How to get a loan on Hustler Fund easily

By announcing and launching the Hustler Fund today, the Kenya Kwanza government is carrying out one of its main campaign promises.

The fund is a digital financial inclusion project created to increase Kenyan individuals' and MSMEs' (micro, small, and medium-sized companies') access to responsible financing.

The Ministry of Cooperatives and MSME Development says that people will be able to apply for a Hustler Fund loan with the USSD code *254# and on the mobile apps of Safaricom, Telkom, and Airtel.

The loan amounts for this product will range from Ksh 500 at the lowest to Ksh 50,000 at the maximum, depending on the borrower's credit score.

How may the Hustler Fund loan limit be raised?

Depending on how a borrower behaves while taking out loans and repaying them, their loan limit may increase.

According to the ministry of cooperatives and small and medium-sized enterprises (MSMEs), "the maximum will be evaluated and changed based on the history of borrowing from and paying back Hustler Fund loans."

Borrowers are thus urged to keep utilizing the Hustler Fund and make their loan payments on schedule.

Determine your future eligibility for the facility by evaluating your credit history on consecutive loan applications and payments.

When a borrower fails to pay back a loan within the allotted 14 days, a debt recovery and collection action will start.

One will not be able to apply for another loan before making the repayment.

Those who don't pay will have to pay penalties. After 15 days, the interest rate will go from 8% per year to 9.5% per year.  

Post a Comment

What is your say on this

Previous Post Next Post