Kenyans have borrowed more than 400 million since the hustler’s fund began a few days ago. It appears that Kenyan citizens have been waiting for this opportunity, which indicates that we are living in a difficult situation. For those who have been asking How to apply for the hustlers fund, I will guide you so keep it here
Many questions have been raised about why one is required to give out his Mpesa pin number, as well as the loan limit of this hustler fund. If this is your first time requesting loon from this platform, you will only receive Kshs.500 to 1000.
Borrowers can access the Hustler Fund by using the USSD Code *254#. The top three carriers in Kenya, Safaricom, Airtel, and Telkom, made this announcement. As an alternative, you can access the fund by using any of the telcos’ mobile applications to which you have a subscription.
Subscribers to any of the three telcos need only dial this code to begin the application process for the HUstler Fund, a key campaign promise made by the Kenya Kwanza administration. The Cabinet Secretary for Co-operatives, Simon Chelugui, had previously stated that no registration or paperwork would be required to apply for the Hustler Fund.
Few steps on How to apply for hustlers fund on the phone
You can access the service regardless of whether you have a smartphone or not. If you have a smartphone, you can either use USD or the hustler fund loan app to borrow the money. The actions you must take in order to access the hustler money are listed below.
- Dial the USSD code *254# or open your mobile service provider’s app and navigate to the ‘Hustler Fund’ section.
- To view the loan limit, interest rate, and loan tenure, select the loan request option.
- To proceed, enter the loan amount and click OK.
- To proceed, confirm the loan details as displayed.
- Enter your Mobile Money pin number.
- Receive loan allocation SMS notifications with relevant loan information.
Hustler fund terms and conditions
The approved loan is transmitted to your mobile money account, where it is split into two deposits: 95% goes into your money wallet and the remaining 5% goes into your Hustler Fund savings account. The 5% that goes into the savings plan is divided in half, with 30% going toward short-term savings and 70% going toward long-term savings (pension).
If the loan is not repaid within 14 days, your credit rating will suffer. You have 15 more days to repay the loan before the interest rate increases to 9.5% per year. If you are in default for more than 30 days, you will lose all of your credit scores and your Hustler Fund account will be frozen.
The best part about this new platform is that there is no CRB and that the default has no impact on the person’s credit rating with other creditors. The defaulter has the option of repaying the loan all at once or in installments and borrowing again after full repayment.
Hustler fund interest rate
A borrower of Sh500 who has a 14-day payback period and an annual interest rate of 8% calculated per day will repay Sh501.53 after 14 days, or Sh1.53 in interest. The interest rate is lower at 8% per month than the most recent average bank borrowing cost of 12.38% and annualized M-Shwari charges of 108%.
That is all we have for now on the hustler fund, and I hope you understand how to access hustler fund. Keep checking back for more information.
Also, read more about Equity bank’s customer care