What is the Repayment Duration for Hustler Fund Loan

What is the Repayment Duration for Hustler Fund Loan

The Hustler Fund, which is the name of President William Ruto’s ambitious credit access bucket, will have a repayment period of fourteen days.

The fund will provide a variety of credit options, including personal loans, start-up loans, micro-loans, and loans for small and medium-sized businesses (SME loans).

A borrower who takes out a loan for 500 Kenyan shillings will be required to repay 501.53 Kenyan shillings after 14 days, which includes interest of 1.53 Kenyan shillings. This is due to the eight percent annual interest rate that is calculated every day.

The customer’s credit rating will be negatively impacted if the loan is not repaid within the first 14 days, and they will be given an additional 15 days to make the payment. In the event that the loan is not repaid, the annual percentage rate of interest will be raised to 9.5%.

After a default period of more than 30 days, the Hustler Fund account is locked, and the borrower is stripped of any previously accrued credit ratings.

Because there is no CRB listing, the debtor’s credit score with other lenders will not be negatively impacted in any way by this default. The defaulting borrower has the option of repaying the debt in full or in installments, and after the loan is paid off in full, they are eligible for additional borrowing.

When a customer applies for a loan, the accepted amount is transferred to their mobile money account. From there, 95% of the funds are placed in the customer’s money wallet, and the remaining 5% is transferred to their savings account.

The five percent that is put into the savings plan is broken down as follows: thirty percent goes toward short-term savings, and seventy percent goes toward long-term savings (pension).

Kenyans are able to gain access to the Hustler Fund by using a USSD code and mobile app platforms that are provided by mobile network carriers such as Safaricom, Airtel, and Telkom.

In the event that someone borrows the money accidentally, the loan cannot be canceled and the money must be paid back. The loan can be paid back through the individual’s mobile money account at any time.

Due to the fact that the ID number serves as The Hustler Fund’s one and only identification, a customer is not permitted to borrow money using more than one cell number. If you need to register another number for the Hustler Fund, you will first need to opt out of the previously registered number.

Because the Hustler Fund account is safeguarded by a personal identification number (PIN), your savings are safe even if you lose your mobile device. After the SIM card has been switched out, access to the account will once again be available.

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Israel Wellington Jeremiah is the Admin and publisher at Empowerment Opportunities. A seasoned online publicist and an entrepreneur.

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