Teacher.co.ke
Latest Education News, Free School Notes, and Revision Materials

Application Procedure for Hustler Fund, All You Need To Know

On Wednesday the 30th of November 2022, the Head President William Samoei Ruto launched the much-awaited Hustler Fund.

The Ruto administration has delivered on one of its key campaign promises by launching the Hustler Fund.

The National Assembly will allocate a maximum of Kshs. 50 Billion for the Hustler Fund. The Fund will generate income through interest, charges and penalties. Income from the fund’s investments and grants, donations and gifts will also contribute to the growth of the fund.

The fund is set to benefit millions of Kenyans who had been blacklisted by many credit-lending firms across the country.

The first phase of the Hustler Fund will involve loans ranging between Kshs. 500 and Kshs. 50,000. The loans will be issued at an 8% pro-rated basis or a daily rate of 0.002%. The loan is supposed to be repaid within 14 days.

Borrowers of the Hustler Fund will be paying as low as Kshs. 153 for a loan of Kshs. 50,000. A borrower of Kshs. 1,000 will be charged an interest of just Kshs 50 which will be split into Kshs. 35 (70%) for the pension account and Kshs. 15 allocated to the short-term savings account of the borrower.

An individual’s credit rating will determine the loan amount with those who will repay loans on time set to access even more money.

Kenyans can access the Hustler Fund through USSD code *254# on mobile phones from any mobile network provider in the country.

One will be required to register and have their information shared with the Hustler Fund.

The Hustler Fund has been availed starting today the 1st of December 2022.

How to apply for Hustler Fund using USSD

  • Dial the USSD Code *254# on your phone
  • Select the option to request for a loan to view the limit, interest, and loan tenure
  • Enter the loan amount and press OK to continue
  • Confirm loan details
  • Enter mobile Money Pin
  • You will then receive an SMS notification on Loan allocation.

How to apply for Hustler Fund using the Mobile App

  • Open the Hustler Fund App
  • Select the loan request option to view the limit, interest, and loan tenure
  • Enter the loan amount and press OK to continue
  • Confirm your loan details
  • Enter Mobile Money Pin
  • You will then receive an SMS notification on your Loan allocation.

Once you are approved, 95% of the loan will be transferred to your mobile money account or rather your mobile phone’s SIM Card money account.

The remaining 5% will be transferred to your savings account for the Hustlers pension programme.

However, it is important to note that you may not access to access the Hustler fund if you do not meet the following requirements.

  • An applicant must be a Kenyan Citizen of 18 years of age and above
  • Must have a valid national Identification Card (ID)
  • Must have a registered mobile number from a recognized Mobile Network Operator in Kenya (e.g Airtel, Safaricom or Telkom).
  • Have a mobile money account with one of Airtel Money, M-PESA or T-Kash or any other mobile network operators which have been in use for more than 90 days.

How to Repay Hustler Fund Loan

Once you have received your Hustler Fund loan you will be required to pay on the required time.

Aside from the 5% that is used for saving, there is no fee imposed on the Hustler Fund.

The procedure for repaying the loan is easy, just use the mobile app or the USSD Code *254# to do so.

Frequently asked questions about the Hustler Fund

1. How will the Hustler Fund be accessed?

– The hustler fund will be accessed through USSD Code and mobile app platforms of the mobile network operators i.e. Safaricom, Airtel and Telkom.

2. How does the Hustler Fund Work?

– It provides a digital platform with the best deals on financial products and digital tools to help customers understand and manage their finances better.

3. What products are available under the Hustler Fund?

  • Personal finance
    • Micro loan
    • SMEs Loan
    • Start Up

4. What are the features of a Personal Finance Product?

– the loan is between Kshs. 500 and Kshs. 50,000 depending on the credit scoring determined by various parameters.

– Interest loan is 8% per year calculated per day.

5. What is the repayment period of the Hustler Fund?

– The repayment period is 14 days

6. How much will borrowers access the Hustler Fund?

Consistent borrowing and repaying on time will improve and determine the amount accessible. 

7. What happens after a customer borrows?

Once a customer borrows, the loan amount is sent to your mobile money account. 95% is deposited while the 5% is split into two with 70% going to long-term savings and the rest (30%) sent to short-term savings.

8. What if a loan is borrowed erroneously?

The loan cannot be reversed and will have to be repaid.

9. Can a loan be transferred to another mobile phone number?  No

10. What is the eligibility to access the Hustler Fund?

  • An applicant must be a Kenyan Citizen of 18 years of age and above
  • Must have a valid national Identification Card (ID)
  • Must have a registered mobile number from a recognized Mobile Network Operator in Kenya (e.g Airtel, Safaricom or Telkom).
  • Have a mobile money account with one of Airtel Money, M-PESA or T-Kash or any other mobile network operators which have been in use for more than 90 days.

11. Can a customer use more than one phone number to borrow?

No. The Hustler Fund Identifier is the ID number. You will need to opt-out of the one registered in order to register another.

12. What happens if I lose my phone?

Savings will not be lost and are protected by the PIN number. The account will be accessible upon replacement of the SIM card.

13. What is one defaults?

If the loan is not repaid within 14 days, the customer’s credit will be affected.  A customer will be given 15 days and if the loan will not be repaid, interest will rise to 9.5% a year. After 30 days, the borrower will lose all the credit scores accumulated and the Hustler Fund account frozen.

14. Is there CRB on the Hustler Fund?

There is no CRB involved and this will not affect the borrower’s credit rating with other creditors. The defaulter may repay the loan at once or in instalments and start borrowing again after full repayment.

15. How is the loan repaid?

Through your mobile money account.

DOWNLOAD FREE SCHOOL RESOURCES USING THE LINKS BELOW:

GRADE 1, 2, AND 3 (COMBINED) EVALUATION ASSESSMENT TESTS SET
PRIMARY SCHOOL CLASS 5, 6, AND 7 EXAMS
PRIMARY SCHOOL CLASS 8 EXAMS
HOLIDAY ASSIGNMENTS CLASS 4 – 8
HIGH SCHOOL RESOURCES
UPPER PRIMARY SCHOOL RESOURCES
PRE-PRIMARY (PP1-PP2) SCHOOL MATERIALS
GRADE 1- 4 MATERIALS

Comments are closed.