President Ruto gives insight to the ksh. 50,000 hustler fund loan limit.
Speaking at Kenya kwanza parliamentary group meeting at State House, president Ruto gives insight saying the Ksh50,000 loan limit was for individual borrowers.
He added that the hustler fund will beneficials to; individuals, groups, small enterprises and cooperatives.
He said,” the amount of money available on the personal loan platform is Ksh500 – Ksh50,000.”
“The next product for chamas will start from 50,000- 250,000 then the next one will climb up like that as we continue to roll out the fund,” he added.
The individual package is expected to be launched on november 30, one will access it after a review of your credit history is done.
The president said,”We have made it mandatory that as you borrow, there is a saving component. If you borrow Ksh1,000, Ksh50 goes to your saving. For every amount to save, the government of Kenya is going to match it 2:1.”
He further explained that the measures put in place, would cushion even the defaulters.
He said,”We have put in a component pf twp per cent so that if there are any defaulters they do not reduce the fund. An extra two per cent will also be installed to ensure that the fund grows.”
Additionally, he assured that the fund is accessible online, no line ups or paper work available.
He added,”The product will be seamless as you will not need any paperwork. It will be online just like mobile money transfer and people will be able to borrow using a designated USSD number.”