Hustler Fund Loans For groups

 Hustler Fund Loans For groups was recently introduced by President William Ruto to give loans to Kenyans who are organized in a group. 

The loans have the following features: 

•  Loan amount: Between  Kes 20,000 to Kes 1,000,000
•  Interest rate:   7% per annum on reducing balance and 1.5% default rate 
• Tenor: Repayment in six (6) months from disbursement date. Borrowers can opt to repay in installments or lump sum.
•  Saving 5% of the approved amount respectively, channeled towards groups Members savings scheme

The Groups scoring  will be appraised through a credit scoring algorithm based on collective individual members score, including but not limited to, their savings and repayment history.

For a Kenyan group to qualify for this loan product, they must meet the following criteria:

• All group members should be Kenyan citizens of 18 years above with a valid National Identification Card (ID).
• A group to comprise of at least 5 members.
• Each member should have an active sim card for the past 90 days onany Mobile Network Opera
• Engage in an economic activity in the Priority Sectors (as listed under core objectives)
• The chama verified by Government Institution ie MSEA, Social Services and BRS
• All group members should not have defaulted on the Personal

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