Ruto raises the loan ceiling and gives hustling fund borrowers 50% of their savings.

Ruto raises the loan ceiling and gives hustling fund borrowers 50% of their savings.

Beginning on Friday, the government, according to Ruto, would return 50% of the savings made by hustling fund borrowers. 


During the inaugural ceremony of the Hustler money on Thursday, Ruto said that the government will provide 1.2 million borrowers with a matching money in their long-term savings account, with the amount being one shilling for every two shillings saved.

Each loan made via the fund has a five percent savings component, seventy percent going towards long-term savings, and thirty percent towards short-term savings.

"A matching money will be available in the accounts of over 1.2 million Kenyans by tomorrow morning. Five loans from the Hustler Fund are a requirement to prove your genuine commitment to the fund. 


President Ruto said, "We will pay you Ksh. 3,000 if you have borrowed five times and saved Ksh. 6,000.


Furthermore, Ruto said that the limit of everyone who has taken out ten loans from the Hustler Fund and paid them off will be raised by 100%.

In addition, the maximum amount for users who have borrowed from the site five times will be raised by 60%.


According to President Ruto, borrowers who have taken out two loans and repaid them would have their credit ceiling increased by 40%.

"I have heard a lot of Kenyans requesting an increase in the cap. We are raising that restriction as of right now. Today, the limit will be raised for 1.2 million Kenyans. Loan restrictions for those who have taken out more than ten loans will be raised by 100%," according to Ruto.


"The limit of an individual who has borrowed between five and ten percent will be enhanced by sixty percent. The maximum amount for people who have borrowed between two and five times will be raised by forty percent. 

According to Ruto, "more Kenyans now have a way to borrow money from the Hustler Fund because they were kicked out of CRB.


He noted that the Hutstler Fund platform is now self-sufficient and that the Sh12 billion that was added to the fund was sufficient to keep it operating.

"The 7 million Kenyans who were found guilty under the CRB have been cleared; they may now apply for loans from the Hustler fund, where late payments are not grounds for condemnation. Hustler Fund, the product, is able to survive on Ksh. 12B alone. We want to publish a book about it someday," he said.

 

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