In response to the growing demand for quick and convenient access to cash, dfcu Bank recently launched the Mobi Loan, a fully digital loan solution designed to help customers navigate financial emergencies without the hassle of paperwork or branch visits.
To explore the features of this innovative service and its benefits for customers, we spoke with Gloria Kunihira Mujuni, the Head of Retail Products at dfcu Bank.
Q: What exactly is the dfcu Mobi Loan, and why was it introduced?
Gloria Kunihira Mujuni: The dfcu Mobi Loan is a fast and seamless digital loan facility that enables customers to access funds instantly, without the need to visit a bank branch or submit any paperwork. We understand that financial emergencies can arise unexpectedly whether it’s paying a medical bill, restocking inventory for a business, or handling a sudden personal expense. With the Mobi Loan, our goal is to provide a stress-free, immediate solution for customers in urgent need of cash.
Q: How does one apply for a Mobi Loan?
The application process is simple and quick. If you’re a dfcu Bank customer, you can apply for the Mobi Loan via the dfcu QuickApp (available on both the Google Play Store and Apple Store) or by dialing USSD *240#. Within minutes, your loan request will be processed, and the funds will be credited directly to your dfcu Bank account. Non-customers will first need to open a dfcu Bank account before being eligible to apply.
Q: What makes the Mobi Loan’s multiple drawdowns feature special?
One of the standout features of the Mobi Loan is the ability to make multiple drawdowns. Unlike traditional loans, where you must take the full loan amount upfront, customers can borrow in portions. For example, if you’re approved for UGX 2 million, but only need UGX 500,000 initially, you can borrow just that amount, while still retaining access to the remaining UGX 1.5 million for future use within the same month. This provides customers with flexibility, allowing them to borrow only what they need when they need it.
Q: Who qualifies for a Mobi Loan, and how is the limit determined?
The Mobi Loan is available to dfcu Bank customers who have maintained an active transaction history for at least 6 months and have a good credit history. Your borrowing limit is determined by your account activity—essentially, the more you transact, the higher your potential loan limit. Currently, customers can access loans ranging from UGX 30,000 to UGX 2,000,000.
Q: What interest rates should customers expect?
The dfcu Mobi Loan attracts an upfront fee of 10.8% per month.
Q: How fast is the loan disbursement?
The disbursement is extremely fast. From the moment a customer requests a loan, it takes less than five minutes for the funds to reflect in their dfcu Bank account. This speed ensures that customers can address urgent financial needs almost immediately.
Q: How does this loan compare to dfcu’s other loan products?
The main advantages of the Mobi Loan over other dfcu loan products are convenience, accessibility, and flexibility. Unlike traditional loans, which require a branch visit, paperwork, and collateral, the Mobi Loan is completely paperless and can be accessed in less than five minutes via the dfcu QuickApp, dfcu Quick Web, or by dialing USSD *240#. Additionally, it is an unsecured loan, meaning no collateral is required. The ability to make multiple drawdowns adds another level of flexibility, making it easier for customers to access credit as needed.
Q: Can a customer withdraw their full pre-approved loan limit at once?
Yes, customers can choose to withdraw the entire pre-approved loan amount at once. However, once the full limit is utilized, no further loan drawdowns will be permitted until the current loan is repaid in full.
Q: What happens if a customer has an overdue Mobi Loan?
If a customer has an overdue loan, they will be temporarily restricted from making new loan drawdowns until the outstanding balance is cleared. To maintain access to future loans, it’s important to repay on time.
Q: If a customer experiences difficulties accessing the Mobi Loan, where can they get help?
Customers can reach out to the dfcu Bank support team for assistance through the following channels:
- Call: 0800 222 000
- Email: customercare@dfcugroup.com
- WhatsApp: +256 776 760 760
- Social media platforms
Q: Any final message to dfcu customers?
The dfcu Mobi Loan is designed to empower our customers by providing instant access to funds when they need them most. We encourage our customers to take advantage of this convenient, flexible, and reliable solution to bridge financial gaps without the complexity of traditional borrowing.
At dfcu Bank, we are committed to supporting our customers in achieving their financial goals. The Mobi Loan is just one of the many ways we are transforming lives and businesses in Uganda. With the dfcu Mobi Loan, customers can now enjoy a faster, more convenient, and flexible way of handling financial emergencies, all with just a few clicks or taps on their mobile phones.
