Kenyans will from November 30, be able to borrow as low as Sh500 after the Hustler Funds programme is unveiled. The maximum limit will be Sh50,000 as determined by the borrower’s credit score.
The programme’s establishment and implementation were approved on Tuesday by the Cabinet during its second meeting with President William Ruto. The loan interest will be capped at 8 per cent per year and computed on a pro-rated basis.
Hustler Funds is the first single credit product in the country.
How to Apply for Hustlers Fund
- Form a Youth or women’s, group
- Draft a Business Proposal
- Produce Good Conduct Certificate
- Share Residential Address
- Produce signatures from 4 Guarantors, two must be your relatives
- Sign a non-disclosure agreement to serve a jail term for defrauding the government if you fail to repay within 6 months
- Open a Bank account with National Bank or KCB
- Produce KRA Pin