The Hustler Fund Loan, introduced by President William Ruto’s administration, is designed to provide affordable credit to small businesses, individuals, and groups. Below is a guide to help you apply for the loan using your phone.
Loan Features
- Loan Amount: Kshs 500 to Kshs 50,000.
- Interest Rate: 8% per annum (14 days repayment period).
- Increased to 9.5% per annum after a 15-day grace period.
- Repayment: Within 14 days, with penalties applied for defaults.
- Eligibility:
- Must be a Kenyan citizen aged 18 or above.
- Low-income earner.
- Member of an investment group, credit society, or registered association.
- Valid Certificate of Good Conduct required.
Application Process via Phone
- Dial the USSD Code:
- Dial
*254#
from your mobile phone.
- Dial
- Select Option 1:
- Follow the prompt to register for the Hustler Fund.
- Accept Terms & Conditions:
- Read and agree to the terms provided.
- Enter Your Mobile Money PIN:
- Input your Mpesa, Airtel Money, or T-Kash PIN.
- Confirmation:
- A popup message will confirm successful registration.
- Loan Limit Notification:
- You will receive a message with your loan limit within 2 hours.
Physical Application Process
For group or cooperative loans:
- Form a youth or women’s group.
- Draft a business proposal.
- Provide a valid Certificate of Good Conduct.
- Share your residential/home address.
- Collect signatures of four guarantors (two must be relatives).
- Sign a non-disclosure agreement.
- Open an account with KCB or National Bank.
- Present a valid KRA PIN.
Loan Repayment
- Process: Repay through your mobile money account (e.g., Mpesa, Airtel Money).
- Penalty for Default:
- After 14 days: Interest increases to 9.5%.
- After 30 days: Account frozen, credit scores lost.
Important Notes
- Misuse or providing false information will lead to penalties.
- Multiple loan applications with the same ID are prohibited.
- Hustler Fund defaulters will not be listed on CRB but may lose credit scores and access.
For updates, keep checking for new announcements regarding the Hustler Fund.
