Bank Information and Reviews
Diamond Trust Bank is a customer-centric bank that endeavors to offer world-class banking services. They strive to create banking easier in the African region. Diamond Trust Bank has been in operation in Kenya for 70 years now. They are an affiliate of the Agakhan Development Network, a regional bank whose focus is on the SME sector.
What we Know about DTB
Diamond trust banks has its operations cutting across Kenya, Uganda, Tanzania and Burundi. They are also seeking to extend into Rwanda and Congo as part of their expansion plans.
Licensed by the Central Bank of Kenya, DTB is one of the top 15 largest commercial banks in Kenya and in 2017, they got 100% ownership of Habib Bank Kenya.
Despite their interesting track record and years of being in the Kenyan market, they are not as visible compared to KCB, Cooperative or Equity banks. It takes a sober minute to figure out where to find them in Nairobi CBD or even access and DTB ATM on the fly.
What Loans does DTB offer & what are they best known for?
Diamond Trust Bank offers a variety of loans.
- Term loans.
- Hire purchase.
- Insurance premium financing.
- Trade finance.
- Car loan.
We shall be focussing on their term loan and its features in this article as it resembles personal loans.
The exact cost of a loan with DTB & a representative example?
For the exact cost of taking a term loan with Diamond Trust Bank, you need to get in touch with them directly or use the contact channels below.
As for a representative example, we can do that! So, for the amount of, let us say, Ksh. 1,000,000 with a repayment period of 60 months.
Monthly payments will equate to Ksh.22,753.
The annual interest rate will be at 13%
Bank charges will be around Ksh.42,567.
Total charges will amount to Ksh.51,081.
Therefore the total amount to be repaid will be Ksh.1,416,265.
Here you will have paid a total interest amounting to Ksh.365,184, with the total cost of credit being Ksh.416.265.
The annual percentage rate is estimated at 15%, and charges for Third-party costs will be around Ksh.8513.
Can you download the DTB App?
Name one financial service provider that does not have an app service? None? Correct. Innovation together with financial inclusion has made having an app version to resemble financial access a must.
USSD code on the other hand used by Diamond Trust Bank is *382# and is reserved for Mobile banking. (Charges may apply depending on the transaction.)
How can you get a Personal Loan from DTB ?
To be eligible to get a term loan from Diamond Trust Bank, you will need to have,
- National identity card/passport /
- KRA PIN certificate of individual borrowers – original and copy
- Certificate of registration (if proprietor or partnership)
- Latest bank statements for the last six months
- Copy of LOF and account status in respect of loans / other facilities from other banks if any
Copy of logbook, copy of valuation report if it is a motor vehicle.
Details of fixed deposit.
Copy of the title deed, copy of valuation report, details of the property, guarantor’s details (For property.)
How does DTB determine your Eligibility and Cost of Credit?
Your eligibility to pay any loan taken from a bank will fall under the 5cs’ of credit checks and risk assessment. Diamond Trust Bank applies the same principles.
That is: –
Character. It is reflected in the applicant’s credit history.
Capacity. The applicant’s debt-to-income ratio.
Capital.The amount of money an applicant has.
Collateral. An asset that can back or act as security for the loan.
Conditions. The purpose of the loan, the amount involved, and prevailing interest rates.
Please note your CRB status will be checked as well.
Amount, Terms & Interest rates from DTB
Unlike most banking institutions, DTB does not have exact or representative figures on how much you can borrow. On the contrary, the minimum and maximum amounts that you can borrow with them are subject to appraisal
The terms are however fixed and that is from 12 months minimum to a maximum of 120 months.
The interest rate with DTB is capped at CBR rates + 4% (LCY).
Disbursements and Repayments at DTB
Once approved, you should be able to receive your money within 7 working days.
The money is deposited in your DTB account. If you don’t have one, one will be created for you.
Before you take on any loan service with your preferred bank, always confirm the interest rates and tax rates. Also, inquire how much money you should expect to reflect in your account as some banks will deduct some amount upfront to cater to the loan expenses.
How to Contact DTB
There is a social media handle for everything nowadays. For DTB, here you go;
IF you prefer to call, try either of these two: (+254) 0179 031 888, (+254) 73221 888.
Otherwise, email address for assistance with DTB: [email protected]
Alternatively, visit the DTB website and browse or chat with them about any enquiries you might have.