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10 Hustler Fund Rules You Must Not Ignore

by Robert Mwangi
2 mins read

President William Ruto launched the Hustler Fund today at the Green Park, Railways in Nairobi in a ceremony that was graced by top government officials and key players in the financial sector.

In this report, we will highlight 10 things you need to know and understand about the government fund which has been allocated Ksh50 billion as start-up capital.

  1. The fund is accessed by dialing short code *254# on your mobile phone and is available on leading mobile service providers Safaricom, Airtel, and Telkom.
  2. Your sim card must be older than 90 days to register and access the loan.
  3. The types of loans available are personal loans, start-up loans, SME loans, and micro-loans.
  4. For personal loans, you can borrow as low as Ksh500 and as high as Ksh50,000 depending on your credit score.
  5. The repayment period is 14 days.
  6. The credit will be charged 8 percent per annum.
  7. If you default for over 30 days, your account will be deactivated.
  8. For any amount you borrow, 5 percent will be deducted and diverted to your Hustler Fund saving account. You every Ksh2 you save, the government gives you Ksh1.
  9. If you request a loan erroneously and it’s approved, there is no reversal and you must pay.
  10. Finally, the credit will be available from Thursday, December 1.

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