DTB Lipa Mdogo Mdogo
Equal Payment Plan is a facility that allows a Cardholder to convert eligible credit card transactions into fixed monthly instalments over a selected repayment period.
Overview
Equal Payment Plan is a facility that allows a Cardholder to convert eligible credit card transactions into fixed monthly instalments over a selected repayment period.
What You Need to Open an Account
The requirements are as follows:
Eligibility
EPP is available to all DTB credit cardholders in good standing.
The credit card account must not be overdue, blocked or under review.
EPP is only available for Point of Sale and E-commerce transactions of over Kshs 20,000 only. Cash advances, balance transfers, fees, charges, interest, gambling transactions and disputed transactions are not eligible.
Only Point of Sale and E-commerce transactions of less than Kshs 1Million Kenyan Shillings qualify for an EPP.
EPP is available only for transactions where the customer request is received before the next statement date after the transaction.
Customer may hold more than one EPP transaction at any one time as long as there is available credit limit.
Approval of an EPP request is at the Bank’s sole discretion.
The bank has the discretion to change any pricing or interest rate related to the Equal Payment Plan feature at any time. Any such change would, however, not affect the Equal Payment Plan transactions booked prior to this change.
Instalment Tenors
The cardholder may choose from available tenors such as:
- 3 months
- 6 months
- 9 months
- 12 months
The bank reserves the right to change available tenors or pricing at any time.
Interest and Fees
Before customer accepts the EPP payment plan, DTB will inform the customer of the monthly instalment amount due from the customer on the recorded phone call or any other traceable means of communication.
How are payments made
The principal amount plus the interest amount is split into equal monthly instalments, with one instalment being included in the minimum amount due of each credit card statement cycle. In case of delinquency, the equal monthly instalment is added to the next credit card statement till 90 days past due.
Post 90 days past due, the entire EPP amount forms part of the pending amount due from the customer.
How does EPP affect the Credit limit?
The full purchase amount plus the total interest due over the EPP duration is reduced from your available credit limit immediately.
The available credit limit is increased by the equal monthly installment amount as the customer pays the same.
Payment responsibility
The customer must pay at least the minimum amount due by the due date. The installment amount on an EPP is part of the minimum amount due on the card.
If you pay late or miss a payment:
- Late fee may be charged.
- Normal credit card interest will apply.
- The remaining balance may become immediately due.
Early Repayment
The customer may settle the EPP plan early in full without any additional early settlement fee. However, partial settlement is not possible.
Fees and charges already charged will not be refunded at the time of early settlement.
If your card is closed
If your DTB credit card is cancelled or closed for any reason:
- The remaining principal amount along with any pending equal instalment amount already billed becomes due immediately.
A DTB credit card holder may call the Bank to set up Equal payment plan after making an eligible purchase any time before the next statement date after the transaction. Please note that the offer details such as interest rate and tenor will be communicated via a recorded phone call to the customer for consent purposes. The Equal Payment plan will only be booked post an explicit consent by the customer through a traceable medium, including a recorded phone line.
Bank Initiated
The Bank may also call a DTB credit card holder to provide an option to opt for an Equal payment plan for an eligible credit card transaction. The offer details such as interest rate, tenor and Equal Monthly installment due each month are to be clearly communicated, and a consent obtained from the customer before booking the Equal Payment Plan. Customer Consent is to be obtained through a traceable medium including a recorded phone line.
General Terms
The Bank reserves the right to modify or amend any of the terms and conditions governing this Offer. The Bank may also withdraw or discontinue the Offer at any time without providing any reason. Nothing contained in these terms and conditions, nor in any related email communication or promotional material, shall be construed as an obligation on the part of the Bank to continue the Offer until its stated termination or expiry date.
The Bank shall determine the criteria of eligible transactions for conversion into Equal Payment plan(s), which can be amended at banks discretion anytime.
Customers may not amend the tenor of the Equal Payment Plan once booked. They can however, settle the EPP in full at any time without any additional fee.
Customers may not make partial payment towards the Equal Payment Plan. They would, however, have the option to make a full early repayment at anytime without any early settlement fee.
Conversion of an eligible transaction into EPP is at the Bank’s sole discretion.
The bank may change anything related to the Equal Payment plan feature at any time. Any such change would, however, not affect the Equal Payment Plan transactions, booked prior to this change.
Frequently Asked Questions
The Equal Payment Plan (EPP), offered through DTB’s Lipa Mdogo Mdogo product, allows credit card holders to convert eligible purchases into equal monthly instalments, making repayment more manageable.
You can set up an EPP by calling DTB Contact Centre to request an instalment plan after an eligible purchase. Please note that the call/notification to the call center must be done before the next statement date following the transaction
Before you opt in, the Bank will inform you of:
- The applicable interest rate.
- The tenor/duration of the plan.
- You will be asked to give verbal consent on a recorded call.
The instalment tenors available are 3,6,9 & 12 Months
The minimum transaction amount that can be converted to EPP is Kes. 20,000
EPP is available for POS and E commerce transactions ONLY
No. The Equal Payment Plan is not available if the card account is delinquent.
To access the EPP, the card must be up to date with payments and in good standing.
EPP transactions reduce the available credit limit to the customer. The limit is restored as the instalments are paid out by the principal amount paid.
Yes. You may choose to convert one or multiple eligible transactions into equal monthly instalments within your credit limit.
Each instalment will appear on your monthly credit card statement and becomes due 20 days after the statement date.
Cancellation option is not available. The customer can pay off the EPP earlier. In this case, the interest already accrued is to be charged.
Equal Monthly Instalment on the EPP is part of the minimum amount due each month. The customer falls into delinquency in case of non-payment. The outstanding balance will then attract interest at the standard purchase rate.
You may have a limited number of active EPP plans, as determined by DTB. This limit may change from time to time.
Yes. DTB reserves the right to modify, amend, withdraw, or discontinue the Offer at any time. All decisions by the Bank regarding the Offer are final and binding.
