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Hustler Fund loan Kenya – Eligibility- & How to apply

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Hustler Fund loan Kenya – Eligibility & How to Apply – In the dynamic landscape of financial assistance, the Personal Loan Product (PLP) by Hustler Fund stands out as a beacon for the informal sector, providing a shield against economic uncertainties. Let’s dive into the features, eligibility criteria, and seamless application process of the Biashara loan, a pivotal component of the larger PLP.

The Biashara loan stands as a beacon of financial empowerment, providing adaptable loan limits and repayment durations tailored to each customer’s needs. Customers even have the option to increase existing loans, provided they meet specific criteria.

Eligibility 

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To access the myriad advantages offered by the Personal Loan Program (PLP), individuals are required to fulfill a set of specific eligibility criteria. These criteria have been carefully designed to ensure a fair and inclusive lending environment:

1. Citizenship

  • Requirement: Applicants must be Kenyan citizens.
  • Age Limit: Individuals should be aged 18 and above to qualify for the PLP.
  • Rationale: Citizenship is a fundamental criterion, establishing a connection between the applicant and the economic landscape of Kenya.

2. Identification

  • Mandatory: Possession of a valid National Identification Card (ID) is a prerequisite.
  • Verification: The National ID serves as a crucial document for identity verification during the application process.
  • Security: Ensures the authenticity and security of the borrower’s identity.

3. Mobile Connectivity

  • Essential: Applicants are required to have a registered mobile number from a recognized Mobile Network Operator in Kenya.
  • Communication: The registered mobile number plays a pivotal role in facilitating seamless communication and secure transactions.
  • Accessibility: Enhances accessibility to financial services through mobile platforms.

4. Residency

  • Location Requirement: Eligible individuals must be residents of Kenya.
  • Economic Activities: Both residence and economic activities should be conducted within the geographical boundaries of Kenya.
  • Community Connection: Fosters a sense of community and ensures that the economic benefits stay within the country.

5. Documentation

  • Specific Detail: During the onboarding process, applicants need to provide information about their sub-county of residence.
  • Verification Aid: This documentation assists in the verification process, ensuring that applicants genuinely reside within the specified region.
  • Administrative Precision: Facilitates administrative processes and ensures accuracy in determining eligibility based on geographic location.

By meeting these comprehensive eligibility criteria, the PLP aims to create an inclusive and accessible financial environment, promoting economic empowerment and financial well-being for eligible Kenyan citizens.

Interest Rate

In the vibrant orchestra of financial possibilities, the Hustler Fund Group loan is a melody of empowerment for collective dreams. Groups can weave their financial aspirations with loans ranging from Kes 20,000 to Kes 1 million, where the interest rate dances gracefully at 7% per annum on a reducing balance, accompanied by a harmonious 1.5% default rate.

The six-month repayment period unfolds like a lyrical journey from the disbursement date. Borrowers, akin to musical virtuosos, can choose to play the installment notes or the lump sum chords, allowing flexibility in their financial composition. Adding to this symphony is the requirement of a 5% saving commitment, a musical contribution channeled towards the crescendo of the group members’ savings scheme.

For the ensemble to join this financial harmony, a group must be a chorus of at least ten members, echoing in unison with an active registration certificate from the Micro and Small Enterprises Authority (MSEA). The stage is set for collective prosperity, where the Group loan isn’t just a transaction; it’s a harmonious composition orchestrating financial success for the united aspirations of groups under the Hustler Fund’s empowering spotlight.

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How To Apply

  1. Applying for the Hustler Fund Loan is a seamless process, providing you with quick access to the financial support you need. Initiate your application by following these steps:

    1. Dial the USSD code *254# on your phone, or use the user-friendly mobile application that Hustler Fund has provided.
    2. Select Loan Request: Navigate through the menu options and select the loan request option. This step allows you to explore your loan limit, understand the interest rates, and choose the desired loan tenure that suits your financial preferences.
    3. Enter Loan Amount: Input the amount you wish to borrow and press OK to continue. This step empowers you to customize your loan according to your specific financial requirements.
    4. Confirm Loan Details: Review the loan details displayed on your screen to ensure accuracy. Confirming these details is crucial before proceeding to the next step.
    5. Enter Mobile Money PIN: For security purposes, enter your Mobile Money PIN. This step safeguards your transaction and ensures a secure and confidential application process.
    6. Receive SMS Notifications: Upon successful completion of the application process, expect to receive SMS notifications. These messages will contain essential information about your loan allocation, including relevant details such as the approved loan amount and other pertinent loan information.

    By following these straightforward steps, you pave the way for a hassle-free application experience with the Hustler Fund Loan, bringing you one step closer to achieving your financial goals.

Repayment Flexibility

When you take out a loan, the repayment process is designed to be user-friendly, utilizing your Mobile Money account, particularly through the Self-payment feature.

Repayment Terms and Conditions

The loan repayment period is strategically set at a maximum of 14 days, offering a short-term commitment to borrowers. During this time frame, a moderate interest rate of 8 percent per annum will be applied to the borrowed amount.

Versatile Repayment Options

To cater to your financial preferences, we provide flexible repayment options:

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  • Lump Sum Repayment: You have the option to repay the entire loan amount as a lump sum within the specified 14-day period.
  • Partial Repayment: Alternatively, you can choose to make partial repayments within the 14-day timeframe. However, it is essential to ensure that the entire loan amount is repaid in full by the end of the 14 days.

 Conclusion

As our exploration of the Personal Loan Product (PLP) by Hustler Fund comes to a crescendo, it’s clear that this isn’t just a loan; it’s a ticket to financial liberation. With the rhythm of accessibility, the melody of adaptable amounts, and the harmony of empowerment, PLP crafts a unique composition in the world of finance.

Picture it not as a mere loan but as the brushstroke that paints your financial canvas with possibilities. PLP stands as a creative masterpiece, designed to resonate with the dreams and aspirations of individuals in the grand orchestra of financial independence.

So, let the PLP by Hustler Fund be the soundtrack to your financial journey, where every note plays a part in the symphony of your success. Embrace the rhythm, seize the melody, and dance into a future where your financial aspirations find their perfect tune with the Personal Loan Product by Hustler Fund.

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