The Kenya Hustlers Fund is Government fund that lets Kenyan Citizens borrow Money through their cell phones. The Government has given it a start up capital of Kshs 50Billion. In this post we will be discussing in details what you need to apply for this fund and its interest rate.
There are four products available under the Hustler fund, these include:
- Personal Finance – (KSh 500 to KSh. 50,000 depending on your scoring)
- Micro Loans
- SME Loans and
- Start Up
What is the interest Rate on the personal loan?
The loan interest rate is capped at 8% per annum computed on a pro-rated basis.
The Hustlers Fund will lend to businesses at 8 per cent a year, the lowest interest ever charged in Kenya. The loan limits for this product will be a minimum of KSh. 500 up to a maximum that will be determined by the borrower’s credit score and capped at KSh. 50,000.00.
The increase in limit will be dependent on the individual customer’s performance on consistent loan borrowing and repayment on time. The limit shall be reviewed and adjusted based on the borrowing and repayment history of previous Hustler Fund loans taken.
There is no processing Fee.Out of the total approved loan amount, on disbursement 95% shall be deposited to your Mobile Money wallet, and the remaining 5% shall be deposited to your savings account scheme of the fund.