Hello Folks, let us talk about the Hustler Fund in Kenya. Are you a Kenyan citizen in need of Instant Cash? Are you looking for a Loan either as an entrepreneur or a small business owner in Kenya? Well, Look no further than the Hustler Fund. So, if you are wondering where to get started in this article, I will be taking you through everything you need to know, from eligibility criteria to the application process to benefits.Â
Let us get started
What is the Hustler Fund?
The Hustler Fund is a government that aims to promote financial inclusivity among the low-class citizens in Kenya. Its primary objective is to provide accessible and affordable loans to individuals and businesses, particularly those who may not have access to traditional banking services or collateral.Â
The fund aims to empower entrepreneurs by offering low-interest loans, supporting small and medium enterprises (SMEs), and driving economic growth nationwide. Application for Hustler fund loans is primarily made using *254# USSD Code on your phone. It offers three main loan products: personal finance, group borrowing, and SME and cooperative borrowing, ensuring that all Kenyans benefit.
Eligibility Requirements for the Hustler Fund
To be eligible for the Hustler Fund, you must meet the following criteria:
- Be a Kenyan citizenÂ
- Have a National ID card and be aged 18 years or older.
- Have an active mobile phone number registered with either Safaricom, Telkom, or Airtel Kenya.
- You should not have defaulted to CRB.
Additionally, applicants must have a registered business and a KRA PIN linked to the business for business loans.
Types of Loans Offered
The Hustler Fund offers three main types of loans to cater to different financial needs:
- Personal Finance: Loans for individuals ranging from KES 500 to KES 50,000. These loans can be used for personal expenses, starting a small business, or expanding an existing venture.
- Group Borrowing: Loans for registered groups, such as chamas (informal savings groups) and SACCOs (Savings and Credit Cooperative Organizations), ranging from KES 50,000 to KES 1,000,000. This product encourages collective borrowing and supports group-based economic activities.
- SME and Cooperative Borrowing: Loans designed explicitly for registered small and medium enterprises (SMEs) and cooperatives. The loan amounts and terms vary based on the business’s needs and creditworthiness.
How to Apply for the Hustler Fund
Once you have met the requirements, applications for the loan itself are accessible. The process is done entirely using your phone, either ” KABAMBE or smartphones”. Here are the steps:
- Dial *254# on your mobile phone.
- Select “Hustler Fund” from the menu.
- Choose the type of loan you want to apply for (personal finance, group borrowing, or SME/cooperative borrowing).
- Follow the prompts to provide the required information, such as your national ID number, business details (if applicable), and the loan amount requested.
- Submit your application and wait for approval.
Once your application is approved, the funds will be disbursed directly to your mobile money wallet or the designated account, depending on the loan type.
Tips to Increase Your Chances of Approval
To increase your chances of being approved for a Hustler Fund loan, consider the following tips:
- Ensure your mobile phone number is registered in your name and has been active for at least six months.
- Do not apply if you have defaulted to CRB
- Make sure to provide accurate details during the application process
- Repay any outstanding loans you have on time and utilize M.Pesa services more often.
Benefits of the Hustler Fund
The Hustler Fund offers numerous benefits to Kenyans, including:
- Access to affordable loans: With interest rates as low as 8% per annum, the Hustler Fund provides accessible financing options for individuals and businesses.
- Convenient application process: The entire application process can be completed through your phone, eliminating the need for physical visits to financial institutions.
- No collateral or guarantors required: The fund does not require collateral or guarantors, making it accessible to those without traditional banking requirements.
- Opportunity to build credit history: By repaying loans on time, borrowers can establish or improve their credit scores and also increase their Hustler Fund Loan Limit
How To Repay Hustler Loan Fund
Once you have received your Hustler Fund loan, managing the repayment process responsibly is crucial. You can either make full or partial repayments of the loan within 14 days from when you’re given the loan. The Repayment process is done by dialling the USSD code *254# and following the prompts as suggested. Remember that if you dont pay back the loan in time, your details will be forwarded to CRB, thus affecting your credit score negatively, Additionally, 15 days after the default date, the interest rate will be adjusted to 9.5% per annum.
Wrapping-Up
And that Marks the end of this guide, friends. Since the Hustler Fund was launched, it has presented a unique opportunity for all Kenyans to access Financial support in times of need. If you are looking to get started, then understanding the requirements, fees included, and the application process will help you get the loan in the first place. Remember to borrow responsibly to avoid falling into debt traps. In conclusion, please comment if you have any questions or need further assistance. I will get back to you immediately.