How Vodacom Mgodi Service Works. Mgodi is a financial service that helps Vodacom customers to make savings and long-term loans of up to 30 days. This service is offered to all Vodacom customers who use M-Pesa for more than 6 months, they can use the Mgodi service and enjoy the SAVINGS and LOANS service .
Creditworthiness will depend and vary from customer to customer.
To Join Vodacom Mgodi , on your Phone Dial *150*00#;
Choose 5 LOANS AND SAVINGS;
Select 3 “MGODI”;
Then Select 1 “Yes” to accept the terms and conditions.
Enter the M-Pesa Password; You will receive a confirmation message to join the Mgodi service.
How Vodacom Mgodi Service Works.
Current Interest Rates:
For amounts ranging from 1-500,000 shillings for three months the interest rate is 3.94 % , six months 4.50% & twelve months 5.06%.
500,001-1,000,000 shillings, three months 4.13%, six months 4.69% & twelve months 5.25%.
1000,000 shillings and upwards ; three months 4.31% , six months 4.88% & twelve months 5.44%.
On your account , save from 1 shilling to ten million is at 3.75% , this is multiplied per day and is paid every month.
The customer will pay a cost of 14% if he/ she takes a 30 -day loan from Mgodi, If the loan remains unpaid for 30 days, a penalty of 5% will be added to his remaining debt.
The customer can move forward the time to pay his debt and he will pay the cost of 9% of his loan in advance.
What will Happen if you Default on your Vodacom Mgodi Loan ?
You will risk getting reported to the credit and debt management authorities, something that will make you ineligible for another loan from any financial institution in Tanzania.
