How To Apply For The Hustler’s Fund

Hustler Fund Loan Terms & Conditions

The principal loan amounts under the Hustler Fund shall range from KES 500 to KES 50,000 while loan amounts for Chamas range from Ksh 50,000 to Ksh 250,000, with a Ksh 10 million maximum per group.

The term of the loan shall be 14 days and interest shall be charged at the rate of 8% per annum. Interest shall be accrued daily until repayment in full within 14 days.

The loan shall be advanced to eligible persons through the Airtel,Safaricom or Telkom Kenya money wallets

The Hustler Fund Savings and Loan Product shall have a savings component as follows:

  • 5% of the loan advanced shall be deducted to go towards savings (the “Savings Deduction”).
  • 30% of the Savings Deduction shall be applied to a savings account (the “Short Term Savings”).
  • 70% of the Savings Deduction shall be applied towards the Customer’s pension (the “Pension Remittance”).

An added feature of the Personal Loan Product is that the Government of Kenya shall match the Pension Remittance of a Customer who has not defaulted on a
loan in the ratio of 2:1 such that for every KES 2.00 saved, the government shall add KES 1.00 to a maximum government contribution of KES 6,000.00 per

If the loan has been fully repaid, the Customer shall only be entitled to access the Short Term Savings after 365 days from date of disbursement of the loan.

In the event of default by the Customer (non-payment within 14 days from the date of disbursement), interest shall accrue at the rate of 9.5% p.a. with effect from the 15th day.

If the Customer fails to repay by the 30th day from the date of disbursement, the Customer’s credit rating may be reviewed by the bank which may result in a review of the customer’s assigned credit limit.

The interest applied on the loan shall accrue on a daily basis from the date of loan disbursement until the 365th day, or such other earlier date upon which the loan may have been fully repaid.

In the event that the Customer fails to repay the loan by the 30th day from the date of disbursement, the Customer shall not be eligible to borrow from the Fund until full repayment of all outstanding amounts.

To mitigate against the risk of total default by the borrowers, the bank shall retain the 30% intended for short term savings as described above in a suspense account until full repayment of the Loan.

Upon full repayment of a loan, the amount in shall be released to the customer who will be at liberty to withdraw it or keep it as savings.

Any beneficiary of the Hustler Fund who misappropriates or defaults on the fund should be subject to a fine not exceeding KSh 10 million or a period of jail not exceeding five years, or both, according to the National Treasury.

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