB Weza loan, you can take the following steps to improve your eligibility:
- Maintain a good CRB rating: Ensure you have a positive credit history with the Credit Reference Bureau.
- Increase transactions: Actively transact using your DTB account to build your creditworthiness.
- Keep a positive balance: Maintain a positive account balance, as this can positively impact your loan limit.
How to Grow Your DTB Weza Loan Limit
To increase your borrowing limit with the DTB Weza loan, you can:
- Increase account activity: Regular transactions and increased activity in your DTB account will help raise your loan limit.
- Increase your savings: Maintaining a higher account balance can also boost your loan limit.
How to Repay the DTB Weza Loan
Repaying the DTB Weza loan is straightforward, as you can only repay it from your DTB account. Ensure that you have sufficient funds in your account to settle the loan before the due date.
DTB Weza Loan Customer Care Contacts
For assistance or any inquiries regarding the DTB Weza loan, you can reach DTB’s customer care team through the following contacts:
- Phone: 0719 031 888 / 0732 121 888
- Email: contactcentre@dtbafrica.com
Conclusion
The DTB Weza loan is a convenient, quick, and unsecured option for DTB customers seeking short-term credit. With its instant approval and flexible repayment terms, it is ideal for those who need immediate funds. However, maintaining a good credit score and regular account activity are key to accessing and growing your DTB Weza loan limit.
